Economic development of Greater Eurasia in a multipolar world discussion held in RUDN

“Today, in a rapidly changing multipolar world, the issues of development of economic relations between the countries of Greater Eurasia are of particular relevance. It is vital for us to formulate our opinion and vision of the development of Greater Eurasia in the context of the new world economic order, where global regionalization has become the main trend. To move from the stage of observing and studying reality to the stage of creating it”, Inna Andronova, Dean of Faculty of Economics.

The following speakers took the floor at RUDN:

• Sergey Glazyev, General Secretary of the Union State of Russia and Belarus;
• Alexey Maslov, Director of Institute of Asian and African Studies of Moscow State University;
• Sergey Ivanov, Executive Director of EFCO Group;
• Fulufela Godfrey Netsvera, Dean of the Faculty of Management Sciences at Durban University of Technology, Director of the BRICS Research Institute (South Africa);
• Farhad Ibragimov, political scientist, lecturer at Faculty of Economics.

In his speech, Alexey Maslov noted the prospects for Russian-Chinese cooperation in green energy, the importance of joint ventures and research laboratories, as well as investment opportunities in the Indonesian market.

“China is the largest producer of green technologies: solar panels, wind turbines, hydrogen. But Russia is ahead of it in a number of developments — for example, in distributed energy, which can be scaled up in border regions. We need to create joint ventures, trade quotas and launch research laboratories. The financial instrument is green bonds through Russian-Chinese funds. As for Indonesia — it is a huge market (280 million people), but its neutrality is under pressure. It is advantageous for Russia to develop the halal sector and raw materials processing in this region,” — Alexei Maslov, Director of the Institute of Asian and African Countries at Lomonosov Moscow State University.

Sergey Glazyev emphasized the accelerating effect of sanctions on integration processes, the need for international cooperation for technological sovereignty and the importance of affordable credit for business.

“The sanctions became a stress test, but they also accelerated integration — trade turnover with Belarus is growing at double-digit rates. However, complete autarky is impossible: sovereignty requires cooperation with the East and the South. China is already a leader in the world economy, but the US is still strong in high technologies. At the same time, many forget about India, which is quickly catching up. The main problem is the lack of credit: without long-term loans with low interest rates, businesses lose competitiveness, which leads to inflation. Projects like the Great Stone in Belarus show how joint value chains can be built,” Sergey Glazyev, State Secretary of the Union State.

Sergey Ivanov highlighted the need to transition to a human-centered business model, the importance of social responsibility and plans to develop domestic production in the food industry.

“Business should start not with profit, but with benefits for people — then the money will come. The current economic model is outdated: 400 years of competition has led to exploitation, and we need capitalism based on empathy. Three criteria for success: human-centeredness, multiculturalism and social responsibility. We are transforming the company into a biotech corporation, where any employee can become a shareholder. Russia is still dependent on imported enzymes, but in 1.5 years it will become self-sufficient. Our priorities are affordable food, ecology and health, and Africa will become a key market in the coming decades”, — Sergey Ivanov, Executive Director of EFCO Group.

Farhad Ibrahimov noted the strengthening of Iran’s role in the Eurasian space through participation in BRICS and SCO, the growth of trade turnover with Russia and prospects for cooperation in various sectors of the economy.

“Iran, despite sanctions, is strengthening its position through BRICS and SCO. Its strategic partnership with Russia has already yielded results: trade turnover has grown from 1.5 billion to 4.5 billion in three years, and the goal is $10-12 billion. Now it is important to increase cooperation in agro-industry, space and even in such niches as pistachio exports. Iran is creating comfortable conditions for Russian investors because it realizes that neither it nor we can resist Western pressure alone. This is a mutually beneficial alliance where each side preserves its sovereignty,” — Farhad Ibragimov, political scientist, lecturer at Faculty of Economics.

Fulufela Godfrey Netswera emphasized the importance of Russian-South African cooperation in the mining sector, the changing ownership structure in the sector and the social orientation of joint projects.

“South Africa’s mining sector has been controlled by the West for centuries, but now 51% of shares are held by local companies. Since 2014, Russia has become a key partner, as in the United Manganese of Kalahari project. American and European MNCs are going to Ghana because new laws require the transfer of control to local businesses. We intend not just to extract resources, but to change people’s lives: we are building schools, developing infrastructure. This is not charity, but investment in stability. Natural wealth should work for the country, not for foreign corporations,” Fulufela Godfrey Netswera, Professor, Dean of the Faculty of Economics and Management, Durban University of Technology, and Director of the BRICS Research Institute (South Africa).