Business 20 Summit participants discuss preconditions for sustainable and balanced growth
The discussion under the heading "What Needs to Be Done to Prevent Another Crisis and Generate Strong, Sustainable and Balanced Growth?" was held as part of the Business 20 Summit in St.Petersburg on June 21. The meeting was organized by the Organization for Economic Cooperation and Development (OECD) and the Russian Union of Industrialists and Entrepreneurs (RSPP). The event was attended by heads of major businesses from Mexico, Russia and Australia, and heads of the B20 Task Forces.
Participants discussed the challenges that the private sector is facing after the economic decline in a linkage to the 2013 priorities of the G20 and the Business 20. In particular, the meeting focused on job creation, investment, trade as a growth factor, issues of trust and transparency, expanding access to financial services, financial regulation and other sources of growth.
The meeting also featured the presentation of the report "From Toronto to St.Petersburg: Assessing G20-B20 Engagement Effectiveness" prepared by the G20-B20 Dialogue Efficiency Task Force. The report includes, among other things, an evaluation of the G20 members' compliance with their commitments resulting from the Business 20 recommendations.
The participants agreed to move forward with cooperation in this area during the incumbent and future presidencies of the Business 20.