BRICS to Generate Major Increase in Global GDP: Putin
15:43 18.10.2024 (Updated: 15:55 18.10.2024)
© Sputnik / Сергей Бобылев
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MOSCOW (Sputnik) – At the BRICS Business Forum, President Putin highlighted the group's vital role in global economic growth and reaffirmed Russia's commitment to expanding the New Development Bank for innovation and infrastructure in the Global South.
"BRICS already plays a significant role in the global economy not only today, but it is also quite obvious that this role will only increase in the future. The countries that are part of our association are the drivers of global economic growth. It is in BRICS that the main increase in global GDP will be generated in the foreseeable future," Putin said at the BRICS Business Forum on Friday.
The President also noted the importance of a close economic partnership between BRICS countries, saying that joint work brings tangible results.
"At the end of the current year, the average economic growth rate in BRICS is forecast at 4%, which is higher than the rates in the G7 countries, where it is only 1.7%, and the global rate. The global rate will be 3.2%, according to the forecast," Putin said.
At the same time, the combined GDP of BRICS countries confidently exceeds these indicators of the G7 countries and continues to grow, the president said, adding that economic growth of BRICS countries will depend less and less on external influence.
🔥 BRICS to generate major increase in global GDP - 🇷🇺Putin (Hindi voiceover👇) pic.twitter.com/ClYpO3CMaq
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Putin further highlighted that Russia is open to mutually beneficial business cooperation.
"Russia is fully open for mutually beneficial business cooperation. We create comfortable, global competitive conditions for business both domestic and foreign, for attracting capital and technologies from abroad. First of all, of course, we cooperate with you," Putin emphasised.
The realisation of the BRICS potential will bring maximum benefit to the participants of the association, the president added.
A special role in strengthening financial cooperation belongs to the new development bank, Putin stressed.
"It is a good, powerful, efficient structure. It has a solid capital base and a team of experienced experts. As a development institution, the bank is already an alternative to a significant number of Western financial mechanisms. And, of course, we will develop it without opposing anyone, it is just an independent structure, we will expand its capabilities," Putin said.
‼️ Plans to create single digital infrastructure for BRICS - 🇷🇺Putin (Hindi voiceover👇) pic.twitter.com/t3E8I8wHYC
— Sputnik India (@Sputnik_India) October 18, 2024
Russia will expand the capabilities of the New Development Bank, and it should become the main investor in BRICS and Global South, Putin added.
Russia also closely cooperates with the BRICS countries in the field of innovation and digital economy, Putin underscored.
"We also closely cooperate with our BRICS partners in the field of innovation and digital economy. We, of course, look to the future, we work on numbers. We jointly develop e-commerce, are engaged in the implementation of the Internet of Things and artificial intelligence technology, and the processing of big data," Putin underscored.
Russia is rapidly switching traffic flows to reliable foreign partners, among the flagship projects are the Northern Sea Route and the International North-South Transport Corridor (INSTC), Russian President highlighted.
"These continental arteries are designed to provide short profitable trade routes, connect large industrial, agricultural and electric power hubs with consumer markets," Putin added.
Russia is replenishing its icebreaker fleet and modernises satellite constellations as part of the Northern Sea Route development, Putin noted.
🔥 Russia Expands Icebreaker Fleet, Upgrades Satellites for Northern Sea Route: 🇷🇺Putin (Hindi voiceover👇) pic.twitter.com/1j5lYbdnbx
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"We are implementing a large-scale development plan for the Northern Sea Route, replenishing the icebreaker fleet, including nuclear-powered vessels, coastal flights have been launched to test routes, satellite groupings are being modernised, new fuel terminals, shipping safety centers and other coastal infrastructure facilities are being built. Road and rail approaches to seaports are expanding," Putin said.
The North-South international transport corridor connects the terminals of the Persian Gulf and Russian ports in the north, Putin explained.
