Joining him on the panel were President of Uzbekistan Shavkat Mirziyoyev, President of the United Republic of Tanzania Samia Suluhu Hassan, and Vice President of the People’s Republic of China Han Zheng.
The discussion was moderated by Geeta Mohan, Foreign Affairs Editor at India Today, TV Today Network.
Held annually since 1997, this year’s forum runs from 3 to 6 June under the theme “Pragmatic Dialogue: The Path to a Stable Future,” bringing together more than 20,000 participants from 130 countries.
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Moderator of the discussion, India Today Group Foreign Affairs Editor Geeta Mohan: Namaskar, namaste, zdravstvuite, hello.
Excellencies, distinguished guests and friends, it is a privilege to welcome you to this very important conversation at a time when the world is clearly standing at an inflection point.
For decades, the global economic order was shaped by a few powerful capitals, a few dominant institutions, and a few accepted rules of engagement. But a new global economic order and architecture is emerging: one that is more diverse, more contested, of course; but also more representative. The countries on the stage reflect that shift. We have Russia – a major power at the centre of today’s geopolitical realignment; China – one of the world’s largest economies, and a defining force when it comes to AI, trade, and infrastructure. We also have Uzbekistan representing the rise of central Asia and as a region of energy, connectivity, and geostrategic opportunity. And then, we have Tanzania – an important African voice led by one of the most significant women leaders of our time.
And, of course, since the moderator is from India, we can say the stage also has a little bit of Indian spice, a little bit of balance, and just enough to keep everyone comfortable.
The question before us is simple but profound: are we witnessing only a redistribution of power, or are we witnessing the birth of a fair world order? The era of being lectured, pressured, or bullied is seriously being challenged.
At the same time, independence is not easy. Strategic autonomy comes with costs. So today’s discussion is not merely about geopolitics. It is about the price of sovereignty – something President Putin has emphasised time and time again.
Can countries protect the national interests without being forced into camps or being sanctioned? It is about whether a multipolar world will be genuinely fair or simply replace one centre of power with several competing centres. It is about whether BRICS and South-South cooperation can move from rhetoric to real economic instruments. It is about whether alternative payment systems, new trade corridors, energy partnerships, and technology cooperation can give the Global South true agency.
And it is about a new world order, where countries no longer want to be spoken for but want to speak for themselves.
With that, let us begin our conversation today. I would like to begin by inviting President of the Russian Federation honourable Vladimir Putin for his opening remarks.
President of Russia Vladimir Putin: Good afternoon, ladies and gentlemen. Mr Mirziyoyev. Madam Samia Suluhu Hassan. Mr Han Zheng. Ladies and gentlemen.
It is a real pleasure to see such a distinguished audience here. The President of Uzbekistan and I were just comparing notes. He remarked that the hall is full – which speaks to the level of interest that the St Petersburg International Economic Forum generates. I would like to welcome all participants and guests.
Russia and St Petersburg are once again hosting executives from leading companies, business leaders, and experts – this year from more than 130 countries – all here to expand business contacts and forge new ties.
Our host has set the bar and outlined the topics, which I will try to cover. But before entering this auditorium, she also mentioned that, in her opinion, the excellent atmosphere was created by those who organised the event. So I would like to start by thanking everyone who made this forum possible. Thank you very much.
The unrivalled and appealing nature of the St Petersburg Forum lies precisely in the opportunity to engage in free dialogue on matters that are of interest to entrepreneurs, entire industries, and even entire countries. We remain open to everyone interested in engaging with our country and is ready to pursue equal and mutually beneficial cooperation. We are convinced that this particular approach where partners hear one another, understand their partners’ interests, and identify common solutions represents a harmonious path of development and makes it possible to respond to the serious challenges facing the modern-day world.
We are witnessing turmoil in the energy markets and tensions being provoked in certain regions, primarily in the Middle East, and how the short-sighted EU bureaucracy policies are being implemented to the accompaniment of aggressive rhetoric and leading to Europe continuing to lose its standing in the global economy, while also undermining regional and global security. In fact, European elites are inciting chaos and are trying to embroil ever more countries into it.
These processes did not arise all by themselves; they are the result of the world undergoing the largest structural transformation in decades. This transformation is not a transition from one phase of a cycle to another. We are witnessing a change in the paradigm of global development.
I would like to bring your attention to what came before. For decades, the global development model was built around a limited number of financial centres, technological solutions, insurance and logistics hubs, credit rating agencies, and reserve currencies. This construct was presented as universal and supposedly suitable for everyone, and, above all, as supposedly neutral. In reality, however, it was increasingly used as a tool to exert political pressure and promote unfair competition, where settlements, technologies, logistics, or even access to information could be cut off at a moment’s notice in order to punish those who chose to act in their own national interests. In essence, it was a deliberately created system of dependency and resource extraction.
Today, the overwhelming majority of countries see this, as do entrepreneurs, banks, manufacturing companies, farmers, and transport operators. It has become clear that investment plans and business development steps may face serious risk where the external infrastructure on which they rely could be used against them. Therefore, countries are beginning to develop their own technological solutions, create their own supply routes, and build their own institutions.
Russia is experiencing these transformations firsthand. Although pressure on our country persists, the changing global landscape has also created greater room for manoeuvre. New partnerships are emerging, new financial and technological solutions are being developed, and access to promising markets is expanding. Against this backdrop, Russia views global change not only as a source of challenges but also as a tremendous opportunity. To make the most of these opportunities, we seek to act swiftly and pragmatically.
Let me reiterate: the roots of today’s global turbulence lie in the ongoing transition from a vertical, hierarchical model – one that primarily served the interests of a limited number of states – to a far more complex, distributed, and multipolar international order. What does this mean in practice? Above all, it means that the geography of economic growth is changing, with new centres of development emerging across the countries of the Global South. And, colleagues, as you can clearly see for yourselves, this is not a political slogan; it is an objective reality. In these countries, populations are growing, the middle class is taking shape, industrial capacity is expanding, and domestic markets are developing. As a result, new cities, roads, ports, energy infrastructure, and digital networks are being built. At the same time, these nations are establishing their own financial institutions, educational systems, and scientific and technological centres.
In this context, I would like to emphasise that the world becomes more equitable when economic growth is distributed more broadly and opportunities become available to billions of people who have long remained on the periphery of the global economy. It is very important that these new centres of growth seek to shape their own development paths, increase their share of value creation, and build their own brands, standards, and capabilities.
If you look at the global GDP dynamics of the last five years, you will see that almost half of its annual growth, 49 percent, is accounted for by BRICS countries, whereas the contribution of the so-called Group of Seven is estimated at 18 percent. To put this into perspective, between 2021 and 2025, the global economy expanded at an average annual rate of 4.1 percent. Of that growth, 2 percentage points were generated by the BRICS countries, compared with only 0.8 percentage points contributed by the G7. Today, the BRICS share of global GDP, measured in purchasing power parity terms, stands at approximately 40 percent, while the corresponding figure for the G7 is below 29 percent. By this measure, BRICS surpassed the G7 as early as 2020, and the gap has continued to widen ever since.
This trend is expected to continue increasingly in favour of the BRICS countries. The reason is straightforward: economic growth rates in the BRICS economies are already higher than those of the G7 and are projected to remain so in the years ahead. By the end of the current decade, annual economic growth in the G7 countries is expected to average no more than 1.5 percent, while the BRICS economies are projected to expand at an average rate exceeding 4 percent.
Ladies and gentlemen, friends. This is not something we made up. It is the data from the IMF and the World Bank – international institutions. They are forced to acknowledge this reality.
Naturally, businesses are drawn to places where growth is more dynamic and where there are greater opportunities to expand production and sales. As a result, the centre of gravity of global trade — and, with it, the global financial system — will continue to shift. In fact, that shift is already under way, and the trend is set to continue.
For many years, the principal flows of goods, capital and information passed through a small number of Western infrastructure hubs. Even when goods moved from one Eurasian country to another, payments, logistics, insurance and arbitration often relied on institutions located in third countries. This created additional costs and fostered political dependencies.
Today, international trade is becoming more effective, as direct shipments without intermediaries are growing, national currency payments are developing, and new corridors are opening. In Eurasia, these include the North-South Corridor, the Trans-Arctic Route, and links running through the Caspian region, Central Asia, the Black Sea, and the Far East. All of these projects and logistics routes are defining features of today's economy and, importantly, of future development.
To give you an example of the global trade system ceasing to be Western-centric, I want to note the following. Over the past 25 years, the BRICS share in global merchandise trade has more than doubled. Last year, our group accounted for almost 25 percent of global exports. This indicator continues to grow steadily, as does trade within BRICS itself, which now exceeds $1 trillion annually.
A particularly important role in these processes is being played by what might be called “connector countries”. These countries link markets, technologies, financial flows and business cultures. Their role extends far beyond simple transit or transportation through a particular territory. What matters most is their ability to ensure trust and provide efficient logistics, reliable payment mechanisms, legal certainty and technological compatibility.
Taking part in this panel session is the President of the Republic of Uzbekistan – and I would once again ask you to welcome him. Thank you very much for being with us today.
He is the leader of a country that is one of the centres of economic growth. Its population is growing fast; industrial plans are being fulfilled; its agricultural and energy potentials are growing, as is the domestic market. At the same time, Uzbekistan is an essential link between Russia, Central and South Asia, China and the Middle East. There will be more and more examples of countries whose own development is enhanced by, and benefits from, their links with other centres of the emerging multipolar world.
The same is true of our other guest, from Tanzania – let us welcome her once again – who plays a similar role in East Africa. I would also like to draw your attention to another important trend: the architecture of global trade is gradually moving away from the principles that originally underpinned the World Trade Organisation. Since the beginning of this century, the number of bilateral, regional, and mega-regional trade agreements has increased nearly fourfold.
Why is this happening? The erosion of the World Trade Organisation was set off by the very authors of this organisation: the Western nations, to be more precise. When it benefited them, they promoted the WTO, they invited other countries to join. But once the West started to lose in this competition, universal and common rules for trade introduced by the WTO lost their appeal to them. Instead, they adopted unilateral restrictions and so-called sanctions. By doing so, Western countries effectively sidelined the mechanisms of the World Trade Organisation and undermined confidence in these institutions. And when trust disappears, and an institution no longer functions as intended, businesses and governments inevitably begin looking for alternative solutions. These alternatives take the form of bilateral and multilateral trade agreements.
One more point. As I have already noted, the sanctions and, basically, the theft of Russia’s international reserves have had an irreversible effect on the positions of the world currencies, the US dollar and the euro. This is an objective reality that cannot be ignored. Today, every country – let me stress, every country without exception – understands that, like Russia, it could at any moment lose access to assets lawfully held in dollars or euros, as well as to Western financial and payment infrastructure.
We recognise that this ultimately boils down to the issue of unfair competition. The specific pretexts may vary, and they can always be found. In Russia’s case, it was the conflict in Ukraine. In other instances, it may be developments in the Middle East, conflicts in Africa, or even a country’s stance on LGBT-related issues. A justification can always be found. But the underlying problem remains the same: this is unfair competition.
Incidentally, confidence in the West is also being undermined by the state of its public finances, reflected in rising government debt and persistent budget deficits. In 2025, public debt in the eurozone reached 81.7 percent of GDP. The highest levels are well known: Greece stands at 146 percent of GDP, Italy at 137 percent, France at 115 percent, and Belgium at 108 percent. By comparison, Russia’s public debt remains at approximately 16.4 percent of GDP. In fact, during a meeting with the heads of major news agencies yesterday, some experts cited a figure of 15.8 percent. In any case, the difference is simply not comparable.
The budget deficit of the European Union in 2025 stood at 3.1 percent of GDP. The highest deficits are recorded in countries such as Poland 7.3 percent, Belgium 5.2 percent, France 5.1 percent, and the United States 5.9 percent. In Russia it is 2.6 percent. It may increase by the end of this year, but I believe it will still remain lower than in other industrialised countries.
Such a situation is fraught with a new surge in inflation for Western currencies, as was the case in 2021–2022, when prices in the euro area and in the United States rose by 14 percent in a matter of two years. Clearly, given the circumstances countries around the world are taking their assets out of the West and shifting to payments in national currencies, increasingly using alternative payment systems, and expanding the role of digital financial assets, including central bank digital currencies.
In its trade relations with its key partners, Russia uses national currencies as the primary means of payment. Thus, the share of the ruble in our export transactions is currently standing at 65 percent, or almost two thirds.
Importantly, the world needs modern, flexible and responsible financial architecture without risks, prohibitions or barriers, but with incentives for sovereign development. Its instruments must reduce costs, speed up settlements, and expand access to financing, and, of course, ensure proper counteraction to tax evasion, fraud and money laundering. Naturally, this must always be given special attention.
Next. Historically, the West has been regarded by other countries as a source of technological development, but we are seeing a major transformation here as well. Over the past 25 years, BRICS countries have significantly increased their high-tech exports; they now account for over a third of global supplies, which indicates a shift in technological leadership around the world. This is happening gradually, but it is happening.
For example, our strategic partner China holds the largest number of patents in AI, where Russia also has excellent prospects. Let us welcome the Vice Chairman of the People’s Republic of China. (Applause.)
Another key partner of ours, India, is a leading player in the IT industry. It accounts for a significant share of the global software market. Russia holds strong positions in the pace of adoption of digital platforms, online marketplaces, and financial solutions, as well as municipal services, healthcare and education which improve the quality of life for people in Russia and in dozens of countries around the world, where they successfully compete with their foreign counterparts.
We also lead in a complex field such as nuclear energy. Over 80 percent of NPP construction projects on the global market are implemented with the participation of Rosatom. Over 80 percent is a substantial figure. (Applause.)
We also have significant engineering and technological capabilities in managing the water energy balance, which is becoming increasingly important in Asia, Africa, and indeed throughout the world. I believe that our colleagues participating in the panel session cannot but agree with this, and they do agree.
Clearly, technological progress is the most important factor in global transformation. Experts identify three key technologies of today and tomorrow that are capable of making a difference in people’s lives, business operations, and public administration.
What are they? First, artificial intelligence, which can process massive amounts of data and make the best decisions available across virtually all areas. Second, autonomous systems, which dramatically increase productivity and transform entire sectors of the economy. Finally, third, platform-based solutions, which allow market participants to exchange information and conclude transactions directly, in real time, and in an automated manner.
According to forecasts by researchers and specialists, the countries or groups of countries that possess a full set of their own technologies in AI, autonomous systems, and digital platforms will become powerful centres of sovereignty in a multipolar world. Moreover, without these technologies, genuine sovereignty will be unattainable in principle.
Importantly, possessing an independent technological base is critical for countries with large populations, vast territories, and distinctive cultures. Such countries cannot act merely as users of foreign-made solutions, because in that case they risk becoming objects of control by external platforms. And how those platforms are used is another matter.
In essence, major countries – true civilisations – face a historic choice: either they create their own platform and technological ecosystems, or they become a digital periphery. There should be no illusions about this. Foreign services may initially be user friendly, but over time the cost of such dependency will inevitably become apparent.
Russia has learned one such lesson. We have seen certain software providers walk away from the market, payments get blocked, and interference in commercial relations ensue. Therefore, we will strengthen our own critical infrastructure and cooperate and engage only with the partners who respect mutual obligations.
We have gained such experience over many years in our relations with the People’s Republic of China which is Russia’s truly strategic partner. Our economic cooperation covers virtually all areas, including high-tech sphere, transport, mechanical engineering, and, of course, energy.
Friends,
As I have said before, a country’s position in the global economic system and its claim to global leadership depend on its ability to ensure its own sovereignty. It is no exaggeration to say that the race for sovereignty has begun – and it is gaining momentum.
This is not just about resisting external pressure or protecting national interests. It is also about the quality of the state, the economy, and society. Sovereignty means being stronger and, I emphasise, smarter – managing resources more precisely and investing more effectively, including in technological development.
True sovereignty demands efficiency. It is not a licence to do things expensively, slowly, or inconveniently. On the contrary, we must act with maximum initiative and maximum efficacy across all areas of our work. We must produce faster, thereby increasing revenues for the state, for business, and for our citizens.
In these tense and challenging conditions, Russia continues to strengthen its sovereignty – not by isolating itself, but by expanding its circle of partners. Yes, economic momentum is currently subdued, and we will probably discuss that further. But let me remind you of the task set for the Government: starting next year, we must return to sustainable growth rates in the domestic economy.
That can only be achieved under one condition: by increasing capital investment and launching a new investment cycle. Between 2021 and 2024, investment in Russia grew by nearly 38 percent in real terms, though last year, of course, it saw a decline.
I want to stress that launching a new investment cycle is a key task for our economic authorities, and investment growth is a crucial indicator of their effectiveness. It is important that economic growth be balanced, supported by domestic demand, and combined with a further reduction in inflation, which has already slowed significantly and continues to fall. I believe I mentioned yesterday that inflation is forecast to approach 5.2 percent this year.
My colleagues and I regularly discuss economic issues. I should point out that the dynamics of industrial production, GDP, and consumer activity in Russia are positive. Despite all the problems, industrial production grew in April. There will likely be some questions about this today.
In any case, industrial production in our country grew by 1.9 percent in April, including manufacturing, which grew by 3.1 percent. Retail added 6.5 percent. GDP grew by 1.3 percent in April, and by 0.2 percent over the period from January to April.
What would I say about all this? Of course, we hear criticism from all sides – that we have lost momentum. Yes, but we have fallen only to the level that the eurozone countries have been experiencing for the past few years. And now we are on the upswing.
Most importantly, we have preserved the fundamentals of our macroeconomic policy. I am confident that this will ensure continued forward progress. These trends must be consolidated, while our country’s position in the world and its sovereignty must become even stronger.
In this regard, I would like to share several thoughts on the kind of sovereignty Russia needs. I have already touched on this topic, but I would like to elaborate further.
First, as I noted earlier, a sovereign economy is built on the full-cycle implementation of technologies and the use of advanced solutions that simplify business operations, automate processes, increase labour productivity, and improve the overall efficiency of the economy. This is especially important in such areas as defence and security.
Russia has made significant progress in the development and adoption of digital platforms across all sectors of the economy. We are also witnessing rapid growth in e-commerce, which is expanding by approximately 30 percent annually. Our country ranks among the global leaders in this field. This, among other things, reflects the quality of Russian platform solutions, which benefit both domestic producers and foreign suppliers.
Today I have already mentioned our friends and partners in the Republic of Uzbekistan. Let me give you an example. In 2023, the value of Uzbek goods sold through the Wildberries platform amounted to $418 million. That was in 2023. By 2025, that figure had reached nearly $1.5 billion, and this year it may exceed $2 billion.
What does this mean in practice? It means that producers of a wide range of goods, including small and medium-sized enterprises, are gaining easy access to the Russian market through this platform. In fact, they are not only entering the Russian market but also reaching consumers in other countries through our platform. The volumes are growing, businesses are operating efficiently, people are earning good incomes, and small and medium-sized enterprises are developing successfully. All of this is being achieved through modern logistics systems, with taxes and customs duties being properly paid. This is something we can only welcome.
As a result, turnover has already increased 3.5 times and continues to grow, including through access to consumers throughout the Eurasian Economic Union and in partner countries, for example, the rapidly developing markets on the African continent. This is what our platform infrastructure makes possible.
Today, this Russian platform provides businesses with access to nearly half a billion potential customers worldwide, and that number continues to increase. In this way, Russian platform solutions are becoming a genuine driver of economic growth and development for our partners.
Apart from trade, the transition to a platform-based framework has been affecting the transport sector, finance, logistics, tourism, as well as healthcare, education, the media sector and other domains. Of course, we need to generate greater momentum to move towards a platform-based approach to developing various sectors by introducing artificial intelligence and autonomous systems.
We have already adopted a national Strategy for Artificial Intelligence Development. I ask the Government to prepare similar national strategies for autonomous systems and digital platforms.
I suggest that we discuss the topic of ecosystems for a platform-based economy at the Future Technologies Forum, which is scheduled to take place in early 2027. I also ask for an inter-agency working group to be formed under the Presidential Executive Office’s supervision to oversee preparations for this forum.
The second point I wanted to highlight is that people, the knowledge they have, their skills and their ability to master advanced technology and create breakthrough goods, services and shape entire market segments – all this has an immediate and defining bearing on sovereignty, both today and tomorrow. It goes without saying that people who have these professional skills must get adequate compensation for their work.
Only high living standards and generous salaries can make our country competitive and enable it to succeed on the demographic front, and to have excellent talent who can be confident about their professional careers and their future.
Russia has one of the lowest unemployment rates among industrial countries. It is equal to about 2.2 percent of the economically active population. This is a very robust result compared to other developed countries. For comparison, Japan is catching up to us with an unemployment rate of 2.5 percent, while this indicator for India is 4.2 percent, the United States has an unemployment rate of 4.2 percent, and the eurozone stands at 5.9 percent.
Over the past five years, salaries within the Russian economy increased by over 30 percent in real terms. I am referring to real wages, which means that the inflation rate is taken into consideration. Of course, this is a high growth rate.
Let me emphasise once again that any further increases in wages must be primarily driven by higher labour efficiency, as well as increased manufacturing efficiencies based on the latest technological solutions as developed by our excellent engineering schools.
Labour mobility is a separate matter. It consists of enabling specialists to find relevant and well-paid jobs at new enterprises in other regions of the country that need talent more than others, while their companies belong to emerging strategic sectors committed to making high value-added products.
As you know, young people graduating from educational institutions or during their senior years at universities and other higher education institutions are more prone than anyone else to move around the country. In order to empower them to start their professional careers, we agreed to set forth laws governing internships by introducing obligations for employers. We also agreed to update the apprentice contract so that it corresponds to present-day reality.
I know that the amendments to the Labour Code have been drafted. I ask the Government and the State Duma to adopt them faster.
Thirdly, it is evident that the sovereignty of a nation as expansive as Russia is defined not solely by the strength of its capital or a few major industrial centres. It is crucial that each region attracts investment, creates high-quality jobs, and develops both its production capacity and its urban environment.
Exhibition stands have been set up at the forum, where the constituent entities of the Federation showcase their strengths, achievements, and future plans, engaging in dialogue with investors and businesses seeking to enter their markets. I am confident that the participants in our panel discussion, along with our guests, have already witnessed this rich diversity of Russia’s regions and have had the opportunity to familiarise themselves with them.
However, in keeping with tradition, the forum’s sidelines also see the announcement of the results of the national investment climate ranking in the constituent entities of the Russian Federation. This year, the leading positions are held by Moscow, the republics of Tatarstan and Bashkortostan, and the Nizhny Novgorod and Moscow regions. St Petersburg and the Sakhalin Region have entered the top tier for the first time. Among the regions demonstrating the most robust growth are the Khanty-Mansi and Yamalo-Nenets autonomous areas, the Omsk, Vladimir, and Volgograd regions, as well as the Krasnodar and Primorye territories.
I congratulate my colleagues on these achievements. (Applause.)
We will continue to provide financial assistance to the regions in this area, including through infrastructure budget loans. Over the past four years, more than one trillion rubles have been allocated to the regions through this mechanism. By 2030, we plan to allocate an additional 750 billion.
At the same time, we are writing off the regions’ debt on budget loans: over the past two years, this has amounted to nearly 440 billion rubles, and this year we will defer the repayment of this debt by a further 100 billion rubles. These freed-up funds may be directed by the regions towards development projects as well.
Let me add that, starting this year, the National Investment Climate Ranking also includes a new component. This relates to reducing the investment and construction cycle for cultural heritage sites: historic houses, estates, and buildings. The aim is to expedite their restoration, bring them into economic circulation, and make them accessible to the public. This is particularly relevant for the cities of Central Russia, and for our tourist destinations, including those along the route of the renowned Golden Ring.
I would like to recognise the Yaroslavl, Nizhniy Novgorod, Lipetsk and Novgorod regions, as well as Tatarstan for their successful work with cultural heritage sites. It is my hope that other regions follow their lead. Engaging strategic business partners in efforts to restore cultural heritage sites and in regional development efforts in general is instrumental. I am referring to our major corporations and enterprises which play a defining role in the economies of the corresponding regions.
The decision has been taken to devise mechanisms for enabling these corporations from the construction sector to contribute to developing social infrastructure. This includes kindergartens, schools, hospitals, and outpatient clinics. I ask you to complete this work as quickly as possible.
At this juncture, let me also remind you that we had an agreement on moving major state-owned companies and corporations from Moscow to the regions in order to free up some space in the capital and create a regional development driver by enabling regional budgets to generate more revenue and create new jobs. Mr Sobyanin, Moscow also stands to benefit from this initiative.
RusHydro and PSB Bank both offer positive examples of relocated corporations. The United Engine Corporation has adopted the corresponding resolutions, and similar decisions are about to be taken by the Russian Railways group, as well as other structures involved in railway construction. I can understand that changing a company’s office location is not easy, but we must step up these efforts.
Moving on, businesses in today’s world go beyond expanding their operations and often contribute to shaping their operating environment. A people-friendly urban environment emerges around them, and sometimes even entire communities, which offer greater comfort and are attractive. We already have examples of this kind.
I believe that it would be advisable to support innovative approaches by private investors and enable them to be more creative, as they say, by using new solutions in their economic operations and construction. This can be done by setting up dedicated legal frameworks blending high-technology investment, tourism, culture, creativity and local identities.
In addition, we must encourage collective investment in projects to develop urban spaces. This involves mechanisms enabling grassroots participation in developing the home region or community by investing in making it look better. I ask the Government to work with development institutions and the Agency for Strategic Initiatives to set forth these regulations.
Next. A strong, sovereign and dynamic economy requires the promotion of private initiative, as it is entrepreneurs and companies that identify and create market niches, produce goods and services, and stimulate employment. Predictability and stability of the investment climate are important for high business activity. Businesses must clearly understand the tax system, tariffs, regulation, government support measures and mechanisms, and, in general, operating conditions for many years to come.
We have already made additional adjustments to the tax system and have established a line of investment support at both federal and regional levels. In conjunction with the business community, we have drafted a national model of targeted business environment. Among other things, we are talking about specific steps to simplify company registrations and the filing of tax reports. These efforts should certainly continue; connection to infrastructure should be made easier, the effectiveness of law enforcement improved, and so on, and so forth.
I would like to underscore once again that it is vital for the national model to yield tangible results for businesses and entrepreneurs.
On a separate note, I will just say a couple of words about the systematic work of small and medium-sized businesses.
A lot has already been done to ensure that ambitious and enterprising people can easily start their own business, launch production, and provide sought-after services to the public. However, when a business grows and develops, organisational issues and additional financial costs sometimes arise, and not all entrepreneurs are ready to cope with them. We need to minimise these costs and ensure a seamless transition of the business to a higher category, including through ready-made digital solutions or individual support.
I ask the Government, together with VEB and, of course, with business associations, to draft a concept for a smooth transition in business development and growth, which will cover all stages: from self-employment to individual entrepreneurship, and then to a company with all the advantages of corporate governance. In this work, it is necessary to factor in the transition of the economy to a platform path.
In addition, I draw your attention to a topic that I know has also been a centrepiece of discussion: starting this year, the revenue threshold for applying the simplified taxation system has been lowered. Now it is 20 million rubles, next year it is expected to be 15 million, and a year later – 10 million. We have discussed this issue in detail with representatives of the business community and with the Prime Minister.
I would like to say the following. I believe it is feasible to postpone further lowering of the revenue threshold. (Applause.) I knew that there would definitely be a reaction from the audience at this point. (Applause.) And the threshold should remain at today’s level, at the current level. I won’t give you a deadline, but the longer it does, the better. I ask the Government, together with the deputies of the State Duma, to make the necessary amendments.
I also propose that we, together with representatives of business associations, consider introducing preferential and more favourable conditions for small and medium-sized enterprises in the manufacturing sector. I believe this will have a positive impact on the creation of a fairer and more competitive business environment. The goal of bringing the economy further out of the shadows has been set, and we will continue to move steadily in that direction.
Finally, in conclusion, I would like to emphasise once again that a strong and sovereign country cannot be isolated. As I have said many times, recent experience has demonstrated that we need to produce critical goods domestically and to strengthen infrastructure that is essential for national security, business development, and improving the quality of life of our citizens. At the same time, we must continue to strengthen ties with foreign partners, expand cooperation, and promote cross-border projects.
Naturally, we will continue implementing plans to increase the capacity of our road and rail networks, including the development of a high-speed rail system based on domestic technologies. As is well known, the pilot project in this area is the Moscow–St Petersburg high-speed railway.
I am also referring to the expansion of seaport capacity and the development of the Trans-Arctic Transport Corridor as a major global transport artery. We will continue developing our merchant and icebreaker fleets, building tankers and vessels of various classes. Our goal is to rank among the world’s top ten countries in terms of the total deadweight tonnage of the national merchant fleet.
I would like to ask the Government and the Ministry of Transport to continue their work to increase the attractiveness and competitiveness of the Russian national trade flag.
A strong domestic logistics, production, technological, and financial infrastructure, together with a predictable business environment and the development of human capital, constitute powerful competitive advantages in the global economy. These are the foundations for successful cooperation with countries and investors interested in partnership, those who seek to build mutually beneficial alliances with us, invest in Russia and in joint ventures, and invite Russian companies to take part in joint projects.
I am confident that events such as the St Petersburg International Economic Forum make a significant contribution to this broad and important effort and help all of us achieve new successes in advancing the prosperity and wellbeing of our countries and peoples.
Thank you for your attention. (Applause.)
Geeta Mohan: Thank you so much, Mr President, for setting the tone and tenor for the conversation that we are having but before we go further, let me invite the President of the Republic of Uzbekistan, Honorable Shavkat Mirziyoyev. Thank you so much, sir. Please.
President of the Republic of Uzbekistan Shavkat Mirziyoyev: Mr Putin, heads of state and government, ladies and gentlemen,
First and foremost, I would like to express my sincere gratitude to President of the Russian Federation Vladimir Putin for the invitation and for the warm welcome that our delegation has enjoyed in St Petersburg over the past few days.
I also wish to greet President of Tanzania Samia Suluhu Hassan and Vice President of the People’s Republic of China Han Zheng.
It is a great honour for me to participate in the St Petersburg International Economic Forum, which over its three decades of existence has become one of the most authoritative and highly sought-after platforms for exchanging views on the most pressing issues on the global agenda.
I am truly delighted to be in St Petersburg once again, the cultural capital of Russia, a city bound to Uzbekistan by a unique history, spiritual affinity, and the destinies of our people. During the harsh years of the war, many Uzbek citizens fought in the defence of Leningrad, and Tashkent provided refuge for over one and a half million evacuated children, women, and the elderly. The memory of this remains an integral part of our shared moral heritage.
Ladies and gentlemen,
Today, right here on the banks of the Neva, mindful of our past, we are discussing challenges of the future and the new architecture of the global economy. The President of Russia has just paid particular attention to these matters. This new architecture of the global economy – we all see it, recognise it, and feel it.
The world is undergoing a profound restructuring: transport routes are changing, new supply chains are being formed, modern technological platforms are emerging, artificial intelligence is being introduced across the board, and a fundamental reappraisal of energy, food, and digital security is taking place. Competition is increasingly manifest not only in the contest for markets and natural resources – it is shifting into the sphere of technology, logistics, and infrastructure.
Amidst turbulence in the global economy, the importance of states and regions that play a consolidating role – I wish to emphasise this in particular – a consolidating role, and that are capable of fostering around themselves a space of cooperation, stability, and mutual benefit, is growing.
For millennia, Uzbekistan stood at the heart of the Great Silk Road. Samarkand, Bukhara, and Tashkent were not merely points along a trade route; they were crossroads where ideas, knowledge, and cultural and religious traditions converged. For this reason, openness has never been simply a choice for us, but a vital necessity and part of our civilisational identity.
Today, this openness is acquiring new significance. Uzbekistan, and Central Asia as a whole, are becoming an independent centre of economic growth. It is here that the transport, technological, and demographic contours of the future are taking shape. It is here that the key corridors linking North and South, West and East are converging. In order to firmly consolidate this positive trend, we urgently need an entirely new level of connectivity.
This is not only about linking traditional transport, logistics, and energy corridors. It is also about integrating digital, payment, and industrial infrastructure. A strong, united, economically interconnected, open, and stable Central Asia serves the strategic interests of all our partners.
Ladies and gentlemen,
For Uzbekistan, Russia is more than just a neighbouring country. It is a longstanding strategic partner and ally. Today, our relations have entered a new stage, characterised by deep and multifaceted cooperation. We have moved beyond simple trade in goods to the development of complex industrial value chains, technological alliances, joint design initiatives, and localised production.
According to our statistics, bilateral trade has more than tripled over the past decade, increasing from $4 billion to $13 billion. The current portfolio of joint projects with Russia exceeds $50 billion.
Trade and economic cooperation between the regions of our two countries continues to expand steadily. Our key partners are actively involved in this process: Moscow and St Petersburg, the Moscow and Leningrad regions, the republics of Tatarstan and Bashkortostan, the Krasnoyarsk Territory, the Perm Territory, and many other Russian regions.
The value of regional projects currently under implementation exceeds $5 billion, while an additional investment package worth another $5 billion is in preparation. Cooperation spans virtually all major sectors of the economy, including energy, chemicals and petrochemicals, mechanical engineering, agriculture, logistics, textiles, food processing, and many others.
Among these initiatives, the joint industrial parks established in five regions of Uzbekistan deserve particular attention. They are already delivering tangible results. Another notable example of our successful cooperation is the creation of a railcar manufacturing cluster in Tashkent.
I would like to turn specifically to the energy sector. Through investment projects, including those with Russian participation, we have expanded electricity production by 50 percent, from 58 to 87 billion kilowatt-hours. By 2030, we plan to increase generation to 120 billion kilowatt-hours, 54 percent of which will come from renewable sources.
Our capacity will grow further with the commissioning of the first hybrid nuclear power plant in Uzbekistan, with Russian participation. As you may have seen, yesterday President Putin and I took part in the concrete-pouring ceremony for that plant. For us, this represents a long-term development project – the growth of a new engineering school and the advancement of cutting-edge technologies.
We also intend to collaborate in other areas of peaceful nuclear applications, including medicine, agriculture, industry, and science.
Friends,
In the current climate, technological and industrial cooperation between Uzbekistan and Russia should not be limited to bilateral ties. We are focused on wider cooperation areas that can combine industrial potential, resources, markets, and competencies.
That is why we are proposing the formation of a Eurasian Technological Industrialisation Belt – a system of interconnected production and technology clusters united by a single digital industrial cooperation platform. This would involve creating full-cycle supply chains, from technology development and personnel training to the localisation of industrial production and access to foreign markets.
We propose implementing this initiative on the proven platform of the “Innoprom: Central Asia” Innovation and Industrial Exhibition, because, I should say, we have built up very good experience working together over the years. We hold it annually in Tashkent. This approach will allow businesses to find partners directly and establish mutually beneficial relationships.
Ladies and gentlemen,
A promising area of cooperation is undoubtedly digitalisation, which is becoming the new language of the economy. Where infrastructure once meant roads, pipelines, and power lines, today it primarily means digital platforms. These platforms create entire ecosystems around themselves – generating jobs, logistics, payment services, and new export opportunities.
Uzbekistan’s businesses are pushing forward with digital solutions and, at the same time, are open to technological partnerships with a wide range of countries – through Russian marketplaces and digital services, for example.
The Russian President noted in his speech, and I would also like to point out that we only began this process recently. It has not been long, but we are already seeing good results. Our sales volume has grown 3.5‑fold over the past few years, reaching, as already mentioned, over $1.5 billion. I think this is a positive outcome, and it bodes well for our future collaboration.
We suggest embarking on an effort to deepen our cooperation by building a shared digital ecosystem. This could include enacting similar regulations for e-commerce and city services, and then moving on to promoting brands from both Uzbekistan and Russia on our respective platforms, creating a single digital profile for employment-related matters, and developing AI-driven products. This would create new markets for businesses, while people stand to benefit from additional revenue streams.
At the same time, while seeking to promote the digital transition, it is essential that we remember that people must always be front and centre in any changes or reforms. Today, Uzbekistan is one of the world’s youngest countries where young people account for over a half of the population. This is more than just statistics, since it creates positive development momentum, a new kind of demand. This is our future.
Today, our goal does not boil down to offering up-to-date knowledge to our young people. It is instrumental that we create an environment in which young people can master the most advanced competences and fulfil their potential. Cooperation in education and personnel training plays a special role in this regard.
There are 32 branches of foreign higher education institutions in Uzbekistan. I would like to repeat this number, since the President of Russia has offered a lot of support regarding each and every university. In fact, Russian higher education institutions account for 15 out of 32 branches of foreign universities. This is therefore Russia’s biggest university network abroad.
At the same time, vocational training is also essential, especially when it comes to introducing hands-on training programmes. We already have good examples of these practices as demonstrated by the launch of the first joint engineering schools in Almalyk and Tashkent.
Online training seminars could offer an effective cooperation framework in this domain. They could enable young people to acquire the knowledge they need, especially in the most remote locations. This, in turn, would radically change the labour mobility model and elevate it to a whole new level.
In this connection, we suggest creating a joint online platform for developing human capital. Its objective consists of bridging education, professional training and the employment market. This framework could bring together under a single umbrella educational programmes, language and IT courses, projects to support young business leaders, and the ability to get in touch with employers. This would create an intelligible path for young people for integrating in the new economy, while business could access a talent pool of trained personnel. As for universities and colleges, they will have a window connecting them to what the market actually needs. This would be a long-term effort for Uzbekistan and Russia, and a long-term investment too, but we would be investing in people, which is our highest priority. This is what matters the most. If Mr Putin supports this undertaking, we can instruct our sectoral agencies and their senior executives to launch these platforms as quickly as possible.
Vladimir Putin: Of course.
Shavkat Mirziyoyev: I wish to highlight tourism as the cultural cornerstone of our partnership. This sector epitomises the building of a trust-based economy. When people visit Uzbekistan, they do not merely see monuments and cities, but also experience its culture, hospitality, business environment, and business opportunities.
In 2025, nearly one million Russians travelled to our country. This year, we are set to welcome even more. To facilitate this, we are developing not only our tourist infrastructure but also the creative economy. By 2030, its contribution is expected to reach five percent of GDP, making this creative sector one of the drivers of economic growth.
To enhance the cultural and educational dimensions of our collaboration, we propose the establishment of a creative tourism corridor from Samarkand to St Petersburg. This initiative envisages the organisation of joint art and film festivals, museum exhibitions, gastronomic weeks, and musical events. Projects highlighting Uzbekistan’s culture and arts have already been launched at the Mariinsky Theatre and the Hermitage.
Ladies and gentlemen,
The year 2026 holds special significance for our nation: we are on the cusp of a pivotal milestone in systemic reforms. A decade ago, we embarked on the building of a new Uzbekistan, committing to openness, inclusivity, and pragmatism. Over this period, a robust foundation has been laid for long-term growth, a favourable business climate has been cultivated, and a sustainable industrial base and new infrastructure have been established. The scale of our economy has expanded: in 2016, our economy was valued at just 50 billion dollars; by the end of 2025, it had grown to 147 billion dollars. This year, we expect growth exceeding eight percent
Over the years of reform, over 150 billion dollars in foreign investment has been attracted to the country, and thousands of modern enterprises have been established. Exports of goods and services have nearly tripled. Even today, amid global instability, Uzbekistan continues to maintain sustained growth. Our economy is becoming increasingly diversified, the domestic market is expanding, and demand for modern technologies, infrastructure, and quality employment is rising.
One of Uzbekistan’s principal advantages lies in its youthful, dynamic, and rapidly growing population. This provides a long-term basis for the development of entrepreneurship, technology, services, and industry. However, demography alone does not guarantee success; this potential must be converted into a powerful intellectual resource, into skills, into productivity, and into the capacity to create high-value-added products and technologies.
From the outset of our reforms, we have endeavoured to combine market efficiency with social responsibility. This is the defining characteristic of the Uzbek model of economic development. Growth must not solely be rapid – it must be sustainable, inclusive, and aimed at enhancing the quality of life for our people. In just five years, total household incomes have grown 150 percent.
Our primary criterion is a high quality of life, human dignity, and the realisation of each individual’s potential. The Uzbekistan‑2030 development strategy is dedicated to this purpose. By this date, we aim to elevate household incomes to levels above the average, to transition all industries to a model of technological and innovative growth, and to expand the economy by a further 50 percent, to more than 240 billion dollars.
Ladies and gentlemen,
Uzbekistan is consistently building all necessary conditions for global investment, creating a favourable business climate, improving market institutions, boosting competition and production potential. We invite investors present here to create new industrial chains with high added value. Our priorities are deep localisation and competence of production and development, as well as the development of modern engineering and new export routes. It is particularly important for the industries creating the new economy, such as industrial processing, agrotechnology, biochemistry, robotics, digital solutions and artificial intelligence.
We see great cooperation potential in projects in the public-private partnership format – in energy, aviation, education, geology, and many other industries. We offer our interested partners not only a growing domestic market but also direct access to neighbouring countries and regions.
Friends,
Uzbekistan is a reliable and predictable country for the global and business communities. Our economy’s progress towards utmost openness has been objectively attested by leading rating agencies. This year alone, our country has gone up 14 positions in the economic freedom index. Over the past years, we have placed $16 billion worth of sovereign and corporate bonds in international markets. Last month, the National Investment Fund of Uzbekistan launched its first share offering at the London Stock Exchange, with assets of our largest state corporations.
To continue developing the capital market and build a stable financial and investment platform that operates to the highest standards, we have launched the construction of the Tashkent International Financial Centre. The centre’s special legal and tax regime will provide investors with convenient tools and reliable guarantees for doing business.
I want to take this opportunity to invite you all to the Tashkent International Investment Forum on June 16–18 июня, where you can learn the new Uzbekistan’s opening opportunities in person.
Ladies and gentlemen,
This forum’s slogan is symbolic: Pragmatic dialogue for the stable future. Indeed, open and respectful dialogue is becoming the main condition for sustainable development. New opportunities open where there is trust, readiness for cooperation, and intention to look for solutions together. The partnership between Uzbekistan and Russia is a telling example of such cooperation.
Once again, I want to express my sincere gratitude to Russian President Vladimir Putin for the invitation to this major international forum and for the opportunity to present the new Uzbekistan’s development priorities.
Finally, I wish all participants productive work and a meaningful exchange of opinions.
Thank you. (Applause.)
Moderator Geeta Mohan: Ladies and gentlemen, that was the President of the Republic of Uzbekistan. I’d now like to invite the President of the United Republic of Tanzania, Honourable Samia Suluhu Hassan. Madam President, the floor is yours.
President of the United Republic of Tanzania Samia Suluhu Hassan: Your Excellency, Vladimir Putin, President of the Russian Federation and our gracious host; Your Excellency, Shavkat Mirziyoyev, President of the Republic of Uzbekistan; Your Excellency, Han Zheng, Vice President of the People’s Republic of China; honourable ministers and heads of delegations, distinguished captains of the industry, scholars and friends of Africa, ladies and gentlemen. At the outset, permit me to convey warm greetings from the fraternal people of the United Republic of Tanzania. Greetings from the snow of Mount Kilimanjaro, the highest freestanding mountain in the world. (Applause.)
Thank you. Greetings from the great plains of the Serengeti, where the wildebeest migration writes one of nature’s oldest and most magnificent stories. And greetings from the spice island of Zanzibar. (Applause.)
It is a profound honour to stand before you, before this distinguished plenary [session], a stage that, for over 29 editions, has become one of the world’s most significant platforms for candid economic conversations. I sincerely reiterate my profound appreciation to our host, His Excellency President Putin, and the people of the Russian Federation for the warm hospitality extended to me and my delegation since our arrival in this magnificent country. Excellencies, as you may be aware, Tanzania and Russia share a longstanding partnership that spans more than six decades.
In December this year, our two countries will commemorate 65 years of diplomatic relations. Certainly, we do not take this milestone for granted. We treat it as an enduring testament of strong commitment to a mutually beneficial partnership that seeks to uplift the lives of our people.
Excellencies, Tanzania is one of the fastest growing economies in Africa. Our economic growth currently stands at six percent and is projected to expand to 6.3 percent by the end of this year. The goal is to attain an upper middle-income economy status with a per capita income of around $7,000, in line with the Tanzania Vision 2050.
In order to achieve this goal, we are building three pillars at once. We are prioritising construction of transport infrastructure, including the Standard Gauge Railway, with plans to connect the Dar es Salaam port to the land-linked countries of Rwanda, Burundi, and the Eastern Democratic Republic of the Congo. On the same note, the Five Years Development Plan 2026–2031 outlines plans to extend the railway networks connecting Tanga Port in the north of Tanzania to Musoma Port in Lake Victoria, to facilitate transportation facilities in Lake Victoria to the neighbouring countries.
The Southern Corridor Railway, which is going to connect Tanzania to Malawi and Mozambique, is another railway project. We have successfully completed the construction of the Julius Nyerere hydropower project, which has added more than 2,000 megawatts to our national grids. Plans to generate 8,000 megawatts by 2030 and 70,000 megawatts by 2050 are underway.
On the other hand, we joined hands with Uganda in implementing the East African oil pipeline that will transport crude oil through our territories to global markets. Similarly, we are expanding the soft infrastructure by increasing the broadband coverage to more than 95 percent, also building more data centres and extending cross-border fibre as part of our ICT broadband project. This project stretches beyond our borders and connects to the neighbouring countries of Kenya, Uganda, Rwanda, Burundi, Zambia, Mozambique, and Malawi, positioning Tanzania as a regional digital hub for land-linked countries.
Excellencies, allow me now to narrate a thought that I believe deserves a place in this forum. By 2050, one in four human beings in this planet will be African. Africa will be the only continent on Earth still adding workers to the global labour force on a large scale. Africa will host nine of the world’s 20 fastest growing economies. Africa’s middle class will exceed one billion people, and the African continental free trade area, when fully operational, will constitute the largest single market in the world by population. This is not just a forecast but an arithmetic. Africa is destined to grow. The question, however, is on what terms, with which partners, and on whose model of growth. Africa somehow has charted its own development model.
It is clearly articulated in the African Union’s Agenda 2063, operationalised through the African continental free trade area, the programme for infrastructure development in Africa, and the development plans in our regional blocs. To date, talking of our bilateral relation between Tanzania and Russia, to date, relations between our investment authorities, Russia’s Roscongress, and the Tanzania Investment Authority have been formalised through signing a memorandum of understanding which will open a new bridge of business to Tanzania. Concrete steps have been taken to review our laws and regulations for purposes of creating favourable investment environment and henceforth attracting more capital investment.
In 2025, we created a one-stop centre for all investors coming to Tanzania. New companies can now register online within 24 hours. (Applause.)
This has transformed Tanzania into the fastest-growing investment destination in Africa, receiving around $12 billion worth of foreign direct investment in 2025, compared to nearly $3 billion in 2021. We are proud to say Russian enterprises have contributed to this growth trajectory.
Our trade has equally remained steady at around $4 million annually. Tanzania’s challenge is to export more to Russia, and Russia is exporting more to Tanzania.
Ladies and gentlemen, at this juncture, allow me to mention five main projects for which we are here to seek partnership from international business community.
First, we are delighted to inform you that Tanzania is embarking on one of the most ambitious port infrastructure development projects, encompassing a special economic zone, and this is being done just four kilometres north of our commercial city, Dar es Salaam. We are turning a small historic trade vicinity into a global hub of commerce, manufacturing, and maritime sector development. The Bagamoyo special economic zone is our number one flagship project, and we welcome international enterprises to partner with us. Moreover, we are developing a complex Mangapwani port – a transshipment port on our beautiful island of Zanzibar. The feasibility studies for both ports are ready, and we are eagerly encouraging partners to join us in investments.
Second, on mining and mineral beneficiation, we have endeavoured to ensure that the existing wealth of gold, uranium, nickel, graphite, helium, niobium, and other rare earth elements bring us massive economic returns. Our national policy is clear. We intend to move steadily from being a producer of raw materials to a producer of finished products. We invite partners to invest with us in industrial parks that will give real meaning to mining beneficiation.
Third comes tourism. Tanzania is one of the world-renowned tourist destinations. Our remarkable hospitality industry continues to dominate the global tourism platforms. Last year, for the second time, the Serengeti National Park won the Africa’s leading national park at the World Travel Awards, held in December 2025. At the same time, Tanzania has also been crowned as Africa’s leading destination, and Zanzibar was awarded Africa’s best corporate retreat destination. As part of our plan to attract tourists from Russia, we have designated our national carrier, Air Tanzania – The Wings of Kilimanjaro – to begin direct flights between Dar es Salaam, Moscow, and Zanzibar. The first flight is expected to be on the 2nd of July this year. We aim to increase the number of Russian visitors to Tanzania to 500,000 by the year 2030, and a million shortly after.
Fourth, as part of efforts to transform the agriculture sector and enhance food security, we have prioritised local fertiliser production to sustain our growing domestic demand. Since Russia is the world’s largest exporter of fertilisers, Tanzania highly encourages the establishment of the local fertiliser plants geared to serve the country and the region at large. Fifth is the critical issue of energy generation: Tanzania has huge deposits of uranium.
Our main target is to use some of it in generating nuclear energy to meet the growing demand, which is expected to reach 8,000 megawatts by 2030 and subsequently 70,000 megawatts by 2050. It is in this context that Tanzania is advancing to nuclear energy as part of our long-term strategy to diversify our energy mix and support sustainable economic growth. To guide this effort, we have developed an ambitious national roadmap for nuclear power development, including the use of small modular reactors in our long-term energy strategy. And here, the Rosatom company of Russia has shown great interest, and we are holding discussions with them.
In conclusion, Excellencies, it suffices to say that the world is moving faster, and that necessitates developing countries to keep the pace. We must go where the wind blows. Indeed, this is a time for partnership, clarity, and trust. Above all, it is a time for us to take charge and realise our full potential. In this situation, I dare say that Tanzania is open for business. Tanzania is ready for new ideas and innovation. Tanzania is open to collaboration with international partners. This meeting has been a useful platform for enriching engagement in such endeavours.
We are confident that the outcome of this forum will contribute significantly to promoting greater partnership in trading and investment. Your Excellency President Putin, allow me once again to reiterate my gratitude to you, Your Excellency, for the generous invitation to be part of this important engagement. I also look forward to closer and greater economic collaborations between Tanzania and the Russian Federation, as well as other international enterprises who are ready to work with us.
Asante sana. Thank you very much.
Moderator Geeta Mohan: Ladies and gentlemen, that was the President of Tanzania. Tanzania is open for business.
With that, I call upon our next speaker, Vice President of the People’s Republic of China Han Zheng.
Vice President of the People’s Republic of China Han Zheng: Mr President Putin. Mr President of Uzbekistan. Madam President of Tanzania. Ladies and gentlemen. Friends, good afternoon.
It is a great pleasure to meet with you on the banks of the Neva River for the 29th St Petersburg International Economic Forum.
This year’s forum is held under the theme Pragmatic Dialogue: The Path to a Stable Future – a theme that reflects the shared aspirations of all countries, particularly in the current climate, for stability, cooperation, and development. This forum is of great significance.
On behalf of the Government of China, I would like to take this opportunity to express my heartfelt congratulations on the successful opening of the forum.
Against a backdrop of accelerating global transformation, challenges and governance deficits are growing worldwide. Last September, President Xi Jinping solemnly launched the Global Governance Initiative based on five guiding principles: commitment to sovereign equality, international rule of law, multilateralism, a people-centred approach, and a focus on real actions and results.
This initiative has received a broad positive response from more than 160 countries and international organisations. The establishment of the Group of Friends of Global Governance within the UN is rightly considered a modern manifesto for upholding the purposes and principles of the UN Charter, defending genuine multilateralism, and opposing unipolarity.
China, as the initiator, is bringing all parties together through practical steps to jointly promote the reform and improvement of the global governance system.
Ladies and gentlemen,
Friends,
Implementing the Global Governance Initiative requires the joint efforts of the international community. As leading global powers and permanent members of the UN Security Council, China and Russia play an important role in transforming the global governance system.
Following the recent summit in Beijing, President Xi Jinping and President Putin approved the Joint Declaration on the Formation of a Multipolar World and a New Type of International Relations. This document demonstrates the firm resolve and responsibility of China and Russia, as leading powers, to jointly promote a more equitable and rational global governance system.
China intends to strengthen cooperation with Russia and other countries through the Global Governance Initiative, and to work together towards a world of openness, tolerance, equality, justice, and mutually beneficial cooperation.
In this regard, I would like to share the following vision.
First, we must adhere to the principle of equal cooperation and uphold the concept of global governance based on joint consultation, joint development, and shared benefit. In the face of unipolarity and protectionism within the international community, defending the core values and fundamental principles of multilateralism is more urgent than ever.
We must adhere to genuine multilateralism, promote equal engagement of all countries, as well as equality in decision-making, and equal use of benefits in global governance. We must categorically support democratisation in international relations, expand representation, make sure the opinions of the developing countries are taken more seriously, and abandon ideological divides to ensure that the rational demands of different countries are fully accounted for by global governance.
Second, we must unequivocally protect international justice and defend the status and authority of the UN. China invariably supports the following: the parties must work together to defend a UN-centric international system, a world order based on international law and the fundamental norms of international relations focused on the goals and principles of the UN Charter. At the same time, China is against hegemonism and the policy of force in any form.
We must protect international justice in accordance with the generally recognised norms of international law, counter double standards and selective enforcement. We should support the restoration of authority and vitality of the UN in the new environment so that this organisation continues to serve as a key platform for coordinating international efforts and overcoming challenges together.
Third, we must promote comprehensive development and provide tangible benefits to all nations. To increase the effectiveness of global governance, improving people’s wealth and prosperity must become a focus. It is necessary to comprehensively fulfill the 2030 Agenda for Sustainable Development, assist in joint development and prosperity of all countries, and adhere to the principles of mutually beneficial cooperation.
China will continue to maintain a high level of external openness and provide unique progress opportunities to the world with its own high-quality development. As the host of the 33rd informal meeting of APEC leaders, China is ready to give a new impetus to the development and prosperity of the Asia-Pacific Region and the entire world.
Fourth, to strengthen coordination and create more visible results. China continuously promotes the high-quality construction of the Belt and Road, playing a leading role in cooperation within the SCO, BRICS and other multilateral bodies, supporting development and progress of the Global South, and assisting with the dialogue and cooperation within the international community on such significant areas as AI and climate change. China is also a co-founder of the International Organisation for Mediation along with over 30 other states.
It is necessary to coordinate international actions while focusing on aligning strategic initiatives with political coordination both among different countries and among international organisations and international bodies for the purpose of shaping a powerful force to respond to global challenges and promoting joint development.
Ladies and gentlemen, friends,
This year launches China’s 15th five-year plan that includes both grand development plans for our country in the next five years and broad horizons of China’s mutually beneficial cooperation with all countries in the world.
China is ready to work with all of its friends to fully realise the global governance initiative, create a more just rational system of global governance, and open the brilliant future for humanity shoulder to shoulder.
Thank you. (Applause.)
Moderator Geeta Mohan: Thank you so much. That’s the Vice President of the People’s Republic of China.
We are now going to open up the Q&A session and we begin with what this room looks like: hundred and thirty countries, representations from not just the Global South – we are looking at America for the first time being represented in this room, yes, Rodney Mims Cook Jr. right there in front of me.
This is also a room where Saudi Arabia is the guest of honour and so we have the Minister of Energy of Saudi Arabia sitting right there.
So, honourable President Putin, my question to you is, with hundred and thirty countries being represented in this room: when the world talks about economic isolation of Russia, does this look like isolation?
And, pardon me for being a little forward when it comes to thoughts and opinions – is it Russia that is isolated or is it partly Europe today that stands isolated?
Vladimir Putin: The answer came with an obvious hint – thank you very much. However, I must assure you, there was no need for any hint, as there was never any isolation.
The initiator of these attempts at isolation was the previous administration of the United States – a fact well known to all. Subsequently, their satellites in Europe followed suit, and have now surpassed even the US administration in these efforts. Yet, isolation never materialised, largely due to ongoing cooperation with certain partners in the United States.
I have previously cited this example. Present here today is a representative from one of our energy companies. Despite persistent opposition from the previous administration to one of our liquefied natural gas projects, once the project was launched, the first shipment was directed to the American market. To be honest, I was surprised – I could hardly believe it. I enquired: why? Because it was profitable.
We continue to supply uranium to the American market. The leading supplier in terms of uranium volumes is the United States – an American company; the second is an international company with both European and American capital; and Russia, still, ranks third in terms of volumes. And all is well. Where there is profit, Americans are pragmatic, and we ought to follow their example – nothing ever ceased with us.
Nor have our energy projects in the Far East with certain countries that, ostensibly, have formally announced their withdrawal from those projects, come to a halt. Everything is now operational – they seek expansion and are requesting more in numerous other sectors.
I am not even speaking of our friends – and I wish to underscore this: not merely friends, but partners who are reliable for everyone. I refer to both African nations and the countries within the Asian region – and, naturally, India, which never yields to external pressure, and the People’s Republic of China, whose sovereignty and independent decision-making are indisputable.
Within the framework of the well-known organisations, everything has always been satisfactory – and even more so with our closest allies, partners, and historical neighbours. Everything is advancing and proceeding without any significant detriment to us.
The fact that we now, as you have noted, are joined by official representatives of the United States here – and I am aware that there are also representatives from European countries in attendance – is a development we can only welcome. We have never isolated ourselves from anyone. If the circumstances have evolved in such a way that representatives from these states are also present here with us, we are only too pleased. Welcome! (Applause.)
Moderator Geeta Mohan: I promised to stick to the economic questions, but being a journalist, I have to ask you this. Ukrainian President Vladimir Zelensky wrote an open letter and he has not just offered direct talks – in the same letter he directly threatened you and has called this your war.
I would like to quote him, if I may. He says, “Our long-range drones paid a visit to the opening of your forum in St Petersburg covering a distance of more than a thousand kilometres.”
He says this war is your personal choice, a war without a real cause.
“We often hear you are comfortable with this war. Of course, not in those cases when it comes to the security of your residence in Valdai or your parade in Moscow. You own life is valuable to you.”
He adds you will have to fight much harder for your own existence, not Russia but your own.
He has proposed to set a clear date for a meeting between you and him. Your first reaction.
Vladimir Putin: As for the [strikes on the] residence or the parade – that is not my personal matter. They later gave us information, telling us, “We knew you were not there at the residence,” and so on. Why they are doing that is a different issue.
My press secretary, Mr Peskov, showed me this letter yesterday. But we had a working meeting – a working dinner with the President of Uzbekistan, so honestly, I did not have time to look at it. This morning, Peskov slipped it to me again. I glanced at it briefly, but still. A few things I would like to point out.
First, the author mentioned my age. Well, what can I say? Of course, everyone should think about age, but I imagine many other political figures my age are fulfilling their duties, some of them are even older than me. Age is not the most important thing… (Applause) …It certainly matters, but it is not everything. What matters is political capability and mental sharpness. Some of my colleagues, who, I repeat, are older, show enough vigour. Whether they are doing well or badly is another question – that is a matter of political judgment, but on the whole, they work actively.
Now, he also noted the length of time spent in elected office. That is an important issue, of course. But we have to stand for election – not be afraid to run for office – and always act within the framework of the Constitution. Holding power outside the Constitution is called usurpation; it is a criminal offence. So there is no need to be afraid. We have to stand, and I would advise everyone to do the same. Especially since in Ukraine, they were talking about elections coming soon, and then it all went quiet, for no clear reason.
The author also argues that the agreements reached in Anchorage should not be fulfilled, and that genuine guarantors of any potential Russia-Ukraine agreement need to be sought – and they should be sought in Europe. Reliable guarantors are always helpful, but why the US administration and President Trump are being denied that role is beyond me. They want weapons from the United States, but for some reason they do not want the US administration and President Trump as guarantors. That raises questions.
But we all saw how Donald, in front of the whole world, disciplined the author of that letter – insisting on a dress code, remember? Playing Rambo: First Blood all the time may work, but only up to a point, and not everywhere. That is the first point. And on manners: overall, I want to thank Donald for that effort – it was certainly useful. But there is still room for improvement. The work needs to continue. (Applause.)
Now, to address the central issue. Given that the Ukrainian side has chosen to thrust our relations into the public sphere, moving towards open discourse and debate – which, in my estimation, is somewhat inappropriate or altogether incorrect – this provides me with the opportunity, and indeed the right, to discuss certain matters that are either little known or entirely unknown to the public.
What am I referring to? This is a serious matter, let me assure you, without a trace of irony or jest.
Three weeks ago, a representative of our business community contacted me with a matter. I have been acquainted with this individual for a considerable time; although we do not maintain close ties, I regard him as trustworthy and honourable. He called me and said: “Mr President, I am being invited to Kiev.” I responded: “Well, by all means, go ahead; how does this concern me?” He replied: “I felt it was imperative to inform you, as the discussion will likely involve issues pertinent to relations between our two countries.”
I advised him: “Listen, I cannot dispatch you in any official capacity; such matters should be the remit of qualified professionals from the Ministry of Foreign Affairs, the Ministry of Defence, and other relevant services – much as occurred during our negotiations in Istanbul. Therefore, I cannot sanction any official action on your part.” He replied: “I merely wished to inform you of this invitation. I would go, listen, and subsequently report back to you on the discussions.” I replied: “I cannot prevent you; feel free to go.”
He travelled to Kiev, where he met with the individual, the author of that letter, at his residence, not at Valdai. Upon his return, I convened with him. Amidst the less substantive elements, the salient point was this: Mr Zelensky was requesting a meeting. I remarked: “I have never declined such requests.” However, to convene merely for the sake of empty dialogue, as we say – I am well familiar with that.
If I am not mistaken, the letter contains a reference to the Minsk agreements. We laboured through the night on those Minsk agreements – drafting them – only to have it subsequently revealed, through the statements of the leading representatives of the Federal Republic of Germany and France, that it was all a futile exercise. The entirety of the Minsk agreements served one purpose: to buy time for the rearmament of Ukraine. What need do we have for such agreements?
Thus, I stated: “I see no merit in such a meeting.” The sole objective, from the Ukrainian perspective, is to impede the progress of our Armed Forces, nothing more. We require agreements that endure not for mere months, not for half a year, but for a significant historical period. Let the specialists deliberate, devise solutions, and only thereafter can we convene, attend – as I mentioned – the signing of pertinent documents, or even append our signatures ourselves. However, a solution must first be formulated.
Now, to the most critical point, which the audience, particularly the Russian audience, will comprehend. This occurred, I believe, on May 21, and on May 22, Ukrainian forces executed a heinous terrorist attack on a college dormitory in the Lugansk People’s Republic, resulting in the tragic loss of children, adolescents. This constitutes a grievous crime. There were no military installations nearby, nor were there any military vehicles in the vicinity.
That morning, I contacted this – shall we say – colleague who had journeyed to Kiev and asked: “What does this signify?” They ask for a meeting whilst perpetrating such horrendous crimes as the murder of children. What is the implication of this? He responded: “I am at a loss for an explanation. They are contacting me once more; I will speak with them and subsequently apprise you and keep you informed.” I replied: “Very well.” I have not communicated with him since.
And the letter you have just mentioned does indeed contain certain rudeness. Is this really a way to create the conditions for personal meetings and negotiations? Or does it instead create an atmosphere in which such meetings become virtually impossible? I believe it is the latter.
Therefore, our attention should be directed not towards the authors of this letter, not towards the fans of the epistolary genre, but towards our soldiers on the line of contact. (Applause.) And addressing them, I would like to say: “Comrade soldiers and sailors! Comrade sergeants and warrant officers! Comrade officers, admirals, and generals! The entire country is watching you. The entire country is proud of you and places its hopes in you. Keep up the good work, brothers!” (Applause.)
Moderator Geeta Mohan: So, I will take that as a “No”, that you are not going to meet the author of the letter.
Vladimir Putin: I do not yet see the point.
Moderator Geeta Mohan: Because you have mentioned the American President, is Trump your window to once and for all settle the Russia-Ukraine question?
I ask you this, President Putin, because President Trump is, maybe, the only American President who is engaging Ukraine in a way to bring them to the talking table to strike a deal. He puts President Zelensky on notice. If it were Biden or Obama this would not have been offered at all. Is he the window?
Vladimir Putin: I already spoke about this in Anchorage, and I was sincere about that. I believe that if President Trump had been in power at that time – and I believe he had been deprived of victory through what I consider serious irregularities in that election – events might have unfolded differently. I believe that the widespread use of mail-in voting did not meet accepted international standards for ensuring fair elections. Had he held the office, perhaps these events would not have occurred. Perhaps he would have devoted greater attention to finding a peaceful solution.
In fact, during the final days of President Biden’s tenure, I spoke with him by telephone and told him exactly that. However, the administration at the time did not respond to the proposals we had put forward in December 2021. Well, that is now a matter of history. Perhaps, had President Trump been in office, developments would have taken a different course.
I regard him as a colleague of mine, and I respect him. As far as I can judge, the current US Administration’s attitude toward Russia is similar. Our personal relations are based on mutual respect. But naturally, key issues must ultimately be resolved between Russia and Ukraine. Our colleagues in the United States and other regions of the world can only help create the necessary conditions and act as guarantors. That is what we proceed from.
Moderator Geeta Mohan: President Putin, we are sitting and discussing this at SPIEF 2026: how do you really offer a stable economic future and invite investors to Russia when we are looking at critical infrastructure being actively targeted by Ukraine?
Vladimir Putin: You know, these attacks certainly do not contribute anything positive. Moreover, they cause us vertain damage. However, when investors make investment decisions, they assess the entire range of risks.
Yesterday, when speaking with your colleagues – the heads of major news agencies – I said that this means only one thing for us: we must strengthen our security, reinforce our missile defence capabilities, and enhance our air defence systems. And this is what we will do. However, businesses, especially serious investors, think in terms of long-term historical perspectives. Above all, they evaluate the economy in which they intend to invest.
We have discussed the current situation in the Russian economy. We acknowledge that the GDP growth has slowed and that there are certain other challenges. However, we have conceded to this in order to strengthen the foundations and, so to speak, improve the overall health of the Russian economy and its macroeconomic indicators. We are deliberately cooling the economy. And I want to assure you that we see no threats either today or in the foreseeable future. On the contrary, we can see that the measures we are taking are producing results. I know that many of my colleagues are present here, including representatives of the real sector of the economy. I meet with them regularly, and we discuss all of these issues.
As for the cries of “All is lost!” – a kind of Yaroslavna’s Lament – this expression is not entirely clear to you, but the Russian audience will understand the reference, we are aware that the key interest rate and other factors undoubtedly make investment activity more difficult. However, I want to emphasise once again the main point: the fundamental foundations of the Russian economy remain strong. This gives us every reason to believe that Russia continues to be an attractive destination for investment, not only domestic but also foreign. And I must say that we do see this interest. We will certainly welcome our partners. (Applause.)
Moderator Geeta Mohan: Ok. You are saying that in your speech you have set ambitious goals launching a new investment cycle but you yourself said that there has been a decline of 2.3 percent last year.
How do you then propose to grow in an environment of wars, sanctions, frozen assets and while you talk about sovereignty, how do you balance that with inviting foreigners here to Russia?
Vladimir Putin: Look, you have mentioned war and sanctions, yet our economy continues to develop steadily. The domestic market is expanding, and the well-being of our population is on the rise. We have set ourselves the objective – as I stated yesterday – of reducing the poverty rate to below seven percent by 2030. We have already achieved a rate of 6.7 percent, reaching this target ahead of schedule and exceeding expectations. Our macroeconomic indicators remain stable – I must emphasise this once again.
Despite these challenges – of which there are always many, everywhere – the solid foundations of Russian economic development remain stable and offer promising growth prospects. Every business and company remains vigilant to the risks – I reiterate – of today, the near future, and the long term. There are those prepared to proceed having evaluated these risks. I am confident that we will overcome these challenges, and in due course, such risks will diminish.
Regarding combat operations, we operate under the assumption that they will eventually conclude, and that they will certainly do so once we have attained the objectives we have set.
As for sanctions – well, I maintain that they inflict more harm on those who impose them. Do these sanctions cause us damage? Yes, they do. They froze 300 billion, and we currently hold over 500 billion, if calculated in dollars. They froze 300 billion, and we already possess over 500 billion. That is the result for you.
Do they cause us damage? Yes, but do those who impose these sanctions suffer as a result? Without a doubt, and profoundly so! According to various estimates – taking the eurozone as an example – the damage inflicted by the sanctions against us amounts to between 1.5 and 2.5 trillion euros. However, there is currently a reassessment of this situation underway. This reassessment is leading many to conclude that a return to cooperation with Russian partners might well be the wiser course.
We will monitor this closely. If the partners who left us – withdrawing from our market two or three years ago – did not create significant disruption or act insolently, we will welcome their return. Indeed, there are already interested parties who wish to return. Nevertheless, we will, of course, prioritise the interests of domestic business in this regard. (Applause.)
Moderator Geeta Mohan: We will come back to your goals and Ukraine, but I will have to ask you this Madam President – amid sanctions you are wanting to do and increase business with Russia. How are you going to circumvent or bypass the sanctions?
Samia Suluhu Hassan: Thank you, Madam Moderator, and I must say that I have been envying those panel members using their national languages and I would like to use this opportunity to do this. So, I will switch from English to Swahili.
[Speaks Swahili]
You asked me about sanctions and how we will move forward with development. I want to assure you that Tanzania is not under sanctions. We are not under sanctions at all, and we are continuing to organize ourselves to develop our country. But we are not under sanctions.
Moderator Geeta Mohan: Coming back to the sanctions experience, President Putin, you spoke about goals. In the sanctions that we are seeing and that have been imposed on Russia, there is certainly some room for a deal to be struck with Ukraine, what is that goal that Russia wants to achieve before a deal is struck and what are the red lines here?
Vladimir Putin: You know, during my speech at the Russian Ministry of Foreign Affairs in the summer of 2024, I laid out all of my objectives. In essence, they were set out at the very beginning of the special military operation.
This is going to take a while, but I will summarise the key points briefly.
Under the Charter of the United Nations, every nation has the right to self-determination. Following the coup in Ukraine, several regions of the country rejected the new authorities, declared that they did not support the coup, and proclaimed their independence and sovereignty. In doing so, they acted in full accordance with international law and the provisions of the UN Charter.
For a long time, we sought to resolve all these disputes through peaceful means. The Minsk Agreements, signed in Minsk, the capital of Belarus, established a framework for addressing the complicated situation in southeastern Ukraine.
However, it later became clear that the parties on the other side had signed these agreements solely to gain time, enhance their military capabilities, and launch military operations. That is how events unfolded. Subsequently, these territories declared their independence.
It is worth recalling that, in its consideration of the Kosovo case, the International Court of Justice determined that a territory declaring independence is neither required nor obligated to seek permission from the central authorities of the state to which it belongs. This was the International Court’s ruling, and on that basis Kosovo’s actions were deemed legitimate.
By the same reasoning, both the Donetsk and Lugansk people’s republics also acted within that framework. Although we refrained from recognising their independence for a considerable period, we eventually did so after concluding that a negotiated settlement among all parties was unattainable and that we were, in effect, being deceived. We therefore recognised the independence and sovereignty of these entities, and subsequently entered into agreements with them.
Did we have the right to recognise them? Yes, we did, and we did so. This does not contradict the UN Charter. Could we conclude a treaty of friendship, cooperation, and mutual assistance with them? Of course – and we did exactly that. The agreement was ratified by the Russian parliament. They requested our assistance, and we stated that we would provide it within the framework of this agreement. That is the first task, and it is being carried out.
The same letter you referred to states that our objective is the liberation of Donbass – and these two republics, the Lugansk People’s Republic and the Donetsk People’s Republic, constitute the Donbass region. The letter also states that this objective will never be achieved.
Does Kiev not know that, since April 1 of this year, the Lugansk People’s Republic has been fully under the control of the Russian Federation and Russian forces, while less than 15 percent of the territory of the Donetsk People’s Republic remains under Kiev’s control? We are steadily and confidently moving toward achieving these tasks, and there is no doubt we will accomplish this.
The same applies to other goals that we intend to achieve through negotiations – and I am talking about denazification. I also spoke about this yesterday. We were constantly being told, “What denazification? What are you talking about? That is just nonsense!” But what kind of nonsense is it? Recently, we saw the reburial of Nazi criminals being treated as heroes of Ukraine, with military honours and salutes. And who is doing all that? The head of the Kiev regime, who is Jewish. It is simply outrageous. Only Poland reacted somewhat timidly, and there is a reason for that – because it was mainly Jews and Poles, as well as Russians and Roma, who were exterminated by Nazis during World War II. Some million people [were exterminated].
I already said this yesterday, but it bears repeating. This is a huge part of the tragedy of the Holocaust. A million people, do you understand? Women and children were stabbed with pitchforks and burned in their homes. But now [Nazi criminals] are being reburied with military honours, with the head of the current regime present there and salutes and honours given, effectively glorifying Nazis. Our goal is to achieve denazification, and we hope for support from the international community in doing so.
(Applause)
Geeta Mohan: Shifting focus back to the topic at hand over here, let’s talk about energy security. President Mirziyoyev, it is during these wars and conflicts that countries have realised the need for energy security, the need for alternative energy resources and sources, and in that Uzbekistan and Russia have just signed an agreement for a nuclear facility. Tell us more about what this means for Uzbekistan in terms of the facility, the specialists that you would require, because this is after a long time that we’re looking at a nuclear facility in Uzbekistan, and how much time it will take, how important it is to have a nuclear facility, an energy resource that is not dependent on oil.
Shavkat Mirziyoyev: Thank you very much.
In fact, this is a very strategic, necessary project – the energy security of any country, and in 10 years the need in energy for Uzbekistan will double. I have also mentioned in my speech why we are seriously working on this issue, because as far as fuel, that is, uranium, is concerned, we are ranked as the world’s fifth top uranium producer, with with the world’s tenth largest uranium reserves.
We have been discussing these projects with our Russian colleagues for a long time, having designed and arrived at a unique resolution – for the first time in the history of Russia and Uzbekistan, there will be two small and two large nuclear reactors. This is a unique new model of a nuclear power plant. Of course, before we say this, we have been discussing this with the Russian President for many years.
What was the first thing we did? I asked to open a branch of the National Research Nuclear University MEPhI. We need to have specifically trained personnel before we could discuss something. Because, of course, during the Soviet Union, we had a huge school of peaceful nuclear development, there was science. But unfortunately, I say “unfortunately” because it was all forgotten, to put it mildly, and we have restored it all from scratch.
When we opened the branch, we opened up all the competencies, created science, and today there are 300 people students and 150 graduates. We have reached an agreement with MEPhI, some 400 students from Uzbekistan study there. We pay very serious attention, that is, we already have a research base.
Second. We have been working on the project for a very long time. The project is unique because the Russian content meets all international standards. And we are already this close to completing this grandiose, unique project, I would say.
Mr Putin and I commissioned its launch yesterday. And you know, here I am, and it was already late in Uzbekistan, but I still talked with the regional leadership after this meeting. People didn’t leave, people delivered speeches, people rejoiced, because this is a prospect for the future.
I would like to say that this project is not the last joint project of a nuclear power plant with Russia, and we will continue to build and erect more plants. Because we have created such a good foundation, and, as you yourself noted, we have also created human resources. So now it's up to us to accelerate.
We discussed this with Mr Putin yesterday as well, that we will keep it under the control at the highest level, because people have long been waiting for nuclear power plants in Uzbekistan. I would like to reiterate what I said in my speech – the economy is growing, and guaranteed electricity supply is very important for the economy.
Incidentally speaking, yesterday we even talked about other major energy-efficient projects in Uzbekistan. So, I think yesterday was a historic day. I congratulate both our Russian colleagues and citizens in Uzbekistan who have been very enthusiastic about this project. It will bring a very serious foundation for energy security to the Republic of Uzbekistan. (Applause).
Moderator Geeta Mohan: Partnership, they say, should be partnership of equals. President Putin, the trade ledger shows Russia exports raw energy heavily to China but imports a lot of machinery, technology and components. Is this relationship a partnership of equals or is Russia sliding into a colonial trade imbalance?
Vladimir Putin: (Laughs.) Talking about this topic even makes me laugh. We do have equal relations with our Chinese partners and friends. Moreover, the share of our high-tech exports to China is constantly on the rise.
As for energy in general, the share of machinery and equipment from Russia in this industry clearly – I can't give specific figures now lest I make a mistake – certainly exceeds the share of our Chinese friends.
If we talk about energy, I will also start with nuclear energy, atomic energy. We are building nuclear power plants in China. (Addressing Alexey Likhachev) How many units, Alexey?
Director General of the State Atomic Energy Corporation Rosatom Alexei Likhachev: We have four units, which have been built, are operating, four more are under construction.
Vladimir Putin: Four units designed by us are operating, and we are building another four in the People’s Republic of China. And our cooperation in science and education is developing. We have a very close cooperation in this area, and it is mutually beneficial.
As for, say, hydrocarbon energy, we have our own competencies growing here. And at one time, when we cooperated with foreign partners in this area, they were mostly American partners. Now we are increasing our competence in these areas. The heads of our largest companies are here, and if you talk to them separately later, they will tell you.
But, of course, we refer to our reliable partners and friends, including Chinese companies, to share information, technologies, and we will continue to do so. I would like to emphasise in particular that cooperation with China in this sense is mutually beneficial and absolutely equal.
Geeta Mohan: Okay, then let me invite Vice President Zheng.
[Given] the fact that there was a recent meeting between the two heads of state of Russia and China, which drew a lot of international attention, please throw some light on what this relationship is all about and where it’s headed.
Han Zheng (retranslated): Thank you for your question.
As President Putin correctly noted, cooperation in the sphere of trade between Russia and China is moving forward successfully and this is mutually beneficial as our economies complement each other. In the past years, it has been developing in a stable and a sustainable way, and we see a solid growth and healthy dynamics.
As you know, two weeks ago President Putin paid
a very successful visit to China, and President Xi Jinping and President Putin had talks in Beijing on development of bilateral relations and mutually beneficial cooperation in different spheres and many agreements were made in the trade and economy track. All these outcomes were of great interest for the entire world community. All mainstream media were covering this.
I’d like to touch upon three major points.
First, as I mentioned in my speech, China and Russia are large states, we are neighboring countries, and both are standing members of the UN Security Council.
The development of relations between Russia and China and the deepening of these relations and mutually beneficial cooperation in all spheres have already demonstrated that this is promoting the development and growth of both of these countries and contributes to increase of the well-being and wealth of both countries. At the same time, it allows us to bring very precious stability and positivity to the modern turbulent world, this is my fist point.
Secondly, I know that you give great attention to our practical cooperation. I would like to stress that it is not directed against any other third party and it is not impacted by any external influence.
Madam moderator has already asked such a question, our relations are forward-looking thanks to the strategic leadership by President Xi Jinping and President Putin. This comprehensive strategic cooperation and partnership of our countries has been developing for 30 years. This year we celebrate 25 years of the Treaty of Good-Neighborliness and Friendly Cooperation
We have been successfully moving along the designated path and we are enriching our relations with new substantial meaning. This not only improves the well-being of the two countries’ population but also supports the stability and peace in the region and the whole world.
Thank you.
Vladimir Putin: After your question, I looked around the room, including at those seated in the front row. Top executives of our major companies, including those in the energy sector, are here today.
I would like to draw attention to one point. Many of our companies, naturally, relied on the obvious achievements and expertise of Western service providers, particularly US companies. However, when that source of support was cut off, they began establishing their own engineering centres, and many of them have achieved remarkable success.
Take Gazprom Neft, for example. I have not yet had the opportunity to visit personally, but I promise I will certainly do so. From the video footage and other materials I have seen, the progress has been tremendous and truly significant. Obviously, we are not rejecting future cooperation; there is still much work ahead, and together with our partners from other countries, we will continue to deliver strong results.
Or consider NOVATEK. This company boasts technologies that are unmatched anywhere across the globe. We are currently discussing these technologies with our American partners. If they adopt them, production, liquefaction, and ultimately the sale of products in Alaska will, in my view, become far more efficient than originally envisioned through pipeline-based systems – significantly more efficient, by an order of magnitude. We have a lot to discuss in this regard. While sanctions and other restrictions have created challenges for us in certain areas, in others they have had the opposite effect, encouraging the development of our own expertise.
The same is true with respect to our European partners. Gazprom’s subsidiaries produce a number of natural gas-based products, and our partners who had previously expanded successfully, including through cooperation with us, are now facing massive challenges if they choose to remain in the market. Privately, they express dissatisfaction [with the actions] of their governments, yet they are compelled to comply with them. They have lost access to the Russian market, while we have enhanced our own competencies and have begun to replace them in third-country markets because we now possess both the products and the technologies ourselves. This is the outcome of the short-sighted policies pursued by some of our partners. Yet, in this regard, those actions have worked to our advantage. (Applause.)
Geeta Mohan: Talking about technology – you are helping with uranium when it comes to nuclear facilities. What about countries like India that actually have a lot of potential and may need assistance and partnership in the technology sphere when it comes to harnessing hydrocarbons and rare earth minerals in India? Is that something you are looking at?
Vladimir Putin: Certainly, we cooperate very actively. Our company, Rosneft, is among the largest foreign investors in the Indian economy.
(Addressing Igor Sechin) Mr Sechin, how much did you invest in the oil refinery plant in India? Twenty billion?
Rosneft CEO Igor Sechin (answers off-mic): …
Vladimir Putin: Rosneft has invested approximately $25 billion in the Indian economy, including the refinery, the port, a network of fuelling stations, and other facilities.
Naturally, we work closely with our Indian friends, and together we continue to achieve the positive outcomes we can see today. This cooperation also involves the exchange of technologies. Our diplomatic relations with India date back to 1947, and our relationship has always been special, built on trust and fraternity in every sense of the word. Over the decades of our partnership, we have become convinced that the Indian people are highly talented and well educated. They boast their own competence; their achievements in programming and other fields, including the one you mentioned, are recognised across the globe.
Of course, Prime Minister Modi is currently compelled to introduce certain restrictions, urging people to limit the use of personal vehicles and avoid travel, particularly long-distance trips, amid the developments in the Strait of Hormuz and the broader situation in the Middle East. However, the Indian government bears no responsibility for these circumstances; it is the Indian economy that is experiencing the effects.
I believe that both our companies and our Indian partners made a proper decision in establishing such close cooperation. In today’s environment, we strive to support one another, extend a helping hand when needed, and increase our supplies to the Indian market, as well as to Asia more broadly. We are already exchanging technological solutions, and we will continue to do so. (Applause)
Geeta Mohan: You spoke of the war, so I have to ask you this: What is Russia’s assessment, what is your assessment of what the global economic impact is going to be of the US-Iran war? And let’s be honest: Has Russia been at an advantage because of the war because they’ve got longer waivers to buy Russian oil? A lot of countries can now buy Russian oil legally without a problem because of the energy crunch that the world is facing. And President Trump allowed (should I use the word ‘allowed’?) the world to use Russian oil.
Vladimir Putin: Oil revenues have always been important to Russia, making up a significant part of our total GDP and budget revenue. But the dependence of the Russian economy and budget on oil and gas revenues has significantly decreased in recent years naturally – not during the sanctions period, but simply in recent years. The share of our GDP that isn’t oil and gas was approximately 43 percent just two or three years ago – in 2022, I think. That’s if you subtract the oil and gas component from the country’s GDP, plus the non-oil and gas component. It used to be 45–46 percent, I think – oil and gas accounted for a large share of GDP, but now it’s only 23 percent. It used to be 42 percent, now it’s 23 percent. The difference is enormous.
As regards the federal budget revenues – the Minister of Finance is present here, and if I am wrong, he will correct me now – oil and gas revenues accounted for about, I think… (Addressing Anton Siluanov) How much, Mr Siluanov?
Minister of Finance Anton Siluanov: 20 percent.
Vladimir Putin: Now it’s 20 percent. How much was it?
Anton Siluanov: 50.
Vladimir Putin: 50 percent was generated by oil and gas revenues, while now, as the Minister confirmed, only 20 percent of the budget is derived from oil and gas revenues.
So, it would be wrong to say that this is critically important for us – it is actually not that important. Although, of course, it is significant as 20 percent is currently generated by oil and gas revenues.
But for us, as for all other nations with developing, rapidly advancing economies, something else is more important. Obviously, our oil and gas companies receive certain preferences in connection with long-term contracts, and the rising price of our oil naturally impacts the budget, which is a plus. But that’s not the most important thing; what’s more important is market stability, because we exist not only on oil and gas, as I just explained, but also on the development of the economy at large. If global oil prices are too high, this impacts the part of the Russian economy that represents the real economy. That’s the whole point.
Therefore, it is important for us that this price is balanced between the interests of manufacturers and consumers and, most importantly, stable. How much is it now? The Deputy Prime Minister will tell me if I am wrong – I think oil supplies to global markets have decreased by 10 percent. Of course, this shakes the global economy and global energy markets.
We are not interested in this. What interests us is further cooperation with our friends within OPEC+ aiming to stabilise the market and reduce its volatility. This is our priority, and this is our way forward. (Applause.)
Geeta Mohan: Okay. I suppose that's the reason why Saudi Arabia is the guest country this year at SPIEF. Having said that, you also spoke about payments.
Vladimir Putin: Not only for this reason. Because we have been friends with Saudi Arabia for many years and we are glad to greet the distinguished guest. (Applause.)
Geeta Mohan: This is an energy partnership that the world will actually be looking at a time when we are seeing, we are faced with wars and conflicts. But you spoke about payments, you spoke about concerns regarding payments, the fact that in a jiffy, in a moment Russia not just can be sanctioned but its assets can be frozen, payments under SWIFT can be blocked and you're left with nothing in such a scenario. One: how do you tackle it? Secondly, why should any country then consider Russia as a consistent partner?
Vladimir Putin: The first thing that I wanted to say: I think that many people in the United States, too, do understand this, the attempt to use the dollar as an instrument of political struggle, as a weapon in the political struggle, was an immense, catastrophic, I would say strategic mistake of the former US leadership.
The dollar is one of the basic components of the US economic might and its undoubted competitive advantage. And this competitive advantage consists not only in being a reserve currency, but also in the possibility for the US economy to get a win, to earn real money, big money. When the former US leadership began to use its currency, which so far remains the world reserve currency, as an instrument of political struggle everybody thought: And they can use these weapons against us, too. And what will happen? What will happen to our reserves nominated in dollars? What will happen to our money invested in US assets?
Of course, the basic foundations of the US economic might are great and strong. But still, there problems that I have mentioned: both the debt and the undermined trust in the dollar as a world currency. Now, if the oil price stays high, it will be expensive and this will tell on the entire chain of economic interaction. Most likely this will have an impact on the inflation of the leading economies, including inflation in the United States. And this is a basic, an absolutely fundamental condition of the US currency’s stability.
After all, it is not secured by anything, the United States once abandoned the gold standard. And what is the basis of the US currency’s stability? The reliability and stability of the economy itself, with low inflation as its main condition. Oil prices are high, the inflation is growing and the foundation of the US economy will be shaking, do you see? Here are the repercussions.
And we want to avoid this; we want stability in this sector and will work for it. This is why I think that everybody understands us: we and Saudi Arabia, our friends, with the Crown Prince are just working on balancing the interests of both suppliers and consumers, and so far, everything works out in general. We are very grateful to the Crown Prince and all our friends who work in this domain.
Maybe we can give our guest the opportunity to say a few words? It would be interesting to listen to him. Although it defies the traditions of our panel discussion session.
Geeta Mohan: It’s always fun to break traditions, Mr President. Is there a mic that can go to our honorable minister? We’ll arrange for a mic. Meanwhile, can I just take a question till the mic comes?
Vladimir Putin: Yes, please.
Geeta Mohan: So, we’re waiting for a mic for the Minister of Energy to speak and respond to President Putin. But I have taken note of the fact that every time you mention America, you’re only mentioning the past administrations. I suppose you all are taking note as well on the specific way and the manner in which you’re responding to the US-Russia equation. Having said that, every country has its own struggles.
Tanzania and Madam President over here has been at the forefront, a leading woman voice. Great to have a woman on the panel, too, who’s been fighting liberalisation of her economy. How has that gone and how is that moving ahead despite and in spite of fears of sanctions and criticism from various quarters? How are you managing economic liberalisation in the country?
Samia Suluhu Hassan (retranslated): Perhaps, I should say that Tanzania is a country with a diversified economy. We don’t depend on one commodity. Our economy depends on agriculture, mining and tourism. It depends on many other sectors – the manufacturing sector, we are also there. So all these sectors contribute together and they grow together at varying degrees but they grow together.
Therefore, we are determined to work and we do work with the international community and the private sector, calling on everybody to come to invest in Tanzania and to do business. Since 2021, we have been able to attract a lot of capital and foreign direct investment from abroad. And this is what makes Tanzania feel safe about its own economy and its strength.
But most importantly, Tanzania is strategically located as an epicentre or a hub of the economic corridors that connect the north, south, west and east of Africa. The port of Dar-es-Salaam serves all these corridors and connects them as a hub.
As a result, thanks to its strategic location, Tanzania helps inland countries and is extremely attractive economically. Tanzania has a very vibrant economy that is steadily growing. This growth continues. In 2021, we started with 3.4 percent, and then we moved towards 4.5–4.6 percent. We expect to reach 6.3 percent.
You asked me how I can manage the economy while being a woman president and maintain economic development. I should say that the economy has nothing to do with the leader’s gender. It depends on how you steer the affairs of the nation and how you lead the country. Whether you are a male or female, you have to have a strategic plan to sustain your economy. It is the strategic plan that matters.
I suppose this is my response. (Applause.)
Geeta Mohan: Thank you so much.
Would it be too much to ask the honorable minister to come and respond here because I think we’re having a bit of a problem getting the mic. Would it be too much to ask the minister to come on the stage and respond? Thank you so much for doing this. Thank you.
Oh, the mic has come, sir. The mic has come.
Abdulaziz bin Salman Al Saud: Magic.
Vladimir Putin: You are in Russia. (Applause.)
Abdulaziz bin Salman Al Saud: Mr President, magic does happen in St Petersburg.
I am very grateful that you’ve given me the opportunity. I see it as an opportunity not for myself but it’s coming from a president who is a friend of both His Majesty, the custodian of the 200 mosques King Salman, his Royal Highness the Crown Prince, Prime Minister Prince Mohammed, but both of them, I think, will vouch that this honour is also more important for the people of Saudi Arabia and the Kingdom of Saudi Arabia. So I’m very grateful to you for giving me the opportunity. Yes, it’s a partnership that we struck somewhere in January 2015 and it withstood all of the situations that this world had endured from Covid to all of these storms and winds and whims of the war. And even today we’re going through so many crises in many places, in different places, with different causes. Yet we’re weathering all of these storms with a diligent commitment to each other as partners. Although I am a Muslim and Russia is not Catholic, but still we do go by ‘until death do us part.’ Thank you.
Geeta Mohan: That’s lovely indeed.
Vladimir Putin: Thank you, thank you, Your Excellency.
I want to draw your attention to the fact that 10 to 15, rather closer to 15 percent of the Russian Federation citizens practice Islam, and they have no other homeland.
May I ask the moderator? You said that representatives of the EU and the United States are probably also among the audience. Maybe they would like to raise their hands and wish to say something? It would be good. (Applause.) We are speaking about them all the time, could they say something about themselves?
Geeta Mohan: Rodney, will you humour us and take the mic?
Vladimir Putin: Yes, please.
Chairman of the United States Commission of Fine Arts Rodney Mims Cook, Jr.: Well, you haven't put me on the spot at all. President Putin, it’s very nice to see you, and I appreciate all of the hospitality that has been afforded me on my return to St Petersburg. I love the city and I think you're aware of that, and I've been coming here for 30 years.
Vladimir Putin: Hurray! I like Petersburg, too. (Applause.)
Rodney Mims Cook, Jr.: You have a beautiful hometown, and so do I, and I said to a number of audiences since I’ve been here – there is a great kinship between Atlanta and St. Petersburg. I have come from a city that, sadly, was destroyed in war, burned to the ground, and St Petersburg had resolve and fight to prevail over the Fuerer coming through the Admiralty Arch and proclaiming to the city that he had conquered her and then reduce it to rubble the next day. St Petersburg fought that off.
And yesterday I was privileged to have an orchestra play for us at my request Shostakovich’s Symphony Number Seven. Not only did you fight it off with resolve and grit, but you also did it with culture and music. And if only Atlanta had had Shostakovich, maybe quite possibly my beautiful city would still be as intact as this beautiful place is.
I do give a good hello from your friend, President Trump, and I am encouraged by everything that has happened since I’ve been here, Mr President, and I appreciate the offer to speak. And we have a lot of ideas to talk about between our two capital cities in the next two weeks.
Geeta Mohan: Can I can I ask you a question, Rodney?
Rodney Mims Cook, Jr.: You may ask it, but I'm not sure I’ll answer it.
Geeta Mohan: That’s all right. Are you taking anything back to DC when you plan the ballroom?
Rodney Mims Cook, Jr.: Explain your question a little bit better. Have I learned more from St Petersburg architecture about the ballroom?
Geeta Mohan: No. Inspire. Will you be inspired while creating the ballroom in Washington DC at the White House?
Rodney Mims Cook, Jr.: I have already been inspired by St Petersburg ballrooms in my lifetime and have done a lot of work in your cathedrals and your palaces. So, the answer is yes.
Vladimir Putin: Thank you, thank you for the greetings from Washington. Please, convey the return greetings to President Trump.
And thank you very much for such kind and heartfelt words about St Petersburg. (Applause.)
Geeta Mohan: I have some very tough questions to ask, but before that we have to open the floor to our European friends. Let’s get the mic to the lady over there. Please.
Diana Iovanovici Șoșoacă: My name is Diana Iovanovici Șoșoacă, I'm a member of European Parliament, I'm from Romania and I think I'm the only Romanian here. (Applause.)
I would like to tell you that Romanian people do not hate you. Romanian people want peace with Russia. We don’t to help Ukraine, we don’t want to give them money and arms. But unfortunately, Romania is being led from Brussels. And I cannot send you a warm hello from our president because we do not have a president. From my point of view, I am a resident of the political party S.O.S. Romania which is a parliamentarian and Euro parliamentarian political party and the only opposition in Romania.
And Mr. President, I would like to tell you that I was senator in Romanian Parliament in 2023, I think, when Zelensky wanted to talk in my Romanian parliament, and I didn't let him and I got him out of the Romanian Parliament. (Applause.)
I would like to thank you from the bottom of the hearts of Romanian people and European people who think a lot and who have brains that we want to cooperate with Russia. We are not enemies. You are the biggest country in the world, you are one of the biggest economies. We admire you for your force, and we admire entire Russian people. We want to congratulate you on everything you have done and you doing, for this forum. Congratulations! And this is a lesson for the European Union. I hope in a short time we will not have Ursula von der Leyen as President of the European Commission.
Thank you very much. (Applause.)
Vladimir Putin: Thank you very much.
Diana Iovanovici Șoșoacă (in Russian): You are welcome.
Vladimir Putin: I cannot – and frankly do not wish to – comment on Romania’s domestic political situation. But our friend from Saudi Arabia noted earlier that Russia is, after all, a predominantly Orthodox country. And the same is true of Romania. Please convey our warmest wishes to all Orthodox believers there. (Applause.)
Geeta Mohan: All this is great but we still have some tough questions on sanctions and on waiver. It comes at a time and I ask you and we're going to discuss this only because of the Iran-US war a war that has shut down one of the most critical of maritime routes.
Okay, please go ahead, madam.
Karin Kneissl (speaking Russian): Sorry, my name is Karin Kneissl. I arrived from Lebanon two years ago. I am very grateful that now I can live and work in Russia. Thank you, thank you for this opportunity. (Applause.)
Unfortunately, people in the West are sure that I worked for Russia even 40 years ago. (Laughter.)
I will ask my question in English because I think there's also no German interpreter. I know that the president insists on German but let us do it in English.
Mr. President, my question is on the modern warfare, use of drones, which have created such a horrible distance between the perpetrator – I don't want to say the soldier because it’s not always a soldier – and the target. There is now a sort of technical artificial distance which is creating a new form of cruelty and we don’t anymore have any sort of code of honor between the parties. It was different still in World War I.
How do you see this modern warfare in which the Russian army and the Ukrainian army have gained special experience? Here in St Petersburg about 140 years ago, Tsar Nikolai II launched a conference on disarmament. His ambassador Martens said, “Whenever we don't have a strict law how to do the war, let public conscience speak.”
May I ask you about this warfare? How can we handle it? How can how can it be done or be finished? Thank you.
Vladimir Putin: Yes, yes, I understand.
On new methods and means of warfare: they are constantly emerging, and the international community keeps trying to respond – for example, with agreements not to use landmines and so on. But unfortunately, many countries are moving away from these commitments. And we see how Ukrainian troops are being supplied by Western states, including with that very type of weaponry.
As for modern weapons, including unmanned aerial vehicles – yes, unfortunately, that is the new reality. And of course, most of them come to Ukraine from Western countries; they only need to assemble them. Although they try to develop some of their own, they have not achieved much.
How can and should we respond? We need to strengthen our air defence system, as I said yesterday at the meeting with heads of news agencies, and do everything necessary to secure the territory of the Russian Federation. We are working in that direction.
I should point out that, unlike the Ukrainian armed forces, Russia has all the necessary resources for self-sufficient development: its resource potential, scientific and education institutions – in other words, workforce – a developed industry, and the ability to implement all the plans the Russian Federation has set for itself. Our industry and defence science are doing everything, and are capable of doing everything, to provide the Russian Armed Forces with these means of warfare, among other things.
Since you have asked this question, I will answer: there is parity on the battlefield, and in some areas, we even have an advantage. The same applies to long-range fixed-wing aviation. It would not pose such a significant threat if appropriate decisions had been made in a timely manner and the corresponding capabilities developed. These are, after all, low-flying and slow-flying targets. True, jet-powered drones are already appearing, but even these means of warfare are essentially defensible.
The other side does not have its own production of the weapons that Russia possesses. That includes hypersonic weapons, cruise missiles – a full range of them – and a number of other weapons that other countries do not have. For example, medium-range weapons like the much-discussed Oreshnik. We are developing other weapons as well.
But I agree with you that, when the most dangerous means of warfare emerge, especially those affecting civilians, the international community must certainly consider how to limit their use, particularly against civilians. That is completely unacceptable; I believe such acts amount to humanitarian crimes. But that is a topic for a separate discussion involving experts and representatives of the international community.
Geeta Mohan: Before I go to the war question, can I just take one question from Madame President here? You said one out of four will be African by what? By when? By 2050?
And I ask you this because we ask this to everybody who boasts about population and the fact that they have a huge population. It's not about quantity. It's about quality. What do you have to offer to the world? What does Africa have to offer to the world in terms of quality?
Samia Suluhu Hassan: We have an African continent. We recognize the fact that during this in this era we are supposed to develop and to promote our human capital, to develop human capital. That's very, very important, that's critical for Africa. That's what we are doing. Of course, we are doing it in varying degrees in each country but we are doing, for example, in Tanzania. For instance, we do have right now about 500 students in the Russian Federation. They are here learning here, and in our discussion we have agreed that we'll get more opportunity to take our children to Russia for education because we have new areas, which are being unlocked.
For instance, if we speak of digital economy, we have to learn what is it. When we speak of nuclear energy, we also need to get nuclear engineers. We need to get all the experts who can work in that field. So, development of human capital that is the direction we want to take. It is critical to our development.
But secondly, especially for Africa, it is to give the opportunity to women. Because currently in Africa, the doors which were closed, they now look they opened. Especially for those who have through the doors, we have the responsibility to develop others. an African girl to make sure that an African girl has the hope for the future and understand that she is the part of the nation building as we were told in SDG-sustainable as it is explicit in the sustainable development goals that we don't have to leave anyone behind. (Applause.)
We are now aware that no one should be left behind. Take an example a country of, a country growing at 80 percent. Six percent GDP growth annually, how can it manage without involving each and everybody. So, society inclusion is very, very important and you said it right, CO2 society inclusion but quality society not only society inclusion everyone has to be involved managing their own sustainable development.
So, we say by that, by that year one out of four will be an African by 2050, because African population is growing at a higher rate, that we have to build our human capital and we are doing it.
Yesterday when I was in RUDN University, I met Nigerians there, Tanzanians, Ghanaians, so many students from African countries, they are there studying. So, this is one country, Russia, but we are our students spread all over the world.
So, we are trying to build our human capital, both boys and girls. So that's why I said in those years nine out of 20 countries that would lead the economy, nine are coming from Africa, and I think Tanzania is one of them.
Geeta Mohan: Now I’ll go back to the war question – the Iran-US war, the Strait of Hormuz blockade. There is a real cause of concern and worry. How is Russia looking at it? What's your assessment and reading on the global impact it is having apart from the fact that yes Russia maybe has had a bit of an advantage what's the assessment of the blockade and the attack on Iran? Would you consider it provoked or unprovoked?
Vladimir Putin: I cannot see any provocations on the part of Iran. It seems to me that we once came to terms and adopted a relevant agreement on Iran’s nuclear programme and everything was under the IAEA’s control.
Yet, regretfully the situation unfolded following a different scenario, in a different vein. Everything resulted in today’s tragedy, to put it bluntly. The strike at Iran, losses, including among the civilian population, we know it well enough, relations between the neighboring countries worsened, which is undoubtedly of great concern for us because we have very good, friendly relations with the Arab world and with the Gulf countries. And all the time we (I also spoke about it yesterday, I remind you), in conversations with our Iranian friends, are talking them into abstaining from strikes against the neighboring states. However, their answer is simple, they say: “We were attacked, they kill our children, they have assassinated all the country’s leadership. What shall we do? We have to respond this way.”
You see, the situation is not easy for us in this regard. Our relations with Iran are very amicable, we are neighbours, as well as with the Arab countries. Frankly speaking, it puts us in a complicated situation. Still, we proceed from the idea that President Trump’s decision to suspend hostilities is the only correct one. We sincerely hope that this ceasefire, that is taking place now, will lead to a lasting peace.
I have already spoken about it on many occasions; there is no need to repeat it and waste time. In 2015, Russia played a noticeable role in settling the crisis. If we can do anything today, we are ready for this joint work. If no, we will just hope that all the countries involved in the conflict will eventually manage to resolve this issue peacefully. (Applause.)
Geeta Mohan: Have they approached for Russia to play role in mediating in brokering peace? Are you in touch with President Pezeshkian or also have you had an opportunity to speak with the new Supreme Leader?
Vladimir Putin: No, it’s not about approaching, the thing is that some time ago, it was even a year ago already, may be later, we reminded them about our cooperation in 2015, when we took the enriched uranium to the Russian Federation. Then it defused the situation. We reminded them about it and said that it is possible, and if all the parties involved in the conflict are interested in such Russian participation at the given time, then we are prepared to repeat it and are ready to do it all. We have the required technologies and initially, I repeat, practically all the parties involved in the conflict, i.e. Iran itself, Israel and the United States said yes, it is interesting, it may be considered. However, later they toughened their requirements and everything resulted in today’s situation.
Our proposals are on the table; we do not insist on anything. If the parties involved in the conflict decide that this is a good proposal – welcome. If no, we will just monitor the situation and, where possible, exert influence with a view to mitigate the situation. (Applause.)
Geeta Mohan: Does the offer for, uh, the uranium enrichment to be taken to Russia still stand? Are you engaged with Washington DC on this? Because I suppose DC is very clear that they want to have the uranium, and Iran is insistent that it stays in Iran.
Vladimir Putin: We are in contact with Washington, Tehran, and Tel Aviv. (Applause.)
Geeta Mohan: You mentioned Tel Aviv. Do you think Prime Minister Netanyahu’s plans are one of the main reasons why America is in a position, where it needs to look at how to get out of this? And do you think that President Trump was misled?
Vladimir Putin: I have no reason to say that Mr Trump has been misled in any way. He is an experienced, mature politician, and it is unlikely that anyone from the outside could exert any significant influence over him.
Israel’s concerns are well known. They stem from Israel’s belief that Iran is seeking to develop nuclear weapons. But Iran has repeatedly stated, both in the past and continues to state now, that it has no such plans. And we have no reason to doubt that, because we also have no evidence that Iran is seeking to develop nuclear weapons.
That said, Israel’s concerns exist. And the main problem here is the lack of trust between the two sides. In this situation, it is crucial to place all these materials under the control of the IAEA, the international organisation whose director general, as I mentioned, joined us via videoconference yesterday for the launch of the nuclear power plant project in Uzbekistan. If this is under IAEA control, then, frankly, I do not see any major problems.
Agreeing on enrichment levels in Iran is a different matter – no less pressing, in my view. Iran has the right to peaceful nuclear programmes, and we are cooperating with Iran in this area. We have already built one unit at the Bushehr nuclear power plant, and it is operational. We are continuing construction on two more units. Our specialists are present there. We have withdrawn most of our personnel because Bushehr is located practically on the shore of the Strait of Hormuz – almost in the combat zone. We were forced to withdraw some of the women and children, but some remain.
On that point, I want to note that we are in contact with both the Americans and the Israelis. Everyone assures us that the shell impacts near the plant were accidental. Everyone assures us that it was an accident and will not happen again. And I have no reason to believe we are being misled. We have spoken with the Israelis about this many times, and we see their concern and their willingness to ensure the safety of the Bushehr plant.
The situation is quite different elsewhere – at the Zaporozhskaya Nuclear Power Plant, for example. There, Ukrainian forces are constantly launching strikes near the plant. Or, recently, they seem to have completely lost their minds and struck the reactor directly. Thank God, there were no significant consequences and the reactor was not damaged, but it has, of course, been shut down. That said, the situation there is very dangerous, given the spent fuel and so on.
If those storage tanks are damaged, it becomes a very serious question: which way will the wind blow? And it is not at all certain that it will blow towards the Russian Federation. It could just as easily blow towards Europe. So, Europeans who encourage any actions by the current Kiev regime should think carefully about that and consider their own security – something that, by the way, Mr Grossi, Director General of the IAEA, has clearly, if very carefully, alluded to.
Returning to your original question: we generally intend, once the situation calms down, to continue working with our Iranian friends on the construction of these nuclear facilities. But here too, I think that allaying Iran’s concerns about restrictions on its peaceful nuclear projects could play a certain role. We are working with them and are ready to provide everything they need, including enriched uranium for nuclear energy.
Geeta Mohan: Beyond economic friendship or economic partnership, there are reports in western media where they say that Russia has supported Iran uh not just not just symbolically, not just in words but in satellite images and data sharing, in information sharing. What do you have to say to those reports?
Vladimir Putin: The information is always on the table. Some modern means of control have dual designation. I think that Iranians, I do not know it for sure, could well obtain information not only from our satellites, but also from other, commercial satellites, which easily sell it as a product on a commercial basis.
As for weapons, Iran did not ask us for this and we did not supply any armaments to Iran. (Applause.)
Geeta Mohan: But these wars today have shown a different side of a modern warfare – UAVs. Whether it is Ukraine or Iran, we are heading in drone technology and the use of artificial intelligence. How does Russia fare? And what is your assessment on what you want to do on Ukraine’s or Iran’s UAVs?
Vladimir Putin: As regards Ukrainian UAVs, they must be downed and it should be done more effectively.
Now regarding the use of artificial intelligence. Yes, the United States and Europe are active in developing this area, we are doing this too. (Applause.) By the way, UAVs and their components come mostly from there – mostly from Europe, partially from the United States if we talk about their components. We are making all this using own resources.
Geeta Mohan: Is AI an enabler or a disruptor?
Vladimir Putin: These are new means of an armed struggle, there is nothing unusual in this, as a matter of principle it was known long before. Still, all parties, as usual, all, I insist, begin to get ready for this when it appears in real life, in the course of real struggle.
But these means are not the only ones. The result is achieved through a synergy of forces, means, and most importantly, motivation of the very armed forces and stability, domestic political stability in society.
Here are UAV operations, among other things. They delivered a strike at a coal harbour; achieved, by all appearance, what they wanted, some noise, smoke, when the coal caught fire. That’s the goal. Have they achieved anything in this regard? Yes, they have archived something. Is it decisive for achieving the goal? No, it is not. We need stronger internal unity in the society, our own resources for developing modern weapons, hardware, our own scientific basis, a resource basis. Russia has all of this. We are working on this and will continue to do so. The sooner those who are fighting us realize this, the better it will be for them. (Applause.)
Well, I am sorry, you spoke about Iran. We should give credit to the Iranian leadership; Iran still provides for the stability of its society; this is an obvious fact. And after the beginning of hostilities some in the West believed that Iran will collapse from within – no, that analysis was erroneous. Because we can see that the situation is quite opposite – the Iranian society gets consolidated.
You should know, you have seen or probably heard that, I do not know, a month ago or more, when the conflict just started, and the first strikes were delivered, the Iranian leadership spread the word “Life for Iran.” Within a week, five million people, and more than 10 million to date, have voluntarily expressed the wish to give their lives for Iran. This fact speaks volumes and should always be kept in mind. In this case it concerns the conflict in Iran.
Geeta Mohan: Dissent also has to be recognized by countries and leaders. There's dissent in Tanzania, there's dissent in Russia, there's dissent in the US and in China, including India. How do you see dissent and how do you engage the youth?
Vladimir Putin: The more points of view, the better, because that allows us to choose the best option. (Applause.)
Geeta Mohan: Okay. I have to ask my Indian question.
Yesterday you met with heads of international news agencies and you spoke about Su-57, that it was an offer for a collaboration. Does that offer still stand? What are the details? What is the conversation you having with New Delhi?
Vladimir Putin: We have very good, long-standing relations with India in the area of defence technology cooperation. A significant portion of the Indian Army uses Russian-made equipment. That has been the case since the Soviet era, and it continues to evolve.
Our relationship with our Indian friends in this area is unique in that, thanks to our mutual trust, our collaboration is focused not just on trade – buying and selling – but on joint development. One of the best-known examples is the BrahMos medium-range missile. Indian specialists were involved from the very beginning, alongside Russian ones, and a very good product has emerged.
As for aircraft, India traditionally buys our planes and helicopters, and I know the pilots are satisfied with them. The Su-57 is a good aircraft – modern, perhaps the most advanced in the world right now, and the most effective. As I mentioned yesterday, we originally proposed to our Indian friends that we work on it together. That did not work out back then, so we went ahead and did it ourselves.
Now we are ready to supply this aircraft, which – I am not sure the audience is very interested in this detail – can be flown by two pilots in combat missions and can also serve as a command post. We can supply it alongside other platforms. In short, we are moving forward and working very intensively, not only on aircraft but also on naval equipment, submarines, and surface ships.
Geeta Mohan: Is there a waiver or carve-out for India in acquiring and procuring Su-57s and S-500 air defense systems from the United States of America? And will that stand? How do you think India should be dealing with America and the sanctions?
Vladimir Putin: India always behaves like a sovereign state, and under Prime Minister Modi’s leadership, the threat of sanctions tends to backfire. I know that for a fact – we have had very good, friendly relations for many years. I remember that he was once even banned from entering the United States; we remember that, too. I know that Prime Minister Modi has not forgotten that either.
But now he is Prime Minister, and all those sanctions have been lifted. Relations between India and the United States are now advancing steadily, as far as I understand.
India is a sovereign country and chooses the products, including in the military sphere, that it considers most appropriate and attractive based on the well-known principle of price and quality. And no matter what anyone says, India has always done so and will always do so. How exactly? It will always be guided by its national interests.
This is a very sensitive area – military technology. And here is something very important, something fundamental: our cooperation with India, just like with our other partners, is not subject to political considerations. No one can tell us not to supply India. And no one ever says that to us. We will do what we deem necessary and will always fulfil our obligations to our partners – especially to partners like India. That is how we operate, by those rules. And that is how we will continue to work. (Applause.)
Geeta Mohan: I began the session by saying we can't be dictated to and my co-moderator President Putin has said the same. On that note, we end the session.
Thank you so much for joining us.
Vladimir Putin: On behalf of everyone present – ourselves and everyone else in this room – I would like to thank our charming moderator for our work together and for leading our discussion today.
Thank you very much. (Applause.)