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Dr. Ngozi Okonjo-Iweala sessions on:
MOSCOW, June 21, 2011 – Managing Director of the World Bank Group Dr. Ngozi Okonjo-Iweala has just returned from St. Petersburg in Russia where she attended the 15th International Economic Forum , debating two of the most prominent global issues today – rising and volatile food prices and the role of emerging markets in shaping a new global economy.
In its 15th year, the forum has grown into one of the world`s leading discussion venues. This year’s forum attracted more than 5,000 people, bringing together prominent politicians, corporate executives and experts to deliberate on key global issues. The forum’s agenda included such topics as securing balanced growth, analyzing prospects for technological progress, and raising a new generation of leaders. There was also a strong focus on modernization of the Russian economy, as well as on improving the investment climate in Russia.
In his opening speech, Russian President Dmitry Medvedev provided his analysis of the current state of Russia’s economy, outlined main modernization and technological development priorities for the coming years, confirmed Russia’s continued integration into the global economy and accession to WTO, as well as set the goal of turning Moscow into one of the world’s major financial centers.
Okonjo-Iweala took part in a session on agriculture and global food security and described growing international concern about the economic and social impacts of high and volatile food prices and stressed its impact on poor people, particularly children. She also emphasized that the private sector had an essential and significant role to play in helping to meet future demand.
"There is the potential to improve food security by investing long-term,” she said. “We at the World Bank Group are increasing our investments in agricultures from about US$6 billion per year to $8 billion.”
However she stressed more needed to be done. The session was also told Russian agribusiness not only has the potential to meet the country’s domestic demand for staple foods, but could also make a significant contribution to ensure global food security. Russia is home to 9 percent of the world’s arable land and 25 percent of its fresh water. Capitalizing on this potential would only be possible if the sector was able to actively attract investment for the modernization of production and processing with the use of modern technologies.
On the same day, Okonjo-Iweala moderated a panel discussion on the role of BRICs and emerging markets in shaping the new global economy.
“Emerging markets are very attractive now, and are contributing almost 50 percent of global growth. They are increasingly a huge part of global trade. They have rebounded faster and are projected to grow at almost twice the rate of the developed markets,” she said.
During the session, she made it very clear that economic growth required good governance. She also emphasized that Russia as well as other emerging economies had begun to acknowledge that, and the fact that these changes won’t happen overnight.
“But you can’t just talk - you have to get specific,” Okonjo-Iweala said. “Today, Iattended a Sberbank breakfast where a number of investors discussed Russia’s prospects. An informal vote has shown that seventy-seven percent of them think that Russia would be able to meet this challenge and become one of the world’s 50 most competitive countries in the world in the next few years.”
On the sidelines of the forum, Okonjo-Iweala later had two meetings with Russia’s Minister of Economic Development Elvira Nabiullina, and Deputy Prime-Minister and Minister of Finance Alexei Kudrin. Talks centered on Russia's views on the new areas and ways of cooperation between the Russian Federation and the World Bank Group in view of the upcoming new Country Partnership Strategy.
"The World Bank’s task is to support Government of the Russian Federation in reaching its social and economic objectives and goals. And I'm also looking forward to a more innovative cooperation between the Bank and Russia in the years to come," she said.
During her short stay in St. Petersburg, the Bank’s Managing Director also took the opportunity to familiarize herself with implementation of the on-going State Hermitage East Wing reconstruction that is part of the St. Petersburg Economic Development Project, as well as the with the Bank’s work in support of Russia’s cultural heritage.
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