The ASEAN-Russia business forum takes place in Sochi, Russia. (Source: sputniknews.com)

Sochi (VNA) – The ASEAN-Russia business forum took place in Sochi, Russia on May 19 on the sidelines of the ASEAN-Russia Commemorative Summit marking the 20 th anniversary of their diplomatic ties.

The event consisted of three panel discussions titled “Towards new ASEAN – Russia economic partnership: essential tools, mechanisms and drivers of growth”, “Russia’s export potential: implementing strategic priorities of ASEAN member states” and “ASEAN-Russia partnership in the new integration architecture of the Asia-Pacific Region: opportunities for businesses”.

The forum aimed to discuss barriers to bilateral trade, each other’s requirements and seek the possibility of partnering with the Eurasian Economic Community, the Shanghai Cooperation Organisation and ASEAN to further boost bilateral trade and investment.

It provided a venue for business people, politicians and experts to speak about economic and investment matters as well as technological cooperation.

Tu Thanh Nghia, General Director of Vietsovpetro – a joint venture between Zarubezhneft of Russia and the Vietnam National Oil and Gas Group (PetroVietnam) also made a speech at the event which was graced by the presence of First Deputy Minister of Economic Development of Russia Aleksey Likhachev and Minister of East Development Aleksay Galuska.-VNA