The summit was focused on "Investing in the Future: Russia".
On 10–12 September the 3rd International Business Summit took place in Nizhny Novgorod, this year focusing on "Investing in the Future: Russia". The summit proved an effective communication platform for dialogue between authorities and businesses, sharing good practices, and networking opportunities. More than 6,000 participants representing 50 countries and 55 Russian regions discussed such challenging issues as import substitution, PPP in rendering social services, innovative approaches to HR training, and optimising the environment to promote the development of regions and to enhance investment inflows.
Oleg Goshchansky, Chairman and Managing Partner, KPMG in Russia and the CIS, moderated a plenary session of the summit entitled "Infrastructure as a Driver of Regional Development" that featured speeches from Valeriy Shantsev, Acting Governor of the Nizhny Novgorod Region, Grigory Rapota, State Secretary of the Union State of Russia and Belarus, Yevgeny Chudnovsky, CEO of Airports of Regions holding company, and Yasmin Alazhari, Vice-President of the Association of Arab Business Women. According to Oleg, there is no doubt that infrastructure development is the basis for healthy economic growth.
KPMG also sponsored one of the round table discussions held as part of the International Business Summit, entitled "Development Outlook of Small Business Cooperation with Major Manufacturing Enterprises" and focused on analysing best practices of cooperation development among major enterprises and small- and medium-sized businesses of the Nizhny Novgorod Region. Alexey Nazarov, Director, Strategy, took part in the discussion. According to Alexey, there are 33 small- and medium-sized businesses in Russia per 1,000 people, which is on a par with developed economies; these companies, however, account for a mere 21% of GDP, compared to more than 40% in developed countries. In terms of federal support offered to small- and medium-sized businesses, Russia is at least on a par with best international practices (seen in the US, EU, Malaysia, Japan), with nearly RUB20 billion allocated each year. When distributing this amount among the regions, regional economics and business potential must be considered, as well as the urban population, a factor with a high correlation to the number of small- and medium-sized businesses (94%).