Secretary General of the UN Conference advises Tatarstan to pay attention to open innovation system
Rebeca Greesnpan — on current problems of international finance and BRICS payment system
The BRICS summit in Kazan finished on 24 October, but not all high-ranking guests left the capital of Tatarstan immediately. The next day, the Investment Development Agency of the Republic of Tatarstan held a meeting with the Secretary General of the UN Conference on Trade and Development, Rebeca Greenspan. “I couldn't even think about missing the chance to ask you for a little lecture for my team!” head of the department Talia Minullina rejoiced. About what advice Greenspan gave to the republic — in the material of Realnoe Vremya.
Collaboration with Latin America in the field of creative industries
Before the meeting, Talia Minullina introduced the Secretary General of the UN Conference on Trade and Development to Tatarstan: she talked about the region's economy, industry, education, sports, and culture.
“Previously, culture was largely subsidised. Now institutions have started to earn money. Now it is a sector that brings money to the budget," the head of the agency also said.
Greenspan admired this fact and invited Tatarstan to join the World Conference on Creative Economy, which was held in Uzbekistan this year:
“Next year it will be in Indonesia. You must participate!”
The conversation about creative industries continued during the meeting with the agency's staff. Greenspan, a former vice president of Costa Rica, noted that Tatarstan has established ties with Africa and Asia, and asked how things were with Latin America. The interaction mainly concerns the oil refining industry, Minullina said. There are interesting projects in the field of agriculture, but due to logistical difficulties they require high costs. In response, the Secretary General of the UN Conference on Trade and Development advised to pay attention to the creative industries: transaction costs are lower there.
By the way, Greenspan also received an invitation during the meeting: she was invited to the Russia — Islamic World: KazanForum 2025 International Forum.
Why strategy is important in economics
During the meeting, the Secretary General of the UN Conference on Trade and Development told the agency's team about the latest trends in the global economy. She drew the attention of the audience to the importance of strategic planning in this sector:
“Both market and plan are necessary. One of the main problems of the market is the lack of coordination. Sectors do not work in isolation, without a strategy that combines different elements.”
The speaker noted that the comprehensive, integrated approach implemented in Tatarstan is one of the main elements of success. Education and investment attraction are necessary. Most investors have heard about the regions, but do not know anything about specific territories, she cautioned. In order to attract finance, it is important to assert yourself.
“You will not be able to exist in the world of investments until you put yourself there. That's why investment agencies are important," says Rebeca Greenspan.
The Secretary General of the UN Conference on Trade and Development also spoke about the current problems of the global economy. According to her, 3.3 billion people live in countries that spend more on debt service than on health and education.
“Global investors have not recovered from the 2008 crisis. Then Covid came, an increase in the cost of living, an increase in the interest rate," she listed.
“You are doing the most important things that need to be done”
The guest praised the economic situation in the republic, however, making a reservation that she needed to be restrained in her judgments: “It's hard to be an expert in a place where you are for the first time.”
“You are doing the most important things that need to be done. First, it is investing in education. I mean not only primary and secondary, but also higher education. Secondly, you are trying to build an ecosystem of innovations. You have a whole technological city, Innopolis," Greenspan said.
She recommended Tatarstan to pay attention to the system of so-called open innovations, in which people have the opportunity to put forward their ideas. A system for implementing these ideas is also needed, Greenspan added. “It should be interesting and feasible in different places," she concluded.
BRICS financial system
The meeting also mentioned the BRICS summit, at one of the meetings of which UN Secretary General António Guterres spoke. Greenspan recalled that he had attended the summit before, when the event was held in South America.
“I think this is a very important group of countries. They represent almost half of the world's population and more than a third of the global economy. This group is growing. A lot depends on how the decisions will be implemented," she said of the BRICS countries.
The centre of global economic growth has moved towards them today — previously it was in the countries of the Group of Seven, the speaker pointed out. The only exception among the major Western states was the United States. Europe, according to Greenspan, is stagnating.
She also stressed the importance of the New Development Bank (NDB), adding that it is important to finance infrastructure projects. Speaking about the alternative financial system of the BRICS, she noted:
“This is not a single currency. Many people think: 'They will have something like the euro.' But this is not quite true.
According to Greenspan, we are talking about creating a “virtual token”:
“They want to find a method in which payments will be automatically transferred to this token. It is a currency for trading, but not a substitute for national currencies.”