Galal, the leader of PwC's Global Cities and Local Government Network, moderated a plenary session here at the International Business Forum, which included the likes of Sochi 2014 President and chief executive Dmitry Chernyshenko and Russian deputy Prime Minister Dmitry Kozak.

Also speaking were Alexander Grigoriev, chief executive of Ingosstrakh, partner insurance company of the Sochi 2014 Olympics; Shigeo Suzuki, President of Panasonic Russia; John Reid, Coca-Cola vice President of corporate social responsibility; Patricia Lopez Vasquez, the general director of Proctor and Gamble's Eastern European arm; Alexander Provotorov, President of Rostelecom; and Nikolay Pryanishnikov, President of Microsoft Russia.

"Sochi really has the potential to do the same as Barcelona," Galal said.

"Russia has lots of opportunities through Sochi, which can be a reversing trend from Russia being a net exporter."

It was a view echoed by Chernyshenko, who also went to lengths to point out that much of what 2014 would be about was sustainable development, but for all of Russia and not just Sochi.

"Sochi is a unique model city," he said.

"We can be proud that after more than six years we have created a programme geared to making the most of the Games, which we can use as a magic wand to take a leap into the future."

The Sochi 2014 chief also lauded the volunteering scheme they have created for not just looking to recruit volunteers from the region but from all of Russia, and pointed out that 1,500 Olympic classes have been held for 50,000 people in Russia thanks to the Winter Olympics.

Kozak also touched on the experience of Barcelona, adding that "30 years of change happened [there] in what would usually take five years."

"We need to maximise the legacy, with the experience of Sochi scaled up nationwide."

The plenary came at the end of the busiest day of the International Business Forum, with Russian Prime Minister Vladimir Putin among the participants in the event.

A host of business leaders have been in Sochi as Russia looks to harness 2014 to deliver a lasting economic boost, as well as a positive legacy to the whole of the country.

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