Distinguished participants, organizers and guests!
I am pleased to welcome you to Moscow for the 11th Annual Meeting of the Board of Governors of the New Development Bank.
The Bank was established by decision of the leaders of the BRICS countries. Its first Board meeting was also held in the Russian capital.
Over the past years, the Bank has become one of the pillars of the emerging financial system of the Global South.
As President of Russia Vladimir Vladimirovich Putin has emphasized, the NDB has established effective work in the field of investment and lending, becoming one of the key international financial institutions.
Today’s meeting is devoted to discussing the challenges and opportunities associated with the technological revolution that has been gaining momentum in recent years. Artificial intelligence and digital platforms have become among the most important sectors of the economy. Their use helps increase labor productivity and reduce costs. The development of medicine, transport and communications makes it possible to create a safer and more comfortable living environment.
In Russia, these areas are given priority attention – an advanced scientific and applied base is being created, domestic solutions are being introduced in informatics, energy, mechanical engineering and electronics, and the latest medicines and medical equipment are being developed.
In today’s conditions, it is access to technology that determines countries’ ability to adapt to rapid changes. And those countries that invest in innovation become centers of attraction for investment.
The share of BRICS in global gross domestic product has already reached 40%, which is significantly higher than that of the G7 or the European Union. This gap is expected to continue growing against the backdrop of the ongoing restructuring of the economy and logistics routes.
As a result, the role of interstate associations acting in the interests of the Global South is increasing. These associations support technological growth at all stages – from early-stage research to bringing companies to the stock exchange.
The New Development Bank is taking confident steps in this area. Dozens of projects worth more than 40 billion dollars have been approved. This is a concrete contribution to the modernization of transport, energy and utility infrastructure.
The NDB has everything necessary to become an international “bank of innovation” – to help countries identify the areas that are key for them, select the best development tools, and create conditions under which businesses will be ready to invest at early stages and for the long term.
Russia consistently advocates the formation of a fair and sustainable financial system in which the countries of the Global South will have more opportunities. And the New Development Bank has a special role to play in this. We support efforts to further diversify its portfolio, actively create complex cooperation chains, and also increase the share of operations in the national currencies of BRICS and the association’s partners.
I am confident that your joint work and frank dialogue will contribute to strengthening cooperation between our countries and to the well-being of our citizens.
And, of course, I wish you every success in this work!