The changing face of the economic and political structures of the NIS was the focus of a conference held on Friday, July 19, at the Minneapolis Convention Center. Organized by the American-Russian Chamber of Commerce & Industry (ARCCI), the Minnesota Trade Office and the U.S. Department of Commerce - Minnesota Office, the conference focused on the re-election of Russian President Boris N. Yeltsin and featured speakers from throughout the NIS and U.S. who highlighted the vast array of investment opportunities available in the Russian Federation.
Industry executives led the discussion of the financial and legal makeup of the governments of the NIS. The featured moderator, Professor Melor Sturua of the Hubert H. Humphrey Institute of Public Affairs at the University of Minnesota, initiated the discussion with an anecdotal overview of the general banking aspects of trade. Speakers Thomas M. Jones of McDermott, Will & Emery and ARCCI, Leonid Shatz of Sberbank in St. Petersburg, Russia and Leonard Kreimer of the American-Russian/NIS Trade and Investment Center, gave crucial advice on current financial and legal issues in the NIS.
Another group analyzed the complexities of conducting business in the NIS and covered essential details of developing a strong operation. Moderator Alex Shifrin of Globus International, Inc. and Helen Teplitskaia of the ARCCI discussed trading and joint venturing, strategic planning, risk management, distribution networks technology transfer and practical market insights.
Milana Bergthold of Land O' Lakes, Inc. contributed her advice. "Be clear and concise in your communications. Make sure you clearly state your goals so that your partner has a clear understanding of your intent," she stressed. "Get to know your partner."
Edward A. Benson of Benson & Company, Inc. underscored Russia's role as a host for international business opportunities: "It now appears that reform in [Russia] is forthcoming, and the Russian economy is headed in the right direction. If this part of the world interests you, it is time to get involved," he said.
Edoardo Pieruzzi of 3M offered sound advice on conducting successful operations in Russia. "3M has always approached international business with an eye toward long-term results," he said. "This approach has served us well, but it requires a considerable amount of patience and flexibility. We begin our work in small ways, specially suited to local customer needs. We work to build trust through relationships, high-quality products and excellent service."
The event culminated in an insightful presentation by Ernest S. Micek, Chairman of the Board, President & CEO of Cargill Inc. Mr. Micek discussed the re-election of President Yeltsin and the blossoming opportunities for investment in the NIS. "Russia and the other states are ancient countries, with rich histories and cultures," he said. "But we can easily lose sight of the fact that the Russia on today's commercial world stage is in its infancy. It's less than six years old, and it is still going through enormous growing pains. In that kind of environment, we have to be flexible, adaptable and quick."
The conference was sponsored by McDermott, Will & Emery and Lufthansa. Event co-sponsors were ABN-AMRO North America, Inc., American-Eurasian Chamber of Commerce, American-Russian Business Institute, American-Russian/NIS Trade & Investment Center, Globus International, Inc. and Imnex International, Inc.