Connect with us

World

Insights into SPIEF 2024: Shifting Pathways Towards Global South

Published

on

SPIEF 2024

By Kestér Kenn Klomegâh

Conceptually, the idea of holding every year an international economic forum is unique to explore and navigate available potential opportunities generally for development and specifically for investment and trade. Established several years ago, the St. Petersburg International Economic Forum (SPIEF) has earned its unique achievements through organisational strategy and consistent approach toward this serious gathering.

While analysing several emerging reports, first and foremost it offers us to understand the significance of this platform. It provides a unique opportunity for politicians, investors and corporate business executives as well as the young generation to interact network and ask questions to opinion leaders or trade experts, and to get better acquainted with the changing trends, investment climate adherence to traditional values, and adapting to diversities in business culture on the global landscape.

At the initial formative stages, SPIEF’s focus was largely on the United States and Europe as conceptualized, the nucleus results must harmonise trade and financial flows, and reflect on economic growth. After the Soviets crumbled and what else, the rising frequency of shuttling to the United States and Europe – Russia’s dream of becoming part of Europe. But that has changed during the past few years primarily due to the ‘special military operation’ in Ukraine and due to the sudden geopolitical shift, the urge to move away from Global North to Global South. Without mincing words here, that is the undeniable reality.

President of the Russian Federation Vladimir Putin posted a greeting on his official website to the participants, organizers and guests underscoring the fact that the time has arrived to make the necessary departure away from the United States and Europe, and that “Russia is open to constructive dialogue and interaction with friendly partners” and strictly based on the principles of true equality, the consideration of each other’s legitimate interests, and respect for the cultural and civilizational diversity of states and peoples.

Putin has previously used his address to share his assessment of the global economy and highlight issues on the domestic business agenda. He pointed to the fact that it is not only essential to maintain a stable trajectory of qualitative growth but also to capitalize on emerging opportunities, effectively develop competitive advantages, and boost potential in the fields of science and technology. Given this, it is crucial to preserve and strengthen business and investment ties between countries within the context of multipolar conditions.

The fact remains that Putin’s position overwhelmingly reflects the shift away from the post-Soviet dream of becoming part of prestigious Europe. As evolving developments show, the only alternative left for Russia is to become an indivisible part of Asia, an integral constituent of the Global South. Russia has invited Asian and African countries under the tagline: ‘The Foundation of New Areas of Growth as the Cornerstone of a Multipolar World’ at the 27th gathering June 6 to 8 in St. Petersburg, the second largest city in the Russian Federation.

By Russia’s BRICS chairmanship, much of the business programme is devoted to issues related to long-term cooperation in spheres such as the financial and banking sectors, investment and trade, development of high technologies and pharmaceutical industry between BRICS members. China and India, the United Arab Emirates and Iran are prominent on the agenda. Ethiopia, Egypt and South Africa have their positions and expectations from SPIEF.

Currently, due to global rivalries combined with political and economic tensions, Russia faces new ambitious tasks, including perceptions over the development of a ‘public-private partnership’ as the macroeconomic situation remains the practical key mechanism of interaction between the state and business. Here, Russia is relatively lost in the standard practice of private businesses, after its century-long under socialism and communism. In an assessment, corporate businesses are still centrally controlled under the ministries and in the Kremlin. The learning process of analytical and the importance of ‘public-private partnership’ for now is just a daily business slogan and a theory being frequently chuckled in the Russian Federation.

The biggest obstacle is related to the analysis of legal rules and regulations, and now Russia’s relations with the Global South, its characteristic efforts in creating the necessary conditions for advancing and attracting investments and promoting trade between Russia and potential countries in Asia-Pacific and Africa. Beyond business networking and participating in practical seminars and masterclasses, ultimately results in signing agreements. On the other hand, according to expert analysts, multiple agreements highlight distinctive achievements by the St. Petersburg International Economic Forum.

“Stability and justice in a multipolar world are only possible if new centres of influence emerge, capable of offering their view on world problems and participating in the formation of a new world order. The development of new points of growth requires the active participation of different countries and regions that are ready to take responsibility for their future. The St. Petersburg International Economic Forum creates opportunities for discussions at the highest level, scaling ideas, solutions and initiatives to all spheres of social life and activities of the countries participating in its work,” said Anton Kobyakov, Adviser to the President of the Russian Federation, Executive Secretary of the SPIEF Organizing Committee.

According to Anton Kobyakov, about “6,000 people from more than 110 countries and territories have already confirmed their intention to participate in the forum. The international cooperation that occurs at SPIEF plays a key role in the development of mutually beneficial relations between countries and organizations. Participants share their experiences and make new connections. This builds trust between nations, expands markets, attracts investment, and creates a more favourable international economic environment. SPIEF is a platform for structured, focused dialogue between global business participants and government officials who contribute to the development of effective international cooperation.”

The programme consists of four (4) thematic tracks: “The Transition to a Multipolar World Economy”, “Goals and Objectives of Russia’s New Economic Cycle”, “Technologies for Leadership”, “A Healthy Society, Traditional Values and Social Development: The Priority of the State”. Roscongress Foundation, the organizer, has listed an international track which includes more than 10 business dialogues: EAEU–ASEAN, Russia–Africa, Russia–Latin America, Russia–China, Russia– South Africa, and other bilateral meetings.

More than 6,000 representatives of Russian and foreign businesses from over 3,000 companies located in 75 countries and territories took part in SPIEF 2023. More than 900 agreements worth a total of RUB 3,860 billion were signed (including 43 agreements with representatives of foreign companies, among them two with Italy and Spain.

In contrast, the SPIEF 2021 saw an unprecedented 890 agreements signed, eclipsing 2019’s 745 agreements worth a total of RUB 3.271 trillion. In addition, more than 150 international agreements were signed. That year, the total value of signed agreements not classed as confidential exceeded RUB 4.2666 trillion. Before Covid-19 was declared a pandemic in December, the SPIEF 2019 recorded 745 agreements signed totalling 3.271 trillion roubles.

The main theme of this year’s forum is “The Formation of New Areas of Growth as the Cornerstone of a Multipolar World” and the SPIEF 2024, as always, the business programme includes panel discussions, round tables, public talks, and speeches. President Vladimir Putin delivers the keynote address full of all directions, including establishing trends and external economic relations. The St. Petersburg International Economic Forum will be held on 5–8 June at the ExpoForum Convention and Exhibition Centre.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

World

Irvine, Dreaminfluence Accelerate Growth of Africa’s $3bn Creator Economy

Published

on

Irvine Dreaminfluence $3bn creator economy

Irvine Partners, a leading creative communications agency with offices in Africa and Europe, has signed an exclusive licence with Dreaminfluence as their Africa partner. Dreaminfluence, an all-in-one platform that empowers brands to build and scale influencer marketing has executed 1,000s of influencer campaigns and worked with over 20,000 influencers.

This innovative platform’s digital capabilities will support the content creators who are driving Africa’s rapidly expanding $3.08 billion creator economy. Despite creators on the continent taking advantage of platforms like TikTok, African creators still earn significantly less than their counterparts in other regions, despite producing high-quality content. Furthermore, infrastructure limitations and a digital skills gap hinder the progress of the creator ecosystem.

Monetization should not be out of reach for African creators says Rachel Irvine, CEO of Irvine Partners. She adds that “Dreaminfluence provides digital infrastructure and connects creators to brands, backing their work so they too can unlock opportunities while brands can grow their reach with authentic content that resonates with audiences.”

Dreaminfluence CEO, Mads Wedderkopp, explains “We have worked with many leading brands in the Nordics and are excited to finally bring our platform to Africa through this exclusive partnership with Irvine Partners.”

“The decision to work with Irvine Partners as our Africa partner was a no-brainer, given the roster of clients they serve, and their continental and European footprint.”

Some of the leading brands that use Dreaminfluence for their influencer campaigns are Nivea, L’Occitane, and Estee Lauder Group.

How it works

Dreaminfluence was founded in 2018, to transform influencer marketing from being about affiliate links and discount codes to focusing on actual brand ambassadorship. This vision is translated into the features that Dreaminfluence offers, for both brands and influencers.

These brand features include: 

  • Discovery of influencers: Brands can find the right influencers for their campaigns, without wasting time on influencer outreach

  • Campaign analytics: Track campaign performance, report the value and identify the best-performing influencers

  • Building relationships: Influencers move from short-term brand campaigns to long-term brand ambassadorship

  • Campaign management: Manage influencer payments, product shipping and secure content usage rights

  • Paying multiple influencers at a time with one click

For influencers, the features are: 

  • Apply to join a brand team or campaign through the app

  • Be selected as part of the ambassador team

  • Join new campaigns when they are published 

  • Run all campaign admin including payments, content ideas, and approvals through the app

Sign up here

The Dreaminfluence difference

Irvine Partners is constantly working with influencers across Africa on different campaigns for its clients and Dreaminfluence provides an innovative way to streamline agency relations with leading and emerging content creators on the continent. 

Mohale Moloi, Content Director at Irvine Partners explains that “creator marketing studies tell us that more than 50% of brands plan to increase their spending on influencer marketing in 2025. But making sure these campaigns deliver results across the whole marketing funnel requires an in-depth understanding of market nuances, which is what we bring to the table.”

By working with a dynamic platform like Dreaminfluence, Irvine Partners will take influencer campaigns to the next level by combining local insights with a platform that makes everything from campaign selection to payments more efficient.

“We are most excited about the actionable campaign data and high ROI that Dreaminfluence offers,” says Moloi.

Continue Reading

World

Cameroonian Diaspora Congress: An Essential Vector for Cameroon’s Influence in Russia

Published

on

Cameroonian Diaspora Congress

By Louis Gouend

The Cameroonian diaspora in the Russian Federation, although relatively recent, constitutes an essential vector for Cameroon’s influence and the maintenance of strong ties with the nation. In this perspective, and following a fruitful video conference on January 27, 2024, with the Minister of Youth and Civic Education, it was decided to organize, on February 8 and 11, 2025, the first celebration of Youth Day within the Russian diaspora.

This unprecedented initiative, benefiting from the Minister’s valuable support, aimed to consolidate patriotism and the spirit of initiative among Cameroonian youth residing in Russia, by offering a framework for exchange and promotion of Cameroonian cultural wealth. It mobilized Cameroonian students, young professionals, and entrepreneurs established in Russian territory.

The commemoration of the 59th anniversary of Cameroon’s Youth Day took the form of a dual celebration: a physical meeting at the Cameroonian Embassy in Moscow on February 8, 2025, and a virtual meeting on Zoom on February 11, 2025. These events brought together a total of more than 150 participants from over 50 cities in Russia, representing diverse backgrounds, including presidents of Cameroonian associations, members of the Diaspocam executive council, deans, honorary guests, and embassy officials.

The diaspora had the honour of welcoming, via video conference, Mr Mounouna Foutsou, Minister of Youth and Civic Education, whose encouragement and vision were a source of inspiration. The Minister outlined the productive initiatives implemented by the Cameroonian government in favour of its youth in the diaspora in Russia, emphasizing the willingness to support projects led by young entrepreneurs through a specific support mechanism and the operationalization of the guarantee fund.

During his address, the Minister recalled the commitments made during the video conference of January 27, 2024, emphasizing the need for increased collaboration between the government and the youth of the diaspora. He stressed the immense potential represented by this youth and reaffirmed the government’s commitment to addressing their concerns.

Among the initiatives put in place to support the youth of the diaspora, he mentioned:

  • The Guarantee Fund for Young Entrepreneurs (FOGAJEUNE), which finances projects in four key sectors (agriculture, digital economy, industry/crafts and technological innovation).
  • The special DIALYJ window, designed to promote co-ventures between young people from Cameroon and the diaspora.
  • The Program to Aid the Return and Integration of Young People from the Diaspora (PARIJEDI), which facilitates the return and integration of young people in Cameroon.

“We express our deep gratitude to the Cameroonian government and personally to Minister Mounouna Foutsou for their support of our initiative,” said the President of Diaspocam, Louis Gouend. “Thanks to their assistance and the support of the Cameroonian Embassy in Russia, we were able to organize this important event, which has strengthened ties between the diaspora and Cameroon.”

Aware of the positive impact of this first celebration, we hope that this innovative initiative will be included in the calendar of activities of the Ministry of Youth and Civic Education for the years to come.

Diaspocam establishes a legal platform to come together, helps each other, interacts and establishes viable strategic networks and partnerships; presents, shares and expands proven diaspora business models; promotes and assists businesses and investments in Cameroon.

It strengthens a good image of Cameroon in Russia while maintaining close liaison with the Cameroonian and Russian governments and any other representative body pursuing objectives similar to those of the Association. Cameroonian Diaspora in the Russian Federation is a public organization which encourages participation, representation, diversity and cooperation between Cameroon, African diaspora and Russian society.

Continue Reading

World

African Union Launches Credit Rating Agency to Rival Fitch, Others

Published

on

African Union

By Adedapo Adesanya

The African Union has announced the launch of its rating agency, the African Credit Rating Agency (AfCRA) to provide accurate ratings for countries on the continent.

According to Kenya’s President, Mr William Ruto, while unveiling the new agency at an AU event held in Addis Ababa, Ethiopia on Friday, AfCRA will address biases by global rating firms.

Global firms like Moody’s, Fitch and Standard & Poor (S&P) are some of the ratings agency which provide insights into African countries to aid investors and stakeholders.

There have been criticisms that these ratings lead to higher borrowing costs for African countries and make it harder for them to access international financial markets.

“Global credit rating agencies have not only dealt us a bad hand, they have also deliberately failed Africa,” Mr Ruto stated during the launch.

“They rely on flawed models, outdated assumptions, and systemic bias, painting an unfair picture of our economies and leading to distorted ratings, exaggerated risks, and unjustifiably high borrowing costs.”

According to President Ruto, improving Africa’s rating by one notch could unlock $15.5 billion in additional funding for the continent, which could help replace a significant portion of official development assistance or be invested in Africa’s infrastructure needs.

Despite Africa’s abundant natural wealth, only two African nations are currently ranked as investment grade.

“It is time for Africa to use the right scale, one that reflects its true weight,” Mr Ruto added.

The African Union has previously criticized global rating agencies’ characterization of African economies. In January, the AU pointed out that Moody’s Ratings’ fluctuating assessment of Kenya’s outlook was flawed.

“As the continent continues its march towards economic integration and resilience, the establishment of the African Credit Rating Agency (AfCRA) represents a pivotal step in asserting Africa’s position on global financial governance.”

The agency aims to provide fair, transparent, and development-focused credit ratings that reflect the realities and potential of African economies.

The idea comes more than a year since the AU officially announced its plans to move forward with the project since September 2023.

The push for an African credit rating agency became viable in 2022 when Senegal’s former president Macky Sall, then the chairman of the AU, called for a new system to “end the injustices” faced by African countries.

Continue Reading

Trending