"I think there is a great deal of interest amongst European businesses to continue to work and to increase the level of interaction with Russia," the expert told Sputnik.
Economic relations between the West and Russia slowed down after the EU and the US introduced sanctions against Moscow over its alleged involvement in the Ukrainian crisis. European entrepreneurs have repeatedly called on their governments to lift the restrictive measures as they had a negative impact on the economies of EU countries.
According to Otty, Europe continues to invest in foreign projects, including those in Russia. Although some people claimed that the investment activity of the European Union slowed down, Otty stated that during the forum the opposite trend could be seen.
"We actually saw an increase of foreign direct investment projects and an increase in the number of employment created as a result of that. So that was very exciting. I think long-term there will continue to be some challenges in Europe, but we have a very able work force, we have great technological know-how, and I think Europe will continue to be an important part of the global economy," Otty said.
The expert also mentioned that Russia is likely to expand its markets and develop fruitful economic ties with the African continent.
"The first thing to recognize is that there seems to be a great deal of African participation in this event which is quite different from what we've seen in prior years. There is a real interest from the African continent to engage with Russia both at the governmental level and the private sector," the expert said.
The St. Petersburg International Economic Forum (SPIEF) is an annual event that invariably draws attention of major companies across the world. Among this year's guests are European Commission President Jean-Claude Juncker, Italian Prime Minister Matteo Renzi and executives from the world's leading companies.
