Russian President Vladimir Putin said direct dialogue between the BRICS leadership and the private sector is highly relevant and allows the grouping to discuss at length issues of economic cooperation.
Hailing the successful implementation of this dialogue, Putin said, "The results are obvious since the establishment of our association the inter-BRICS trade has risen by over 50 percent, and as of 2016, it amounted to 235 USD billion."
"BRICS is facing an important task to join hands to give more impetus to mutual exchanges, not only in trade and investment finance, but also in science and technology . The initiative and contribution of the BRICS business council in implementing the BRICS economic partnership strategy that was adopted during the Russian presidency at the Ufa ummit 2015 ," Russian President said.
"It is encouraging that the business community has active contacts with the governments of five countries to lift barriers that impeded investment and economic cooperation and simplify trading procedures and the banking direction certainly is a big practical step to enhance the role of the business council in the work of BRICS," he added.
Putin said that the five BRICS countries should also step up their energy dialogue.
Putin said, "To this effect, Russia proposes creating a BRICS platform for energy research, which could help promote industry, analytical, academic exchanges, and data sharing."
Together with the Eurasian Development Bank (EDB), the New Development Bank (NDB) is funding two new hydropower projects worth USD 100 million in Russia and other initiatives like the Russian judicial system, introduction of cutting edge technologies ,programmes to modernise the water supply in the cities.
"We believe that these efforts should be aimed at promoting barrier-free online trade, as has already been mentioned by our colleagues, supporting SMEs, and enhancing the efficiency of public-private partnerships.
There is also an agreement to attract funds for the construction of Moscow-Kazan High-Speed Railway a 772-kilometre long high-speed railway line connecting the two major cities of Moscow and Kazan in the Russia .It will become a part and parcel of great Eurasian transport corridor.
Putin, during his talks with South African President Jacob Zuma, expressed his readiness to talk about the issue of the diminishing turnover between the two countries.
"We have recently talked about the need to transform our kind, political, humanitarian relations into the economy. Unfortunately, this trend of decreasing turnover continues, though the rate [at which it decreases] has diminished. I would be happy to discuss this subject with you," Putin said at the meeting with Zuma.
Putin added that he was very glad to exchange views with Zuma on what the sides needed to do to develop bilateral relations.
The three-day BRICS summit in China's Xiamen kicked off on Sunday. The event is being held in a new so-called BRICS Plus format, with leaders of such non-BRICS countries as Egypt, Mexico, Thailand, Guinea and Tajikistan also taking part in the summit alongside the leaders of the five BRICS nations: Russia, China, Brazil, South Africa and India.
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