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Representatives from more than 500 foreign companies and the heads of major international organizations, such as the UN and the IMF, are attending the annual St. Petersburg International Economic Forum.

Thirty-nine ministers from 26 countries have also confirmed their participation.

The forum provides for more than 100 business events under the theme of "Achieving a New balance on global Stage".

Russian officials say the forum, which includes more than 12,000 participants from around the world, gives Russia the opportunity to shine on a global stage.

A large number of US businesses are also attending the forum. The Obama administration discouraged US companies from participating last year, but the situation has become quite different under Donald Trump's helm.

There are also business dialogues involving Russia and France, Japan, and countries in Latin America and Africa.

Panel discussions on improving economic cooperation among BRICS countries, including China, will also be held to determine the challenges that regional economic integration faces.

According to the forum’s chief organizer, this year’s forum will focus on the current status of the international economic system and the prospects for its sustainable development. All 108 business events at the forum will search for the best paths to solve pressing problems and make use of emerging opportunities.