Dr. Vachara presenting a book about Thailand to His Excellency Nicos Anastasiades, President of Cyprus.

Dr. Vachara Phanchet, co-chaired the 4th Horasis Global Russia Business Meeting, held in Limassol, Cyprus on April 14-15. More than 300 senior leaders from business and government met and discussed how recent events have affected Russian businesses. This year's meeting was most opportune and particularly relevant to provide a holistic and timely perspective on the future direction for Russia, as well as for Cyprus' as its dealing with its current financial crisis.

Dr. Vachara shared his insights on how Russia can develop their economy, and encouraged greater economic cooperation with ASEAN.

Nicos Anastasiades, President of the Republic of Cyprus, addressed participants during the opening dinner. ‘The government of Cyprus offers Russia to continue to use Cyprus as preferred hub in the European Union,’ he emphasized. ‘Even though the current state of our economy might look gloomy, the medium- and long-term prospects remain good. Cyprus will prove it can bounce back,’ he continued.

Dr. Vachara, Chairman Emeritus of PBEC, and co-chair of the event, noted that the Cyprus economy is resilient and shared with the audience how Asia went through a period of similar difficulties in the late ninetees but has since returned stronger and better prepared to handle external and internal economic shocks.

Media interview on how Cyprus can overcome their financial crisis.

He also welcomed Russia to look to ASEAN for business opportunities. “As we prepare to implement the ASEAN Economic Community in 2015, we will offer a single market with approximately 700 million people. While trade between Russia and ASEAN is currently relatively small, we see great opportunities for our respective economies”.

Mikhail V. Kuzovlev, Chairman, Bank of Moscow, Russia, spoke to the assembly with optimism about the sweeping changes happening in Russia. He particularly stressed the increasing investment potential of Russia – 'our entry into the WTO will stimulate greater and more diversified trade between us and the rest of the world,' he said.

Conference participants discussed the growing crisis in Europe in general and Cyprus in particular. policy makers will need to take further steps to reduce the country’s dependence on revenue from oil and gas. The diversifying of the Russian economy shall lead to the emergence of knowledge-based industry clusters. Russia needs to better the investment climate. With the WTO-entry, Russia is going to welcome more Foreign Direct Investment as well as trade.

For more information visit: http://www.horasis.org/event_Russia_2013.php