The XV International Economic Forum “Russia – Islamic World: KazanForum” took place in Kazan on 14-19 May 2024. In today’s volatile world, productive collaboration between Russia and Islamic countries provides stability and opportunities. Russia and the OIC countries focused on infrastructure and investment projects, as well as in cultural and diplomatic engagement.
Murat Gibadyukov
1 July 2024
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The International Forum “Russia – Islamic World: KazanForum 2024” concluded on 19 May 2024 in Tatarstan’s capital, Kazan, with high-level participation from 87 countries. This event has emerged as a primary platform for developing and strengthening cooperation between the Russian Federation and Islamic countries.
Since its inception in 2009, the KazanForum has become a major international event. It was established by the Republic of Tatarstan with the Russian government’s support to strengthen bilateral, commercial and cultural ties between Russia and the OIC (Organisation of Islamic Cooperation) member states. Each year, the meeting draws increasing numbers of participants and serves as a key platform for expanding collaboration and launching joint initiatives.
The 2024 Forum in Kazan was no exception. The Forum attracted representatives from 87 countries and 87 regions of Russia, with over 20 000 registered participants. The Forum involved 151 sessions, which were covered by 870 Russian and international media outlets. 120 agreements were signed between government and business representatives, demonstrating the Forum’s status as a platform for productive collaboration.
Flags of participating states. Source: Tatarstan.ru
The Forum’s business program was divided into sections on important issues, including international cooperation, finance and investment, culture, business, economics, science and technology. The program also included roundtable discussions and sessions on the relations between Russia and Islamic countries in the pharmaceutical and medical industries. In 2024, an important focus was start-up projects on innovative ideas to the public. These initiatives are beneficial not only for adding value to the economy but also for exchanging experience and best practices among countries.
KazanForum 2024 hosted nine meetings between Russian and foreign representatives in a variety of formats, including round tables and industrial dialogues. Meetings between Russia and Azerbaijan, Afghanistan, Iran, Qatar, Kyrgyzstan, Malaysia further emphasized the significance of cooperation with Islamic states for the Russian Federation.
KazanForum is a platform that unites multiconfessional Russia with its Islamic partners. Source: Tatarstan.ru
Abdullah Al-Salih, the Under Secretary of the Foreign Trade and Industry at the United Arab Emirates Ministry of Economy, noted that the UAE and the Russian Federation cooperate in many areas. The number of joint projects between the Russia and the UAE is large and diverse, ranging from culture to pharmaceuticals. Tourism is also growing in importance as an economic factor, as the UAE received 1.5 million Russian tourists in 2023. The importance of economic cooperation between Russia and Iran was emphasized.
Furthermore, the Forum included discussions on how Russia integrates Islamic finance into its economic system. An agreement between Russia’s Central Bank and financial institutions from OIC countries will play a significant role in diversifying the financial sector and attracting Islamic investment. Another notable outcome was the signing of a contract between Russian and Saudi energy corporations for joint exploration of oil and gas fields, which highlighted the importance of the energy sector in bilateral relations between these countries.
Oil trade plays a significant role in trade relations between Russia and OIC. Source: Tatarstan.ru
The International Property Market real estate show was held for the first time as part of KazanForum. The show featured the largest businesses, developers and architects from Russia, the UAE, Turkey and Indonesia.
The diverse areas of cooperation between Russia and Islamic countries include the “North-South” transportation corridor, Islamic banking, and the halal product industry. The “Russia Halal Expo” highlighted the potential of the halal sector of the economy, while the Kazan Halal Market fair was held at the Kazan Agro-Industrial Park and included 489 companies from nine countries.
Halal Market fair. Source: Tatarstan.ru
With numerous agreements signed and a wide range of sessions and discussions, the Forum solidified its status as a pivotal platform for fostering economic growth and cooperation. The increasing trade, investments and successful integration of Islamic finance into Russia’s economic system indicate a promising future for these partnerships.
The XV International Economic Forum “Russia – Islamic World: KazanForum 2024” demonstrated the significant strides being made in the collaboration between Russia and Islamic countries.
