Global Russia Business Meeting14-15 April 2013, Limassol, Cyprus

a Horasis-leadership event

Co-hosts:Republic of CyprusCyprus Investment Promotion Agency -CIPA

Report

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Horasis is a global visions community committed to enact visions for a sustainable future (http:/www.horasis.org)

Upcoming Horasis events:

Global India Business Meeting Belfast, United Kingdom, 23-24 June 2013

Global China Business Meeting The Hague, Netherlands, 10-11 November 2013

Horasis Annual Meeting, Zurich Switzerland, 21-22 January 2014

Global Russia Business Meeting Valencia, Spain, 6-7 April 2014

Global Russia Business Meeting14-15 April 2013, Limassol, Cyprusa Horasis-leadership eventunder the patronage of the President of the Republic of Cyprus

Co-hosts:Republic of CyprusCyprus Investment Promotion Agency

Co-organizers:Association of Orthodox Business LeadersAssociation of European BusinessAssociation of the Russian-speaking Residents of CyprusCyprus Chamber of Commerce and Industry (CCCI)Cyprus Russian Business Association Delovaya RossiyaInternational Young Entrepreneurs ClubMoscow Chamber of Commerce & IndustryMoscow Investment and Export Promotion Agency (MIEPA)Pacific Basin Economic CouncilRussian-American Chamber of CommerceRussian Business Council for Cooperation with CyprusYoung Presidents’ Organization (YPO)

Co-chairs:Christodoulos Angastiniotis Chairman, Cyprus Investment Promotion Agency, CyprusPaul Judge President, Chartered Institute of Marketing, United KingdomNatalya Kaspersky Chief Executive Officer, InfoWatch, RussiaAnil Kumar Chief Executive Officer, Ransat Group, United KingdomMikhail V. Kuzovlev Chairman, Bank of Moscow, RussiaPeter Loukianoff Chairman, Third Rome Black River Ventures, USASheikh Saif bin Hashil Al-Maskery Chairman, Al Mahfadha Investments, Oman Vachara Phanchet Chairman, Sittipol Holdings, ThailandIlya Ponomarev Chairman, Innovation & Venture Capital Subcommittee of the State Duma, RussiaAlena Popova Co-founder, Startup Women, RussiaFedor D. Pospelov Chairman, TRUST National Bank, RussiaSalavat Rezbaev Chairman, New Age Capital Partners, RussiaSuren O. Vardanyan Director General, Moscow Investment and Export Promotion Agency, Russia

Strategic Partners: Baker & McKenzieEurobank Cyprus

Knowledge Partners: CytaPwCTMF Group

Media Partners:Cyprus Quarterly ReviewGold MagazineVestnik Kipra

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Hotel Four Seasons Limassol – venue of the 2013 Global Russia Business Meeting

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Table of Contents

Foreword 6

Redesigning Russian-Cypriot Business Relations 28

Celebrating the 2013 Russian Business Leaders of the Year 32

The 2013 Global Russia Business Meeting is ready to start

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Foreword

The fourth Horasis Global Russia Business Meeting which took place from14-15 April 2013 in Limassol, Cyprus, wasboth opportune and relevant to provide aholistic and timely perspective on the fu -ture direction for Russia. A large numberof CEOs from Russia came together withleaders from around the globe to discussRussia’s and the world’s current economicand political state. The Global Russia Busi -ness Meeting provided a valuable and timelyopportunity for leaders from government,business and academia to meet and exchangeviews and ideas on the way ahead for Russiaand the world.

The Global Russia Business Meeting pre sen -ted an excellent opportunity for businessleaders to discuss Russia’s important roleas a driving force of the world economy.Russia’s political, social and economicstructures are certainly in the midst ofchange. Participants examined the Russianeconomy in terms of growth strategies,innovation, technology, natural resources,entrepreneurship, social responsibility andthe environment.

This report shall reflect the diversity ofdiscussions that took place at the meeting.When summing up the Global Russia Bu -siness Meeting, this report’s purpose ismani fold. First and foremost, its aim is todocument the events and debates and toprovide a comprehensive overview of theconversations by the business leaders pre -sent at the meeting. Then, it is the generalmood in Russia and the world that hisreport shall unveil, embedding the GlobalRussia Business Meeting in the context oftoday’s most relevant debates.

Earlier meetings were held in Slovenia (2010),Cyprus (2011) and Luxembourg (2012):now, in 2013 Horasis devoted this fourthedition of the Global Russia BusinessMee ting in Cyprus to discussing whicheconomic model might increase eachcountry’s competitiveness. Participantsreflected on Russia’s energy-reliant andCyprus finance dominated economies.Participants recommended that both Russiaand Cyprus have to diversify their econo -mies, to make them more resilient vis-à-visexternal shocks.

Arrival of Nicos Anastasiades, President of the Republic of Cyprus

Nicos Anastasiades, President of Cyprus – Cyprus will prove it can bounce back

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The Global Russia Business Meeting took place against the backdrop of Cyprus’ strainedeconomy. In June 2012, Cyprus became thefifth country in the Eurozone to request aninternational bailout after lenders got caughtup in the debt restructuring of Greece’sbanks. Cyprus is facing the burden ofrepaying government bonds which expire inJune 2013. The newly elected governmentheaded by President Nicos Anastasiadeshas been in talks with the European Unionand the International Monetary Fund on arescue package, which is comparable in sizeto the € 16 billion Euro Gross DomesticProduct of the island. Cyprus finally secureda € 10 billion package of bailout loans froma troika of lenders – European Union, Eu -ro pean Central Bank and the InternationalMonetary Fund (IMF) – on 25 March. Thedeal also forced it to close its second-largestbank Laiki Bank, inflicting significant losses –possibly up to 40 percent – on all depositslarger than € 100,000. The rescue measu -res are expected to hit hard Russians whoare believed to have more than € 30 billionin corporate and private deposits on Cypri -ote accounts. Brokering a deal with Russiaon its participation in the financial rescuehas been a top priority of the Cypriotegovernment.

The steadily increasing number of partici -pants shows the extent to which the GlobalRussia Business Meeting has become themeeting of choice for Russian businessleaders to become acquainted with theirglobal counterparts. More than 300 parti -ci pants from 30 countries attended theGlobal Russia Business Meeting, includingthe following co-chairs: ChristodoulosAngastiniotis, Chairman, Cyprus Invest -ment Promotion Agency, Cyprus; PaulJudge, President, Chartered Institute ofMarketing, United Kingdom; NatalyaKaspersky, Chief Executive Officer,InfoWatch, Russia; Anil Kumar, Chief

Opening plenary panel – Russia and World Economic Outlook

Mikhail V. Kuzovlev, Chairman, Bank of Moscow, Russia, during the welcome dinner

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Executive Officer, Ransat Group, UnitedKingdom; Mikhail V. Kuzovlev, Chair -man, Bank of Moscow, Russia; PeterLoukianoff, Chairman, Third RomeBlack River Ven tu res, USA; Sheikh Saifbin Hashil Al-Maskery, Chairman, AlMahfadha Investments, Oman; VacharaPhanchet, Chairman, Sittipol Holdings,Thailand; Ilya Ponomarev, Chairman,Innovation & Venture Capital Subcommitteeof the State Duma, Russia; Alena Popova,Co-founder, Startup Women, Russia;Fedor D. Pospelov, Chairman, TRUSTNational Bank, Russia; Salavat Rezbaev,Chairman, New Age Capital Partners,Russia; Suren O. Vardanyan, DirectorGeneral, Moscow Investment and ExportPromotion Agency, Russia.

Participants reached consensus that• despite the woes of the world economy,

Russia’s economy is strong and stable.However, the country is not immune tooutside economic shocks. The biggestproblem is the growing crisis in Europein general and Cyprus in particular.

• policy makers will need to take furthersteps to reduce the country’s depen -dence on revenue from oil and gas. Thediversifying of the Russian economy shalllead to the emergence of knowledge-based industry clusters.

• Russia needs to better the investmentclimate. With the WTO-entry, Russia isgoing to welcome more Foreign DirectInvestment as well as trade.

During the opening reception, AndreasChristou, Mayor of Limassol, welcomedparticipants: ‘Limassol epitomizes the closepartnership between two nations that canbe traced back to Byzantine times and hasbeen underpinned by deep financial tiesover the last two decades.’ He continued‘We will put our economy back on track forgrowth. Our partnership with Russia willplay an important role in that endeavor.’

Preparing for the ribbon cutting ceremony

Christodoulos Angastiniotis, Chairman, Cyprus InvestmentPromotion Agency, welcoming participants

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Nicos Anastasiades, President of theRepublic of Cyprus, addressed partici pantsduring the opening dinner. ‘Cyprus is de -lighted to host this fourth Global RussiaBusiness Meeting,’ he said. ‘Economic andcommercial relations between Russia andCyprus have been growing steadily. Thegovernment of Cyprus offers Russia thecontinued use of Cyprus as a preferred hubin the European Union.’ He emphasized‘even though the current state of oureconomy might look gloomy, the medium-and long-term prospects remain good. Thefundamentals are still there. Cyprus willprove it can bounce back.’ The Presidentfurther announced new measures, mostlyaffecting the Russian business community,would be soon approved by the Cypriotegovernment. ‘The new measures wouldmitigate to some extent the damageRussian investors had endured. Investorswho held deposits prior to 15 March, andwho lost at least € 3 million are eligible toapply for Cypriot citizenship.’

In a message to participants, His Beati tu deChrysostomos II., Archbishop of NewJustiniana and all Cyprus, Cyprus, notedthat the problems in Cyprus and Europe arenot economic but spiritual ones. He addedthat ‘the Church will stand by the peopleespecially those suffering the most.’ OnRussia, he said that Cyprus ‘is committedto continue our spiritual, cultural andeconomic relationships.’ He expressed hissympathy for the Russians who lost theirmoney due to the haircut on bank deposits.

‘Even though the current state of oureconomy might look gloomy, the medium-and long-term prospects remain good.Cyprus will prove it can bounce back’Nicos Anastasiades, President of the Republic of Cyprus, Cyprus

‘The problems in Cyprus and Europeare not economic but spiritual ones’His Beatitude Chrysostomos II., Archbishop of New Justiniana and all Cyprus, Cyprus

Andreas Christou, Mayor of Limassol, Cyprus

Opening Dinner – Partnering with Russia His Beatitude Chrysostomos II., Archbishop of Cyprus

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Mikhail V. Kuzovlev, Chairman, Bankof Moscow, Russia, spoke to the assemblywith optimism about the sweeping changeshappening in Russia. He particularly stres -sed the increasing investment potential ofRussia – ‘our entry into the WTO willstimulate greater and more diversifiedtrade between us and the rest of the world.’Kuzovlev also highlighted Russia’s quest in

building promising sectors such as financialservices and high-tech sectors. And he urgedthe global business community to grasp theopportunities of a more prosperous, stableand outward looking Russia. Kuzovlev –who is also chairing the Moscow Chamberof Commerce & Industry and the BusinessCouncil for Co-operation with Cyprus –concluded that Russia will consider poten -tial actions that might contribute to restorestability in Cyprus.

On the opening plenary, NatalyaKaspersky, Chief Executive Officer,InfoWatch, Russia, remarked that ‘Russia’seconomy will continue to grow but slightlyless than predicted as the deterioratingglobal outlook weighs on demand.’ ‘Russiais a strong source of growth,’ she con ti -nued. Apart from sustained GDP growth,Russia has exhibited most traditional mea -surements of good economic steward ship.Public debt – 100 percent of GDP in 1999– has decreased to less than 10 percent atpresent. Inflation has been brought undercontrol. Russia boasts persistent current

‘Our entry into the WTO will stimulategreater and more diversified tradebetween us and the rest of the world’Mikhail V. Kuzovlev, Chairman, Bank of Moscow,Russia

‘Russia is a strong source of growth’Natalya Kaspersky, Chief Executive Officer,InfoWatch, Russia

During the opening dinner

Natalya Kaspersky, Chief Executive Officer, InfoWatch –Russia’s economy will continue to grow

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account surpluses, the world’s third largestforeign exchange reserves and positive realinterest rates. Likewise, Russia has a strongand growing middle class – 50 percent ofyoung Russians graduate from university,compared with 35 percent of young EU-citizens.

‘Exports of raw materials such as energyand metals still account for more than aquarter of Russia’s GDP,’ underlinedFedor D. Pospelov, Chairman, TRUSTNational Bank, Russia, ‘we need to diversifyour economy.’ ‘Russia needs to positionitself as a center of innovation, not as naturalresources economy, in which case the label‘Made in Russia’ will guarantee a steadyinflow of investments. We will adjust oureconomic growth model and get focused oninternal sources of development, primarilyinvestment,’ said Alexander Yukhno,Counsel to the President of the Bank ofMoscow, Executive Director of the Busi nessCouncil for Co-operation with Cyprus.

Paul Judge, President, Chartered Instituteof Marketing, United Kingdom, claimedthat a fall in oil prices could benefit Russiain the long run by supporting reforms andreducing a source of corruption. Russia’saccession to the World Trade Organizationand the goal of joining the Organization ofEconomic Co-operation and Development

‘Russia needs to position itself as acenter of innovation, not as naturalresources economy’Fedor D. Pospelov, Chairman, TRUST NationalBank, Russia

‘A fall in oil prices could only benefitRussia in the long run by supportingreforms and reducing a source ofcorruption’Paul Judge, President, Chartered Institute ofMarketing, United Kingdom

Alexander Yukhno, Executive Director, Russian Business Councilfor Co-operation with Cyprus

Fedor D. Pospelov, Chairman, TRUST National Bank, Russia,speaking about Russia’s competitiveness

Paul Judge, President, Chartered Institute of Marketing, United Kingdom, on the opening plenary

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(OECD) are also pushing reforms that canonly be good for the country’s future. OnCyprus, Christodoulos Angastiniotis,Chairman, Cyprus Investment PromotionAgency, Cyprus, commented that ‘the termsof the rescue package for Cyprus will havea relatively marginal impact on Russian bankswith a presence in Cyprus.’

Russia’s economy slowed in the first quar -ter of 2013 as exports declined, DmitryDakhnovsky, Managing Director,TEKAMA, Russia, commented. ‘Decliningprices for commodities such as crude oil,aluminum and copper, and output con -traction in key manufacturing industries,have been among the main causes of this

slowdown, reasoned Alexander Zhukov,Co-Founder and Executive Director,Whiteshield Group, United Kingdom.According to Stephen Vasconcellos-Sharpe, Publisher, Country Strategic,United Kingdom, ‘Russia’s economy islosing momentum, with both consumptionand investment growth falling well shortof expectations.’ ‘The main challenge is theslow growth in retail sales as this has beenthe driver of the economy,’ specifiedSalavat Rezbaev, Chairman, New AgeCapital Partners, Russia. ‘The Bank ofRussia might want to support growth byeasing borrowing costs,’ concludedJochum Haakma, Director, TMF Group,The Netherlands. Marita Pikalo, ChiefExecutive Officer, Satellis, Russia, outlinedthat despite positive dynamics in exportsmany Russian exporters still lack compre -hensive marketing strategies and under stan -ding of foreign markets. ‘Developing suchstrategies will open new opportunities forRussian companies overseas and positivelyinfluence the exports,’ she said.

‘Cyprus is still a natural fit withRussia’s global aspirations’George Lakkotrypis, Minister of Commerce, Industryand Tourism, Cyprus

Alexander Zhukov, Co-Founder, Whiteshield Group, United Kingdom

Anil Kumar, Chief Executive Officer, Ransat Group, UnitedKingdom

Jochum Haakma, Director, TMF Group, The Netherlands

Salavat Rezbaev, Chairman, New Age Capital Partners, Russia

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George Lakkotrypis, Minister of Com -merce, Industry and Tourism, Cyprus,pointed out how Cyprus wants to continueto engage with Russia in general and withcertain sectors such as financial services inparticular. He also mentioned ongoingprojects in the area of shipping and energy.The island – despite the current financialcrisis and the unfortunate impact on Rus -sian depositors – wants to retain its functionas base for Russian firms to ex plore globalmarkets. Cyprus is still a natural fit withRussia’s global aspirations. ‘My vision is abroad-based, strategic partnership betweenRussia and Cyprus,’ he said.

The Global Russia Business Meeting wasorganized around what we believe to bethe major drivers of growth and forcesthat will shape the new order: they willimpact both the financial economy and thereal eco no my, in Russia and the world atlarge. Participants had a rare opportunityto explore Russia’s development from avariety of points of view. An intensiveschedule of plenaries and boardroomdialogue sessions was devoted to a varietyof relevant themes, including Russia’saccession to the WTO, the country’sgeopolitical agenda, and strategies forsustainable economic growth. Also on the

agenda were sessions on selected industrysectors, including financial services andnatural resources, as well as more concep -tual themes like the role of entre pre neur -ship, diversification of the economy, andstrategies to boost Russia’s technologysector.

A major theme discussed at the meetingwas the significance of innovation to im -prove productivity and boost the Russianeco no my’s knowledge base. According toNick Puntikov, President, FirstLineSoftware Group, Russia, ‘nothing willdetermine Russia’s future more than itssuccessful mastery of efficient innovationand global collaboration.’ Participants

Igor Avdonin, Founder, Buzport, RussiaGeorge Lakkotrypis, Minister of Commerce, Industry and Tourism of Cyprus, addressing participants

Nick Puntikov, President, FirstLine Software Group, RussiaValery Petrunin, President,KGBradar, Russia

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reflected on Skolkovo, a planned hightechnology business park which willincubate new technologies – ‘a Russianvariant of the Silicon Valley and a centralpoint of the government’s modernizationstrategy,’ as Kate Korolkevich, Partner,Galatea Capital, USA, explained. ‘Skolkovois a true success story,’ said Lena Feygin,Managing Director, Global AdvertisingStrategies, USA. ‘Skolkovo has won backingfrom more than 20 global high-tech giantssuch as Microsoft and Cisco, many multi -nationals have signed up to participate inresearch and venture firms are lining up tocapitalize on the quality of Russia’ bestminds,’ Igor Avdonin, Founder, Buzport,

Russia, continued. One goal of Skolkovo isto attract international intellectual capitaland encourage Russian talent not to leavethe country in search of better prospectsabroad. ‘I remain doubtful about the futureof Skolkovo and I am concerned about thefuture of innovation in Russia,’ juxtaposedNikolaos Mavridis, Director, InteractiveRobots and Media Lab, UAE University,UAE.‘Most countries express the wish tobe like Silicon Valley, but the problem is thatcountries tend to copy blindly a model,putting huge investments into infra struc ture.That’s a mistake because Silicon Valley isnot a physical place one can copy, it’s aculture,’ added Renata Akhunova, ChiefExecutive Officer, Global InnovationAccess, USA. ‘We need to study globalbest practices leveraging resources atinterna tio nal level – and look beyond ourindigenous structures and processes,’ saidYuri Istomin, Senior Partner, UCF Invest,Russia.

Lena Feygin, Managing Director, Global Advertising Strategies, USA

Kate Korolkevich, Partner, Galatea Capital, USA, on venture capital

Steve Varsano, Chairman, The Jet Buisness, USA

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Michel Verlaine, Associate Professor ofFinance, ICN Business School, Luxem bourg.‘In my opinion, legal ambiguity that istypical for Russia and other BRIC-econo miescan have a negative influence on businessin these regions. For all its promise, Russiaremains an exceedingly tough place forforeign investors,’ said Joachim Reidiess,Chairman, Dr. Wirth Group, Germany. ‘Thecountry has a large and complex structureof government and its national, regional andmunicipal authorities may take contradictingdecisions and propose a variety of require -ments. Laws and regu la tions in the field ofinvestment are subject to change due tovarious conditions in the market,’ explainedHubertus Mühlhäuser, Senior VicePre si dent, AGCO Corporation, USA.‘Russia experiences high levels of corrup tion– a roadblock for FDI,’ Steve Varsano,Chairman, The Jet Business, USA, stressed.‘Moreover, during the 2008-2009 crisis andin recent months, there has been alarmingcapital flights from the country, explainedEkaterina Almasque, Co-founder,SVAROS Ventures, United Kingdom. ‘Rus -sia traditionally has quite a negative imagefor investors that needs to be changed,’agreed Thanos Mitrelias, Chief Execu -tive Officer, Cavendish NanoTherapeutics,United Kingdom.

‘I consent that the risk of investing inRussia does exist, but it has a positive sidetoo. Our country is very attractive toforeign investment as it has many indus -tries still developing, like the food industryor agri culture, and a company can gain alot by investing in these,’ said Suren O.Vardanyan, Director General, MoscowInvestment and Export Promotion Agency,

‘The stakes are high. Russia has lots to offer. The country will also remainattractive simply because of the sheersize of its domestic market’ Vachara Phanchet, Chairman, Sittipol Holdings,Thailand

Suren O. Vardanyan, Director General, Moscow Investment and Export Promotion Agency

Joachim Reidiess, Chairman, Dr. Wirth Group, Germany, asking a question

Thanos Mitrelias, Chief Executive Officer, Cavendish NanoTherapeutics, United Kingdom

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Russia. ‘We will continue to improveregulations concerning FDI and facilitateinvestments by offering a stable andtransparent legal and policy environment,Andrey Kazakov, General Partner,Foresight Ventures, Russia, continued.’Several prominent Western companies arethriving in Russia. The country might be seenas difficult place to do business, but – inreality – it is a great place to make money,’Igor Saveliev, Chairman, Le PainQuotidien Russia, Russia, stated. ‘For allthe negative stories that the Western presslikes to harp on, there is so much goodnews about investment in Russia,’ said

Patrick Fullick, Founder & Director,Induct, United Kingdom. Participants con -cluded that if an investor is ready for risks,it shall invest in the Russian economy. ‘Thestakes are high. Russia has lots to offer. Thecountry will also remain attractive simplybecause of the sheer size of its domesticmarket,’ reasoned Vachara Phanchet,Chairman, Sittipol Holdings, Thailand, oneof the meeting co-chairs.

Less than a year into its long-awaitedmembership of the World Trade Organi za -tion (WTO), Russia is beginning to seepositive results. The country completedthe adoption of trade-related reforms bythe end of 2012. Many observers wereskeptical that Russia’s international trademight initially see a downturn as thecountry negotiated trade tariffs as a resultof membership. ‘Some less competitiveplayers might feel the WTO accession asprofound challenge,’ reported IlyaPonomarev, Chairman, Innovation &

‘Some less competitive players mightfeel the WTO accession as profoundchallenge’ Ilya Ponomarev, Chairman, Innovation & VentureCapital Subcommittee of the State Duma, Russia

Igor Saveliev, Chairman, Le Pain Quotidien Russia, making a point on innovation

Ilya Ponomarev, Chairman, Innovation & Venture CapitalSubcommittee of the State Duma, Russia

Dr Vachara Phanchet, Chairman, Sittipol Holdings,Thailand, with President Anastasiades

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Venture Capital Subcommittee of the StateDuma, Russia. ‘The overall sentiment isgood and I feel that most Russian companiesassess the current situation more positivelythan before,’ Leonid Koshelev, President,Jet-2000, Russia, added. ‘Many foreigncompanies are waiting for investment rulesto be relaxed, as Russia has pledged to do.The common sense is that a more liberaleconomic policy is needed to revitalizeRussia and to attract foreign direct invest -ment,’ noted Anil Kumar, Chief ExecutiveOfficer, Ransat Group, United Kingdom.‘Also, with the WTO accession,’ saidSheikh Saif bin Hashil Al-Maskery,Chairman, Al Mahfadha Investments, Oman,‘Russian companies will receive additionalopportunities to enter global markets.

Throughout the meeting, participantsstressed the strength of Russia’s resourcessector. Oil and gas still make up nearly halfof the country’s total gross domestic pro -duct.According to Dmitry Vasilkov, Co-

Owner, OilTech Group, Russia, ‘Russia isone of the world’s richest countries in rawmaterials, the country accounts for around20 percent of the world’s production of oiland natural gas and possesses large reservesof both fuels.’ Still, the government fearsoil production will drop in the near future.‘The problem is that Russia will see pro -duc tion go into decline if fresh bountiesare not found in Eastern Siberian fieldsand offshore in the Arctic north,’ saidMark Austin, Venture Partner, BrightCapital, USA. ‘Our lead in oil and gasexports is not safe because the world isswitching to liquefied natural gas con -

‘With the WTO accession, Russiancompanies will receive additionalopportunities to enter global markets’Sheikh Saif bin Hashil Al-Maskery, Chairman, Al Mahfadha Investments, Oman

A boardroom dialogue session, hosted by Evgenios Evgeniou, Chief Executive Officer Cyprus, PwC Stathis Kittis, Chairman, Cyprus Telecommunications Authority,on infrastructure development

Sheikh Saif bin Hashil Al-Maskery, Chairman, Al Mahfadha Investments, Oman

Marita Pikalo, Chief ExecutiveOfficer, Satellis, Russia

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sump tion while also pushing ahead withthe exploitation of shale gas and oil,’ saidMikhail Gurfinkel, Chief DevelopmentOfficer Americas, Basic Element, USA.‘Russia needs to ease foreign access to oilexploration to counterbalance this trend,’Bogdan Vacusta, Managing Director,Elco Construct, Turkmenistan, continued.

Sizable offshore gas deposits have beenfound in Cyprus. The country sits on gasreserves that could last for two centuriesat its current level of consumption. Muchhope is being pinned on the expropriationof natural gas reserves in the Cypriote gas

fields. Potential revenues from the gas wouldnot be due before 2018 to 2019, yet thegovernment has already raised substantialfunds from the sale of hydrocarbon explo ra -tion licenses. ‘Energy resources are difficultto manage, in Cyprus, Russia and else where.How might Russian expertise aid the ex -ploitation of the new-found Cypriot gasresource?’ asked Natalia Kardash, Editor-in-chief, Vestnik Kipra, Cyprus. ‘What arethe plans for the development of itsresources?’ she continued. ‘From a Russianpoint of view, the gas discoveries havecatapulted Cyprus from a mere financial hubto structure Russian investments into apotential regional energy power. The energydimension will bring Cyprus and Russiaeven closer together,’ said TimothyBeardson, Chairman, Albert PlaceHoldings, Hong Kong SAR. ‘I believe thatRussia will cooperate with Cyprus, eventhough the discoveries could be inter pretedto threaten the dominance of Russian gasplayers. The Russian government has aholistic picture of the energy map of theeastern Mediterranean,’ concludedValentin Romanov, Executive Director,SUN Group, Russia.

Proponents of contrasting visions ofRussia’s future debated over what kind of

Natalia Kardash, Editor-in-chief, Vestnik Kipra, hosting the energy panelBogdan Vacusta, Managing Director, Elco Construct,Turkmenistan, moderating the infrastructure panel

Mikhail Gurfinkel, Chief Development Officer, Basic Element

Timothy Beardson, Chairman,Albert Place Holdings, Hong Kong SAR

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economy will emerge. Sales of hydro car -bons and raw materials account for nearly50 percent of revenues in Russia’s budgetstructure. One of the meeting co-chairs,Peter Loukianoff, Chairman, Third RomeBlack River Ventures, USA, believed that‘Russia needs to diversify its economy toget rid of that dependence, so that onlyone-fourth of revenues come from hydro -carbon sales.’ And, according to PeterDroussiotis, Founder and Chairman,PGD Strategy, United Kingdom, ‘thecountry needs to privatize and open up theeconomy to secure production for inwardinvestment from abroad.’ ‘The rule of lawhas to be strengthened. The reformsannoun ced by the government earlier in2013 are a huge challenge but we need tocarry them through to improve the economicclimate,’ added Alex Polynov, Co-founder,Founderfellows, Russia. ‘Russia mustachieve a highly-competitive economy in alldirections. We need to promote the idea ofdiversification,’ asserted Stacy Kenworthy,Chief Executive Officer, OptiGlobal, USA.

‘Russian firms have achieved only the firsttransformational step necessary to embraceglobal integration. They need to re-orientfrom a traditional domestic strategy to awider global approach,’ said Alexander

Mitev, Managing Partner, Terreus Capital,Switzerland. Participants agreed that mostRussian firms still lack experience in lea -ding international teams. ‘It will take a fewmore years for them to catch up. It’s nowprime time to leverage global value chains,’maintained Sergio Millian, President,Russian-American Chamber of Commercein the USA, USA. Roza Gazizova, Mana -ging Director, Silk Road Finance, Myanmar,explained that ‘as Russian firms get bigger,they need to start thinking about globalpositioning.’ ‘Some of them are seeingforeign markets as more than just places totrade their products and services – they

Eugen Adami, President, Cyprus Shipping Chamber, listening to the remarks of the meeting co-chairs

Sergio Millian, President, Russian-American Chamber of Commerce in the USA

Peter Loukianoff, Chairman, Third Rome Black River Ventures, USA

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are establishing R&D facilities, manufac tu -ring sites and hiring local talent,’ conveyedAlexey Chernikov, Partner, Sloane SquareCapital Partners, Russia. AlexanderVaisblat, Chief Executive Officer, TVzor,Russia, recommended ‘the creation ofcorporate cultures that would recognizeand realistically evaluate globalization andits consequences.’

‘Can Moscow become a major inter natio nalfinancial hub on the lines of New York,Hong Kong, London or London?’ askedPhidias Pilides, President, CyprusChamber of Commerce and Industry,Cyprus. ‘The Russian government has made

it a priority to turn Moscow into an inter -national financial center. The authoritiesare currently establishing the educationalframework to train the specialists that aglobal financial center requires,’ reportedRustem Bogdanov, Co-Owner, BI&RConsulting, Russia. ‘An effective regulatorysystem and a developed domestic financialmarket are the key conditions for creatingan international financial center in Moscow,’said Oltmann Siemens, Member of theInternational Advisory Board, InternationalFinance Forum, China. And: ‘Moscow asfinancial center has to improve the marketfor initial public offerings. The successfulIPO of the Moscow Exchange in Februarywas a good test of the introduced reforms,’said Nontas Metaxas, Director General,Cyprus Stock Exchange, Cyprus.

Amongst the participants was a group ofyoung Russian entrepreneurs who reflectedon the characteristics of Russia’s nextgene ration of entrepreneurs, as well as thechallenges and opportunities of this gene ra -tion. Panel chair Michael Gurevich, Co-founder, International Young Enterpreneurs’Club, USA, asked how Russia’s youthfulvigor can be channeled into the country’sgrowth strategies. How will the govern mentnurture young innovators? ‘The future

Phidias Pilides, President, Cyprus Chamber of Commerce and Industry – spearheading financial services

Alexander Vaisblat, Chief Executive Officer, TVzor – how can Russian firms develop greater sustainability

Petros G. Doukas, Chairman,Capital Partners, Greece

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belongs to us upcoming entrepreneurs,’said Alexander Kharitonov, Memberof the Board, Trustcom, Russia. ‘We wantto work in a highly stimulating, creativeand rewarding environment,’ said DayanaKarmeeva, Managing Partner, GoldenBrown Real Estate, Russia. According toGuzel Garaeva, Chairman and ManagingPartner, GR Capital, Russia, ‘Russia needsto harness the creative power of its youngand inspiring entrepreneurs.’ ‘We youngRussian business leaders need to dream big,’Taisiya Kudashkina, Chief Execu ti veOfficer and Co-founder, tulp.ru, Russia,concluded.

By creating more inclusive educationalsystems, Russia can unleash its human capitalto realize its full economic potential,’ saidMark Minevich, President, Going GlobalVentures, USA. Also, while in the past thecountry’s strong educational legacy hasbeen a positive factor in its outlook, there isconcern about a systematic decline that couldbecome a roadblock for economic progress

and prosperity. Alexander Drougov,Chief Executive Officer, Damask, Russia,suggested, that ‘educational institutions hadsuffered considerably after the collapse ofthe Soviet Union, and that reform was cri -ti cal to the Russia’s future.’ Indeed, ‘Russianeeds more entrepreneurs and well-versedma na gers,’ commented Tahir Akhtar,Chairman, Adam Holdings, UAE.

Panelists examined the importance ofleadership, management, and businesseducation. They also flagged-up demo -graphic decline as a serious issue facingRussia in the future. ‘Similar to Japan,Russia’s demographic future is alarming,’

‘We young Russian business leadersneed to dream big’ Taisiya Kudashkina, Chief Executive Officer and Co-founder, tulp.ru, Russia

Inward Investment – Assessing Risks and Opportunities Iurii Seniuk, Chief Executive Officer, Global Strategy Centre,Ukraine

Tahir Akhtar, Chairman, Adam Holdings, UAE – on managerial ethics

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Yusuke Otsubo, Managing Partner, UMJRussia Fund, Japan asserted. ‘Russia facesdifficult demographic realities unless birthrates rise significantly,’ Chiara Corazza,Managing Director, Greater Paris Invest mentAgency, France, added. ‘Emancipation mighthave spread all over the world but traditio -nal roles of women are still eminent withinRussian society. We need to encouragemore female entrepreneurship,’ AlenaPopova, Co-founder, Startup Women,Russia, concluded.

In recent years, economic ties have beenstrengthening between Russia and Cypruswhich is a direct result of ongoing jointefforts to nourish the development ofeconomic and financial relations. From aneconomic perspective, Russia and Cyprusare tightly intertwined. Cyprus is a goodplace to do business from – people arefriendly and for Russians it is very conve -nient because many Cypriotes speak someRussian,’ said Sergey Demin, Chairman,Synergy Technologies, Russia. ‘The Russiancommunity here feels itself a part ofCyprus,’ added Andrey Smirnov, Direc -tor, Interros International Investments,Cyprus. Russian banks held € 30 billion ormore of their deposits abroad in Cyprus atend-2012. ‘Over the last five years Cypriotentities accounted for € 60 billion, or 23percent, of foreign direct investment intoRussia, while 30 percent of Russian invest -ment abroad was in Cyprus,’ according toEvgenios Evgeniou, Chairman, Cyprus

‘Emancipation might have spread allover the world but traditional roles ofwomen are still eminent within Russiansociety. We need to encourage morefemale entrepreneurship’ Alena Popova, Co-founder, Startup Women, Russia

Yuri Istomin, Senior Partner, UCF Invest, Russia

Michael Afanasiev, President, Rocos, Russia

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Evgenios Evgeniou, Chief Executive Officer Cyprus, PwC

Chiara Corazza, Managing Director, Greater Paris Investment Agency, France

Russian Business Association, Cyprus. Thatmeans Cyprus – which accounted for 30percent of the FDI stock in Russia at the endof 2012 – astonishingly invests five times thesize of its economy in Russia. According toMichael Afanasiev, President, Rocos,Russia, ‘the links are of virtual character asthe ultimate owner of most of Russian FDItends to be Russian since many Russianowners structure firms as a Cypriot parentowning a Russian unit.’

Ties between Russia and Cyprus recentlycame under some scrutiny by Europeanpolicymakers who questioned whetherCyprus was a hub for Russian moneylaundering while pressing Moscow toextend its € 2.5 billion loan to help theisland avoid bankruptcy. ‘We denyallegations of money laundering,’ saidConstantinos Petrides, Under Secretaryto the President of Cyprus. ‘Cyprus gottop marks in assessments by independentreview bodies, such as Moneyval, an armof the Council of Europe. Cyprus remainsan attractive investment destination. Oureconomy will benefit from constructivemeasures that will lead to a more flexible,efficient and ultimately more competitiveenvironment,’ he added. ‘We don’t likethat losses have been imposed on banks as

a condition for EU aid,’ stressed DemetraKalogirou, Chairman, Cyprus Securitiesand Exchange Commission, Cyprus. Mostof the cash that transits Cyprus is not blackmoney. Russian investors like the islandthanks to its 10 per cent flat tax rate, whilethe Cypriot legal system, based on Englishlaw, is often more appealing to Russiangroups than the local alternative. Accordingto Charis Papacharalambous, DirectorGeneral, Cyprus Investment PromotionAgency, Cyprus, ‘there are plenty oflegitimate businesses that use Cyprus as partof holding structures because it is con -venient and cheaper than other European

Alena Popova, Co-founder, Startup Women, Russia, speaking onRussia’s entry into the WTO

Constantinos Petrides, Under Secretary to the President of Cyprus – Cyprus remains an attractive investment destination

Marios Klitou, Treasurer, CyprusInvestment Promotion Agency,Cyprus

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Sergey Demin, Chairman, Synergy Technologies, Russia

jurisdictions.’ ‘In any case, the Cypriotegovernment has offered the European Unionan alternative way to audit its financialsystem for possible money laundering,’Theo Parperis, President, Institute ofCertified Public Accountants of Cyprus,Cyprus, added.

Both Cypriote and Russian participantsunderlined that there is nothing dubiousabout the Russian deposits in Cyprus andthe special vehicles in use to repatriateinvestments. ‘The use of such vehicles isdriven by the 1998 Russia-Cyprus tax treatythat lets Russians pay a low 5-percent rateon dividends, the use of English law, areputation for light touch regulation while

acknowledging Russian political risk,’explained Christos Mavrellis, FormerMinister of Finance of Cyprus. By movingassets to the island, some Russian investorshoped to shield their savings from the risk offuture confiscation,’ Eli Braha, Mana gingPartner, Berkley Acquisitions, USA, said.

The Russian government has recentlycomplained that a reliance on offshorefinancial centers is robbing Russia of taxrevenues and capital. A net € 60 billion ofcapital left Russia in 2012. President Putinhimself demanded in 2012 that Russia’seconomy ‘de-offshore’. Yet this instructionappears not to apply to Cyprus. Russiaremoved the island from a ‘blacklist’ ofcountries to avoid investing in. Cyprus isstill the number-one destination forRussian money being sent abroad and thenumber-one direct investor in Russia.

Alexey Jarkov, Chief Executive Officer,CPI, Russia, commented that Cyprus’sappeal is very clear: sunny weather, a shortfour-hour flight from Moscow, ease ingetting a visa, tax efficiency, permanentresidency if one buys property for over€ 300,000, and an established communitythat includes Russian schools and Russianmedia – all put Cyprus ahead of other

Charis Papacharalambous, Director General, Cyprus Investment Promotion Agency

Iurii Pidnebesnyi, Director, International Fund of Spiritual Diplomacy, Ukraine

Eli Braha, Managing Partner, Berkley Acquisitions, USA

Olga Slavkina, Managing Partner, Schmoozy Fox, Belgium

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centers, he says. ‘I believe Cyprus willcontinue to serve as preferred destinationof Russian investors,’ concluded IgorPivovarov, Chief Executive Officer,HemaCore, Russia.

Horasis – together with our strategicpartner Baker & McKenzie – announcedthe 2013 Russian Business Leaders of theYear celebrated three outstanding entre -preneurs who have been building andleading successful Russian firms… werecognize and honour those businessleaders as they excel in entrepreneurship,innovation and leadership. ‘The chosenleaders have decisively impacted the eco -nomic development and global integrationof Russia,’ said Igor Makarov, Partner,Baker & McKenzie, Russia, who announ cedthe award winners during a special plenary.The award winners are: VladimirChouikov, Chairman, Gotek Group, Rus -sia; Natalya Kaspersky, Chief ExecutiveOfficer, InfoWatch, Russia; and Suren O.Vardanyan, Director General, MoscowInvestment and Export Promotion Agency,Russia.

The Global Russia Business Meeting closedon a note of optimism about the future ofthe Russian economy. A key message from

the meeting was that to deliver sustainabledevelopment, any economic activity mustbe – according to Alexander I. Ageev,Director General, Association of Ortho doxBusiness Leaders, Russia – ‘embedded in thesocial, environmental, political, and finan -cial systems with which it is intertwined.’‘The most important growth driver forRussia and the other BRIC-economies aresocially responsible development strate gies,’said Iurii Pidnebesnyi, Director, Inter na -tional Fund of Spiritual Diplomacy, Ukraine.Maximilian Martin, Global ManagingDirector, Impact Economy, Switzerland,voiced his wish that business leaders developthe right attitude towards society at large.According to Symeon Kassianides,

Mikhail Treyvish, President, OmniGrade Rating Monitoring Agency,Russia, during a panel discussion

Alexander I. Ageev, Director General, Association of Orthodox Business Leaders, hosting a panel

Maximilian Martin, Global Managing Director, Impact Economy,Switzerland

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Mark Minevich, President, Going Global Ventures, USA

Chair man, Hyperion Systems Engineering,Cyprus, ‘people shall embrace each otherfor their differences and get strength fromdiversity.’ And, as Mikhail Treyvish,President, OmniGrade Rating MonitoringAgency, Russia, put it: ‘we should rememberthat a sustainable future can only be builtcollectively.’ His statement drew a roundof applause.

As with the previous editions of themeeting, delegates headed for the closingdinner during the evening hours. Anoccasion to revel in newly-forged net worksand friendships, the dinner offered furtherdebates and reflections. ‘The 2013 GlobalRussia Business Meeting delivered analysis

needed to address risks and opportunitiesand achieve sustainable financial stabilityand economic growth,’ summarizedMichalis Louis, Chief Executive Officer,Eurobank Cyprus, Cyprus.

We at Horasis are very pleased with theresults of the 2013 Global Russia BusinessMeeting and the feedback from partici pantsin the event. For four years now this inter -national event has attracted delegates fromRussia and countries all over the world.‘The meeting aimed to shape Russia’s eco -nomic agenda in pursuit of a prosperousfuture,’ stated Sergey Lozhkin, ChiefExecutive Officer, First BIT, Russia. And,according to Ioannis Kassoulides, Mi -nister of Foreign Affairs, Cyprus: ‘I couldsense – despite the current financial crisiswe are experiencing here in Cyprus – anenormous interest on both the Russian andCypriote sides, with companies embracingthe idea of a Global Russia Business Mee -ting here on the island and being ready tooffer their support.’ ‘There is a great dealof attention focused on Russian business inCyprus, and the meeting offered Russiancompanies an opportunity to meet key localand global business leaders,’ concludedMargarita Papchenkova, Correspon -dent, Vedomosti, Russia.

The meeting attracted worldwide media attentionMore than 300 participants from 30 countries attended the meeting

John B. Kidd, Research Fellow, Aston Business School, United Kingdom

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Valentin Romanov, Executive Director, SUN Group, Russia

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On behalf of Horasis, I would like topersonally thank Nicos Anastasiades,President of the Republic of Cyprus whogenerously agreed to act as patron of the2013 Global Russia Business Meeting. Mythanks go also to Cyprus InvestmentPromotion Agency (CIPA) – the mee -ting co-host – as well as to the co-chairs,co-organizers, partners from the privatesector and all participants. This GlobalRussia Business Meeting was a uniqueexperience which would not have beenpossible without the dedication andenthusiasm of our friends and supporters.

It is our hope that the meeting will continueto serve as an important platform forstimulating thought and creative solutions.Horasis looks forward to welcoming youback to next year’s edition of the GlobalRussia Business Meeting which will beheld 6-7 April in Valencia, Spain. Also,Horasis takes great pleasure to invite you totake part in our other upcoming meetings,namely the Global India Business Meeting,Global China Business Meeting, GlobalArab Business Meeting as well as theHorasis Annual Meeting.

Dr. Frank-Jürgen RichterChairmanHorasis: The Global Visions Community

Closing Plenary Panel – Russian Firms Leading in a Globalized World

Taking notes

By Christodoulos E. Angastiniotis, Chairman,CIPA

I am particularly pleased that Cyprus waschosen to host this year’s Global RussiaBusiness Meeting . It is well known thatCyprus and the Russian Federation main -tain close and friendly relations, continuingregular and constructive discussions on avariety of political, economic and businessissues. Both countries have always reliedon the support of each other in the inter -national arena. I have no doubt that Cyprusand Russia will continue to enjoy a fruitfulrelationship and the confidence among thebusiness communities of the two countrieswill strengthen even further in the future.

The Global Russia Business Meeting hascertainly proved a solid platform for theexchange of ideas and experiences oncurrent world issues and trends that affectRussia, its economy and its position on theinternational business map. It was particu -larly encouraging that we had hundreds ofsenior business and government officialsparticipating, not only from Russia, but fromanother 40 countries around the world.

Cyprus remains one of Russia’s importanteconomic partners and this is particularlyevident by the growth of Russian companiesin Cyprus. Doing business with Russia is ofvital importance for the Cyprus economy.Cyprus, through its quality business servi ceshas been used as a bridge for channelinginvestments by major international players.It has also become a springboard for Russiancorporations to develop their internationalactivities to the rest of the European Unionas well as the Middle East and Africa.

The Cypriot-Russian co-operation hasundoubtedly been successful. Cyprus andRussia experience a close knit businessrelationship as evidenced by the fact thatForeign Direct Investment into Cyprusfrom Russia and vice-versa have increasedsignificantly in the past couple of years.Foreign inward investment is recognized asa major contributor to our country’ssustainable economic development andsocial prosperity. Our investment policy isvery liberal and offers significant benefitsand many niche opportunities to investorsacross all sectors.

I would also like to emphasize that the signeddouble tax treaty between the Republic ofCyprus and Russia Federation is a continu a -tion of the strengthening of the existingsolid bilateral investment relationship. Atthe same time this acts as a catalyst of newinvestment opportunities between the twocountries. This signature was the highlightof a series of negotiations with principal aimto improve the business relations and theflow of trade between Cyprus and Russia.This was achieved by amending the old taxtreaty to take into account developments

Redesigning Russian-Cypriot Business Relations

Ioannis Kassoulides, Minister of Foreign Affairs, Cyprus – on the world at crossroads

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in the tax legislation of both countries andcombating tax evasion by ensuring that thetreaty provisions are benefiting genuinebusiness relations. Both countries supporteach other and actively attempt to findopportunities for partnership. The imple -men tation of this signed agreement notonly enhances the business environment,but also benefits other areas of growth. An event such as the Global Russia BusinessMeeting provides a strong platform forfurther collaboration.

Cyprus has long established itself as aninternational business centre that can caterfor the specific needs of each investor andprovide customized quality services thatenhance the ease of doing business. Cyprusprovides Russian investors with a widerange of rewarding opportunities in varioussectors, particularly in the areas of Energy,Shipping, Financial Services, InvestmentFunds as well as Development of Large-Scaleand Infrastructure Projects. Moreover, thefact that Cyprus has traditionally establishedstrong political, economic, trade, investmentand cultural ties with Europe and manycountries in its region and beyond, sets theisland as a location for entrepreneurs wishingto establish their business or use it as a hubto access the European Market.

We fully recognize the unfortunate impactto all investors for the restructuring of Bankof Cyprus and the resolution of Laiki Bank.It has been explicitly stressed in the speechesby the President of Republic of Cyprus andhis Ministers that the Cyprus Governmentis already taking the necessary measures toovercome the difficulties that the countryis facing and is assessing the situation on adaily basis in order to maintain and strengthenthe relationship between Cyprus and Russia.One of its main priorities would be tosup port all businesses which have beenimpacted by the decision of the Eurogroupas well as further enhance the co-operationwith Russia. Furthermore, President NikosAnastasiades used the Global Russia BusinessMeeting as a podium to announce his plansto visit Moscow and meet with PresidentPutin in the near future.

The Global Russia Business Meeting alsohighlighted the fact that Cyprus has all theadvantages and resources to put together asuccessful future on an enhanced economicdevelopment model. This will be led by astrong private sector which will act as acatalyst of economic activity and will befully supported by the public sector and theGovernment. Cyprus also maintains itscompetitive advantages around its stable

Plenary panel on trade and investment, hosted by Platon Monokrousos, Chief Economist, Eurobank, Greece

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and beneficial legal and regulatory frame -work and tax incentives. Moreover, theadvantages of foreign companies registeredin Cyprus, will not be affected or changed.The qualified business services that supportlocal and foreign investors are still intactand well-built.

After the storm comes a calm, it is obviousthat in the same way the country is nowentering a new phase of stability andpotential growth. Through our people andbusinesses’ collective efforts, Cyprus willemerge stronger with a more significantgeopolitical and geostrategic role. Wewould like to ensure that Cyprus remainsan attrac tive investment destination andwe expect the economy to benefit fromconstructive measures and the steps whichwill be announced by the Governmentwhich will lead to a more efficient andultimately more competitive businessenvironment.

The outcome of the Global Russia Busi nessMeeting has been particularly encouragingas the participants have expressed theirconfidence that Cyprus will recover quicklyfrom this crisis and will most definitelycontinue to offer an exceptionally attractivepackage for foreign investors. Some of thebusinessmen and officials have also statedthat Russia, which has deep experience indealing with financial crises, will remainfirmly close to Cyprus and assist in everypossible way in this transitional period forthe Cyprus economy.

Finally, I would like to convey my confi -den ce that my country will find its road toprosperity very soon and that Russia willplay an important role in that. Furthermore,I am certain that Russia itself will continueits progress and further improve the easeof doing business there while also furtherexpand geographically to every corner ofthe world. Russia’s vast resources and itspeople’s entrepreneurship will clearlydrive the country forward.

Participants listening to the panelists during the opening plenary

Press conference

Taisiya Kudashkina, Chief Executive Officer and Co-founder, tulp.ru

During a networking break

Community building At the registration desk

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Celebrating the 2013 RussianBusiness Leadersof the year

By Igor Makarov, Partner, Baker & McKenzie, Russia

We distinguish and honor three executivesas Russian Business Leaders of the Year whohave demonstrated leadership and businessacumen in an exceptional manner. The awardsgo to Vladimir Chouikov, Chairman,Gotek Group, Russia; Natalya Kaspersky,Chief Executive Officer, InfoWatch, Russia;and Suren O. Vardanyan, DirectorGene ral, Moscow Investment and ExportPromotion Agency, Russia.

Natalya Kaspersky personally repre -sents the great success story of a Russianbusiness woman. The award recognizesMrs. Kaspersky’s life and career achieve -ments, including the global success ofKaspersky Lab and current success ofInfoWatch Group of companies. InfoWatchis a leading Russian IT-company, whichspecializes in the office communicationand security solutions and software. It is avery dynamic and growing IT-company,which notwithstanding its young age playsa visible role in Russia’s IT-sector. InfoWatchrecently acquired a few European IT-com -panies following its expansion strategy.

Vladimir Chouikov, Chairman, GotekGroup is a classic Russian entrepreneuractive in the industrial sector. He is anentrepreneur who builds new factories,creates new assets and values, and createsemployment. The Gotek Group is a suc -cess ful example of how a small regionalcompany can become a leading nationalplayer and a leader in its respective in -dustrial sector. Gotek is now the foremostRussian packaging manufacturer, whichsuccessfully competes with major globalbrands active in Russia.

Natalya Kaspersky, Chief Executive Officer, InfoWatch, receiving the award

Igor Makarov, Partner, Baker & McKenzie, Russia, announcing the Russian Business Leaders of the Year

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Suren O. Vardanyan, Director General,Moscow Investment and Export PromotionAgency (MIEPA) is a very well-knownperson in Russian and international businesscircles, who throughout the years hasdemonstrated great dedication and personalsupport to the Global Russia BusinessMeeting. MIEPA is a sound business orga -ni zation which plays an important role insupporting investments and improving thebusiness climate in Russia.

The three award winners, selected by a juryled by Horasis and Baker & McKenzie, havebeen recognized for embodying the corevalues of successful leaders, i.e. innovation,entrepreneurial spirit, and their ability tocarve out successful business. They trulydeserve to be honored as Business Leadersof the Year.

The award winners, with Igor Makarov and Frank-Ju� rgen Richter

Vladimir Chouikov, Chairman, Gotek Group Suren O. Vardanyan, Director General, Moscow Investment and Export Promotion Agency, with Igor Makarov

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On the terrace of the Four Seasons Hotel

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The meeting was supported by a host of partners from Russia, Cyprus and beyond

Musical entertainement during the opening ceremony

The Global Russia Business Meeting offered simultaneous interpretation services

Horasis: The Global Visions CommunityThurgauerstrasse 40CH-8050 ZurichSwitzerland

phone +41 79 305 3110fax +41 44 214 6502

www.horasis.org