Russian President Vladimir Putin said that Russia has always been and remains ready to work with countries across the world to engage in mutually beneficial cooperation on an equal footing, including to collectively resolve issues such as such as energy and logistics concerning the global society.
Speaking at the plenary session of the St. Petersburg International Economic Forum (SPIEF), Putin stated that a section of the world is however, fueling chaos and is interested in plunging more and more countries into it, even as the paradigm of global development shifts.
At the plenary session, also attended by Uzbek President Shavkat Mirziyoyev, Tanzanian President Samia Suluhu Hassan, and Chinese Vice President Han Zheng, Putin said the existing ‘hierarchical model’ of global trade and cooperation is undergoing profound changes.
The SPIEF and the plenary session is Russia’s flagship business and economic forum held annually since 2006 that attract billions in investments each year.
Delivering the opening note, president Putin said that the world is moving toward multipolarity led by developing countries.
“The world is becoming more equitable, fairer, because economic growth is extending to ‘new centers of growth,’ and the BRICS countries alone account for nearly half of recent growth, compared to less than 20percent among the G7 and this gap is increasing,” Putin said, adding that “The G7 is going to grow at best by 1.1percent per year whereas BRICS nations are going to grow by 4.4percent”.
“I can say that over the last 25 years, BRICS share and the world trading goods has more than doubled. Last year, BRICS accounted for almost 25percent of the world export, and this indicator continues to grow steadily, inexorably, just as ancient BRICS trade is growing, and it has exceeded 1 trillion US dollars per annum, a special role is taken on by the connected countries that are linking together markets, technologies, financial flows, and the culture of doing business, and I'm not just referring to simple transit, carrying goods over certain territory.”
Mentioning the North-South Corridor, Russia’s new Arctic maritime route, and other new trade routes as evidence that the global trade system, he said that “it is ceasing to be centered around the West and the trade between BRICS bloc countries exceeds $1 trillion annually, and that Central Asian countries like Uzbekistan are crucial in this process.”
Putin highlighted that Russia’s debt-to-GDP ratio stands at 15-16percent of GDP, which he described as extremely low compared to those of other advanced European economies, where it often tops 100%. He added that the ruble’s share in exports is 65percent, and continues to grow.
Putin further said that the BRICS countries’ high-tech sectors account for more than one-third of their exports, including AI, IT, and nuclear technologies, led by China, India, and Russia. He noted that AI and other autonomous systems are promising to increase labour productivity, and digital platform-based solutions are key to further development.
The unique nature, the attractiveness of SPIF consists in this possibility of a frank dialog on issues that are of interest to entrepreneurs, to whole industries and whole countries, and we're always open to those who are interested in working with other countries, those who stand ready to engage in mutually beneficial cooperation and equal footing. This approach, which consists in listening to one another, understanding the interests of one another, arriving at common solution, that is what harmonious path of development is all about.
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