Ultimately, the St Petersburg International Economic Forum remains one of the foremost platforms for global dialogue on economic cooperation, investments, innovation, and inclusive growth. The 2025 theme – Strengthening Multipolarity for Sustainable Development – is not only timely, but central to the moment we find ourselves. The concept of multipolarity has become increasingly relevant in the current global landscape, which is constantly changing. It calls for cooperation, dialogue, and respect for diversity amongst nations to achieve shared goals.
By Paul Mashatile
The South African government is certain in its belief that the adoption of multipolarity may result in the achievement of sustainable development and economic prosperity for all nations, regardless of their size. It is laudable that South Africa and Russia are committed to a multipolar world order and actively interact in forums such as BRICS and the G20.
Our cooperation covers various sectors, including trade, energy, and technology. The main aim should be to deepen bilateral connections and shape global governance. Russia has long played a strategic role in the global economy, not only as a major energy producer but also as a key actor in food security, industrial technologies, and science-based innovation. It is one of the largest exporters of grain, oil and gas. It is also a rising presence in sectors such as space exploration, nuclear energy – particularly for peaceful purposes – artificial intelligence, and advanced manufacturing.
Importantly, Russia’s increasing orientation towards Asia, Africa, the Middle East, and Latin America is reshaping global trade routes and creating new corridors for commercial and developmental cooperation.
These reconfigurations are part of a broader trend: the steady emergence of a multipolar global economic architecture. Despite the real challenges posed by geopolitical tensions, sanctions, and the fragmentation of financial systems, Russia has demonstrated resilience. It continues to foster deep integration with the Eurasian Economic Union, expand its partnership under the BRICS framework, and strengthen bilateral and multilateral engagement with emerging economies.
South Africa, like many others, has also faced numerous challenges on its path to development. The extent to which individuals feel connected and share a sense of belonging in society has also been a significant challenge, particularly in the light of the South Africa’s history of apartheid and persistent socioeconomic inequalities.
However, with tenacity, drive and a commitment to diversity, we have achieved enormous strides in reducing poverty, inequality and creating social cohesion. We recognise that sustainable development is more than simply economic progress. It is also about providing opportunities for all our citizens to prosper and contribute to society.
As we look to the future, the importance of the Global South in shaping international economic governance is undeniable. Africa, in particular, is fast becoming a centre of global growth. With the population projected to exceed 2.5 billion people by 2050, a rising middle class, and a youthful demographic dividend, the continent has the potential to drive the wave of industrialisation, digital transformation, and sustainable development.
It is also important to note here that Africa is not in search of handouts, rather, it is pursuing equitable partnerships. It seeks equitable access to markets, capital, knowledge, and technology. This is where global platforms like the St Petersburg International Economic Forum becomes crucial for Africa.
At the same time, the Global South is increasingly demanding a voice in decisions that shape global trade and finance. The collective call is clear: development cannot be dictated; it must be co-created. Africa and the Global South are not merely passive recipients of investments or aid: they are active architects of a new more just international order.
The St Petersburg International Economic Forum has evolved over the years from a primarily Russian and Eurasian platform into a global meeting for policymakers, economists, CEOs, innovators, and thought leaders. The St Petersburg International Economic Forum provides a space for emerging economies to shape global economic discourse, influence trade rules, and negotiate developmental priorities.
In this regard, South Africa supports the increasing inclusion of voices from the Global South at the St Petersburg International Economic Forum. We support the growing participation of delegates from Africa, Latin America, and Asia. It is essential that this platform not only reflects actively but actively amplifies the aspirations and strategic interests of developing economies.
The St Petersburg International Economic Forum’s value lies in its unique capacity to breach geopolitical divides and promote dialogue beyond the dominant narratives. It enables countries with diverse histories, economies, and political systems to find common ground in promoting trade, innovation, and sustainable development. In an era of growing polarization, the St Petersburg International Economic Forum is a vital pillar for pragmatic cooperation.
South Africa is prepared to contribute to the promotion of cooperation and collaboration among nations, in order to benefit all. We believe that a more equitable, prosperous, and tranquil world can be achieved through collaboration.
This year, South Africa has the privilege of presiding over the G20. We have prioritised issues like debt sustainability, global financial reform, access to technology, and inclusive economic recovery. We are championing the representation of Africa in global decision-making structures, including the full integration of the African Union into the G20 framework. We are also working to ensure that global economic policy aligns with the goals of Africa’s Agenda 2063 – the African Union’s blueprint for inclusive growth and sustainable development. It promotes industrialisation, connectivity, regional integration, and the African continental free trade area.
We offer a compelling value proposition to global investors and partners. We regard ourselves as a gateway to Africa, rooted in a democratic governance, a robust financial system and world-class infrastructure. Our institutions are strong. Our people are resilient. And our vision is clear. We aim to be a centre of innovation, inclusive industrialisation, and green growth.
Moreover, South Africa brings to the table decades of multilateral experience, a commitment to peace-building and development cooperation, and a bridge-building role between advanced and emerging economies. We do not merely seek partnerships – we offer solutions grounded in African realities and global aspirations.
In doing so, South Africa hopes to cement G20 priorities in African reality, ensuring that the recovery from global crises does not exacerbate inequality but rather creates opportunities for inclusive transformation. We are pushing for a new international development-funded agreement that resolves historical inequalities, whilst also preparing the Global South to respond to future shocks with resilience.
Speaking of resilience, we need to reinvigorate multilateralism. The multilateral order is under pressure, and economic nationalism is on the rise. At the same time, we face collective challenges that require urgent cooperation: climate change, energy transitions, food insecurity, global health disparities, and digital inequalities.
It is in this context that we must reaffirm the principles of mutual respect, sovereignty, equality, and solidarity. We must resist a return to protectionism and instead build a global trading system that is transparent, rule-based, and inclusive.
Developing economies must have greater representation in global-standing setting institutions. We must accelerate the reform of the World Trade Organisation, the International Monetary Fund, and other Bretton-Woods institutions to reflect contemporary global realities. Through strengthening multipolarity, we are able to harness the collective power of our nations to construct a future that is more sustainable for future generations.
South Africa is prepared to do its share in promoting international cooperation and collaboration for the future of all nations. The future is not being written in board rooms in the Global North alone; it is being written in the towns of East Africa, in the innovation corridors of Southeast Asia, in the minds and digital labs of Latin America, and in the energy, agriculture, and science sectors of Eurasia.
The St Petersburg International Economic Forum is one of the few remaining global platforms where this future can be shaped in dialogue. Let us then seize the moment; let us invest in partnerships that are equitable and mutually beneficial. Let us pursue sustainable growth. South Africa stands ready to work with all partners to forge a new era of cooperation, shared prosperity, and enduring peace.
Paul Mashatile, Deputy President of the Republic of South Africa.
