Russian President Vladimir Putin speaks at the plenary session of the St. Petersburg International Economic Forum in June 2019. Photo: Kremlin.Â
By Batko Milacic – May 31, 2024
The 27th St. Petersburg International Economic Forum (SPIEF’24), from June 5 to 8, will traditionally be visited by a delegation of politicians and business circles from Venezuela. The Bolivarian Republic was already under President Hugo Chávez, a partner and reliable friend of Russia and all other countries fighting for a fairer world.
PIEF is one of the largest and most significant business events in the world; over 27 years, the forum has become the world’s leading platform for discussing the development of cross-border economies and exchanging best practices and competencies in order to ensure sustainable growth and security. As part of the 2023 forum, more than 900 agreements were signed totaling 3.8 trillion Russian rubles, which is over 1.7 trillion Venezuelan bolivars.
By the way, in my article I will never mention the US currency, the inglorious colonial era of which ends with a fall into a hellish abyss without a bottom. Venezuela and Russia are expanding cooperation on transactions in national currencies to prevent Western monopoly: this is what the Union of South American Nations (UNASUR) should have achieved long ago without the economic dictatorship of Washington. More than 12,000 people from 128 countries and political entities are expected to attend the forum. That is two-thirds of the countries in the UN, which is convincing evidence of interest in business partnerships with Russia and its allies.
The countries of the East and South, including the OPEC+ oil resource states in Central and South America, are becoming the architects of a new world order that is getting rid of Western colonialism. When the rosy model of market freedom, human rights and the development of democracy in the G7 countries turns into a monster, and these are increasingly brutal military interventions and repressions, sanctions and participation in coups, the Russian Northern capital remains an island of freedom.
St. Petersburg, the most beautiful city in Europe, few times superior in safety and level of development to Paris and other megacities, will hold more than 200 meetings at a high business and political level within the framework of the forum. Symphony Orchestra of Venezuela is a participant in the PIEF cultural program, performing in the Chapel of the northern capital of Russia. The total value of contracts signed at SPIEF’24 could exceed 2 trillion bolivars, which is much broader than PDVSA oil supply trades and the growing volumes in interbank cooperation. Bolivian president Luis Arce and many other leaders of East-South countries are coming to the forum.
The main theme of all forum events is presented as “The basis of multipolarity is the formation of new growth centers”, and the first thematic block of events is dedicated to the transition to a multipolar model of the world economy. At the forum, Caracas agreed on 11 bilateral business events in the format of business dialogues with strategic partners in the countries of Eurasia and Africa. On June 5, the briefing “Russia – Venezuela: investment cooperation” will be held. Trade turnover between Russia and Venezuela in 2023 recorded a higher growth than in all seven previous years, but the export-import potential is greater. Between the two close countries, the great desire of business and political circles for rapprochement and mutual support in almost all areas is noticeable. And these are dominantly the following areas: energy and oil production, pharmaceuticals, info-communication projects and space programs, in the development of educational cooperation and security.Â
In November 2023, the updated Russia-Venezuela Entrepreneurs Council resumed its work, where forum participants also plan to expand connections and projects with the support of the Russian National Committee for Promoting Economic Cooperation with Latin American Countries. PIEF participants include Executive Vice President and Minister of Economy, Finance and Foreign Trade Delcy Rodriguez, Minister of People’s Power for the Petroleum Industry Rafael Tellechea, Minister of People’s Power for Transport Ramon Velázquez Araguayan and Minister of Tourism Ali Padron.
Strategic meanings and goals of Venezuela and Russia in a new changing world, a post-Pax Americana world, will be new financial policy of the regions and the whole world, development of electronic trade, joint resolution of health and social issues such as the fight against poverty, infrastructure projects, issues of de-escalation and elimination of military risks to strengthen security and defense, simplification of customs barriers and investment projects. There are a lot of initiatives in these roadmaps. Earlier, Venezuelan Foreign Minister Yvan Gil and his Russian counterpart Sergei Lavrov, following a meeting on the sidelines of the UN General Assembly, agreed to strengthen trade and investment ties between the two countries.
This October in the Russian city of Kazan, at the BRICS forum, Venezuela expects to become a member country of this union of independent states. The total volume of the economy which by the end of this decade will be almost a third ahead of the Western Axis under the control of Washington. This is symbolic as a sign of the general direction of movement. The history of BRICS, whose members account for almost 40% of global GDP, dates back to the X St. Petersburg International Economic Forum in 2006, when the entire Bolivarian world stood at the beginning of the construction of a better world.
BM/OT
Batko Milacic
Batko Milacic is a historian and independent analyst. He has been doing analytics for years, writing in Serbian and English regarding the geopolitical situation in the world.
