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St. Petersburg plans to sign about 30 agreements to record-breaking sum at SPIEF-2017

May 25, 1:01 UTC+3 ST. PETERSBURG

St. Petersburg International Economic Forum (SPIEF-2017) will be held from June 1 through 3 under the slogan Achieving a New Balance in the Global Economic Arena

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ST. PETERSBURG, May 25. /TASS/. Russia’s second largest city of St. Petersburg plans to present ten investment projects and sign about 30 agreements to a record-breaking sum at the forthcoming St. Petersburg International Economic Forum (SPIEF-2017), St. Petersburg’s governor Georgy Poltavchenko said in an interview with news agencies.

"In all, St. Petersburg plans to sign about 30 agreements at the SPIEF-2017. I’d prefer not to disclose the ultimate sum so far. But I think it will be bigger than last year. If we sign everything we plan, it might be a record sum in the entire SPIEF history," he said.

According to the St. Petersburg’s governor, among the key agreements will be a project for the construction of the Eastern radial road with a bridge across the Neva to a total sum exceeding 100 billion rubles (1.77 billion U.S. dollars). The city’s partner under the project is a consortium of Russian companies.

Apart from that, the forum is expected to yield long-awaited special investment contracts with pharmaceutical companies. "Biocard undertakes to commission a new plant to manufacture biological substances and finished pharmaceutical products. Gerofarm plans to launch production of domestic insulin, which will make it possible to satisfy the domestic demand and break into the world market," Poltavchenko said.

"Apart from that, there will be many social projects, such as cutting-edge boarding houses for the elder, schools, sports facilities, creative industries. There will also be projects with foreign capital," he noted.

At the previous such forum in 2016, St. Petersburg’s authorities signed 24 agreements to a sum total 118 billion rubles (2.09 billion U.S. dollars). The record sum of investments - 150 billion rubles (2.65 billion U.S. dollars) - was raised in 2014, whereas a year before it was mere 40 billion rubles (709.12 million U.S. dollars).

St. Petersburg International Economic Forum (SPIEF-2017) will be held from June 1 through 3 under the slogan Achieving a New Balance in the Global Economic Arena.

TASS is the forum’s general information partners and official photo host agency. Apart from that, the agency is an operator of the forum’s presentation zone.

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