ST. PETERSBURG, June 7. /TASS/. Russia's vast experience is valuable and interesting for other countries for the formation of a new multipolar model of the world economy, Bolivian President Luis Arce said on Friday at the plenary meeting of the 2024 St. Petersburg International Economic Forum (SPIEF).

"We expect that [at the 2024 SPIEF] there will be various discussions on the transition to a new multilateral multipolar model of the world economy, in which, without any doubt, we will be able to learn the valuable experience from the Russian economy and see what a serious impact it has on the new world," Arce said.

The president of Bolivia also said that his country shares Russia’s stance that "on the whole, technologies must serve humanity and not transnational corporations or individual countries."

President Arce also said that "the times are over, when one country… determined the monetary policy" of the global economy.

The St. Petersburg International Economic Forum (SPIEF) is being held on June 5-8. This year’s theme will be "The Formation of New Areas of Growth as the Cornerstone of a Multipolar World."

Scheduled events include meetings for small and medium-sized businesses, creative industries, the SPIEF Youth Day, as well as the Drug Security, SPIEF Academy and SPIEF Junior forums. SPIEF is organized by the Roscongress Foundation. TASS is the information partner of the event.