The potential for further development of BRICS is still far from exhausted, and member countries can work together to increase the complementarity of their economies through a dedicated growth platform, Russian President Vladimir Putin said at an Outreach/BRICS Plus session during the summit in New Delhi.
“The potential for further development of BRICS is far from exhausted. One of the key reserves that has yet to be fully utilised is the complementarity of the member countries’ economies. “this is about creating a common BRICS growth platform that would organically combine the competitive advantages of our economies,” the Russian leader said.
Putin noted that BRICS countries continue to see population growth year after year, their domestic markets are expanding and infrastructure is developing.
According to the Russian president, intra-BRICS trade has already reached $1.2tn, while BRICS accounts for the main share of global GDP growth — 49 per cent. He stressed that the group is one of the driving forces behind the strengthening of multipolarity in international relations.
In this context, Putin called on member countries to “take a closer look” at Russia’s initiatives to optimise co-operation, including the creation of payment infrastructure, a grain exchange and other mechanisms. He also called for strengthening the capacity of the New Development Bank (NDB).
“The bank has already financed 123 projects worth almost $40bn. This is, of course, a good result, but financing needs are much greater. A new investment platform could help meet these needs. By using modern financial technologies, it would make it possible to attract long-term capital, including private capital, not only to BRICS countries but also to the economies of our partners in the Global South and East,” the president said.
Putin also expressed hope for further BRICS co-operation with international partners in the interests of comprehensive development.
Earlier, speaking at the BRICS Business Forum, Russian President Vladimir Putin said Russia had proposed creating an investment platform based on the BRICS New Development Bank. According to him, the initiative would help attract additional private investment into infrastructure and technologies in the group’s member countries. (Afr Initiative/GSF)