Local economies are a priority: Verona Eurasian Economic Forum continues in Baku
The 15th Verona Eurasian Economic Forum continues in Baku. Today, its participants are discussing the functioning of the financial sector in the light of modern challenges, the development of transport and infrastructure, digitalisation and the development of the territory. The focus is also on the transition to new industrial structures of the Greater Eurasia economy. The Head of the Russian Union of Industrialists and Entrepreneurs, Aleksandr Shokhin, said that today it is necessary to move from stabilisation to economic growth. In his opinion, alongside the pandemic and sanctions pressure, the Eurasian region is largely affected by stagnation in the global economy.
“The influence of Europe worries us least of all, because it is closed to us. The option of restructuring the economy is a guarantee of growth. In the current conditions, it is important to focus on regionalisation. In particular, it is necessary to introduce our own payment and settlement systems. The creation of transport and logistics corridors requires serious investments. We understand how to build them. Meanwhile, building a new financial system is a complex process. The US Dollar is losing its credibility in many countries. The new economic model should be based on the principles of deglobalisation, with local economies being a priority.”
Gilles Remy, Chairman and CEO of CIFAL Groupe, also spoke about the fact that US Dollar models are losing their relevance and sanctions have a detrimental effect on international trade, “Sanctions call into question all the rules of international trade, simply destroying confidence. Today we are back to the law of the jungle. We are no longer talking about trade, but about the confiscation of assets of other states. It will take decades to restore confidence in the international system. And the US Dollar can no longer be an international currency. A new multipolar world is being born in front of us.”
The 15th Verona Eurasian Economic Forum is being held in the capital of Azerbaijan on October 27th-28th, and its global theme is Eurasia on its Path to a New Geopolitical, Social and Economic Order: Transition to a New, Human-Centred Economy.
