YIEF-2024: Small Business in a Multipolar Economy

Today, the world economy is switching to a multipolar model. Experts of the Yalta International Economic Forum noted that emerging nations are actively forming their own national markets.

"For this process to happen, government and business need to join forces. Results are achieved only in partnership. Small business plays a key role in diversifying the risks in the market, and it's up for the state to provide a business-friendly environment in which entrepreneurs feel secure", said Aleksandr Demin, Chairperson of the State Duma Committee for Small and Medium Entrepreneurship, in his speech on the plenary session titled I-We-Multipolar World. New Economic Realities.

According to the Head of the Committee, this goal can be reached through the legislation loyal to investments. We can already see the progress: there are special investment contracts, scientific and technical centers, special economic zones and technoparks operating throughout the country. In particular, Crimea have been utilizing the special economic zone for attracting investment over the past 10 years, and Bashkortostan is popular among investor due to the Alga SEZ. The progress is obvious: Crimea ranks fifth in the investment attraction rating, while Bashkortostan is top 3.

Demin emphasized that further these tools require constant fine-tuning to be efficient. For example, a new law on investment allowances will come into force on January 1, and 15 regions are already putting it into their arsenal. Moreover, there are certain additional measures, such as federal and regional tax deductions.

Attracting private capital for investment is a great asset for the development of the economy, both domestically and internationally. Over the last six years, the number of individuals investing in Russia has grown from 100,000 to 4 million, which is a significant achievement.

"However, some still feel apprehensive about investing, partly because of pyramid schemes, which used to operate in the past, and unscrupulous brokers", Demin said. "Nevertheless, in recent years, a whole network of digital platforms has emerged to simplify the investment process. Today, there are about 50 platforms with more than 50,000 active investors.
These platforms feature an accessible interface and a wide range of assets beneficial for both domestic and foreign investors".

According to the speaker, special attention should be paid to investment insurance. Companies that have been accredited and have licenses, such as residents of special economic zones, participants in public-private partnerships, can become reliable investment targets, as they are associated with minimal risks.

"These topics should be in the agenda at forums and business platforms. We should strive to ensure that investments are not a leap into the unknown, but a well-considered step towards increased income and financial freedom", Aleksandr Demin emphasized in conclusion.

FYI:
The Yalta International Economic Forum is an international business event in the field of economy. It's been held since 2015 in Crimea. The YIEF is the fourth biggest economic forum in Russia. The first forum was held nine years ago and attended by over 600 people from 13 countries such as Russia, Italy, Slovenia, Türkiye, Hong Kong, Japan, the Czech Republic, Switzerland, Greece, Kazakhstan, Israel, India and Serbia. In the later years, the event was thriving facing the relevant challenges. The YIEF 2019 was participated by over 4,500 people from around 89 countries. The event yielded in over 102 agreements totally worth 215 billion rubles and establishing 1700 jobs.

This year, the Yalta International Economic Forum will find its venue in the capital city of the Republic of Bashkortostan. Ufa plays a significant economic role in Russia thanks to its favorable layout, economic potential, cultural diversity and active engagement in local and international processes.

Representatives of 35 countries participate in the YIEF in a face-to-face format. The total number of participating states exceeds 90. The online format is attended by representatives of 81 countries, including the states of Latin America and the Caribbean.

Yalta International Economic Forum is held within the framework of the International Business Week 2024. The event is recognized by Maria Zakharova, Representative of the Ministry of Foreign Affairs of Russia, as a top-5 largest forums in Russia. This event strengthens the role of the region as a venue of business communication and cooperation. The Republic of Bashkortostan proves to be an expert ground for a meaningful dialog and cooperation, strengthening its position on the map of international business activity.

Please, feel encouraged to learn more about the business and entertainment programs of the VI Yalta International Economic Forum at the official web-page: https://yalta-forum.com