Discussion Session with Professor Igor Yurgens

Prof. Igor Yurgens, Vice-President of Renaissance Capital and director of the prestigious Russian think tank “Institute of Contemporary Development” spoke at an Early Bird Breakfast about the challenges currently facing BRIC countries. He made a point of emphasizing both the differences and common features of the countries concerned (Brazil, Russia, India and China). In addition to existing institutions, the infrastructure and the financial markets, the comparative parameters included innovative capacity and technological speed. He was of the opinion that it had become apparent in the recent global financial and economic crisis in particular that, in view of the unequal development of the various countries, the term “BRIC” has probably outlived its usefulness. Thus it will probably disappear from everyday parlance. He also cast doubt on the prospects of the “conservative modernization” currently being introduced in Russia. In order to assert itself successfully in the future Russia needed far-reaching changes in the educational sector, in functional administration and in applied science. He concluded by briefly explaining his views on Russia’s relations with China and the West.

This report was written by Munich Young Leader Beate Satory, Associate Fellow at the German Council on Foreign Relations.

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