The 8th Eastern Economic Forum (EEF), held in Vladivostok from September 10-13, 2023, marked another year of continued focus on the development of Russia’s Far East region. Since its inception in 2015, the forum has been instrumental in attracting resources and investments from the Asia-Pacific region, the United States, and Europe, despite the challenges posed by the Covid-19 pandemic and geopolitical developments. The forum’s agenda has consistently promoted the Far East as a critical bridge between Europe and the Asia-Pacific region, with themes like ‘A Common Economic Space from the Atlantic to the Pacific: The Greater Eurasian Partnership’.
This strategic focus has been evident since the forum’s early years, aiming to enhance international cooperation and economic development in the region. European businesses have maintained a strong interest in Russia, recognizing the mutual benefits of economic cooperation. This sentiment was echoed by Russian Foreign Minister Sergey Lavrov, who emphasized the value of dialogue and collaboration with European entrepreneurs. Investments from the European Union in Russia, particularly in the Far East, have been substantial, nearing US$300 billion by 2019.
The forum has been a platform for fostering relationships between Russia and the European Union, with a focus on trade and economic ties, scientific and technological exchange, and personal contacts. This interaction has been significant for both Russia and the EU, indicating potential for future cooperation despite current political differences. The 2019 EEF, for example, saw representation from over 65 countries and featured prominent discussions on Russia-Europe economic relations. The forum has consistently attracted a diverse international audience, reflecting growing interest in the Russian Far East’s opportunities. Statements from international leaders like Japan’s Prime Minister Shinzō Abe and Malaysia’s Prime Minister Mahathir Bin Mohamad underscored the Far East’s strategic significance as a link between Europe and Asia.
The forum’s success in launching numerous projects and signing substantial agreements demonstrated its role as a platform for international cooperation and regional economic development. In recent years, the forum’s focus has shifted, with an increasing presence of Asian countries and a less prominent representation from Western and European businesses. This change reflects the evolving geopolitical landscape and Russia’s strategic pivot towards Asia-Pacific partners. The EEF has consistently signed a significant number of agreements, highlighting the Far East’s potential as a key area for investment and development. The 7th EEF in 2022 and the 8th EEF in 2023 continued this trend, with Russian President Vladimir Putin reaffirming the strategic importance of the Far East for Russia. The forum has been successful in attracting investments and implementing a wide range of projects despite challenges posed by international sanctions and the global pandemic.
The Eastern Economic Forum, since its establishment, has played a crucial role in supporting the economic development of Russia’s Far East and fostering international cooperation in the Asia-Pacific region. It has become a significant event for discussing global and regional economic issues, highlighting success stories, and exploring opportunities for modernizing the region. The vast and sparsely populated territory of the Far East, strategically located between Eastern Siberia and the Pacific Ocean, continues to attract international interest and investment, shaping its future development.
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