NEW DELHI, March 6 (Itar-Tass) —— The BRICS Group (Brazil, Russia, India, China and South Africa) may implement joint economic projects, but one can hardly expect intensive economic cooperation so far, Russian Academy of Sciences Economics Institute Director Ruslan Grinberg told Itar-Tass on the sidelines of the fourth forum of BRICS expert centers, “Partnership for Stability, Security and Development”, on Tuesday.
“In my opinion, one should not expect intensive economic cooperation of BRICS member states. There may be joint development of mineral resources in East Siberia, joint ventures and economic modernization projects, among them fostering of the middle class and related humanitarian projects,” he said.
The expert said that the idea of a BRICS bank deserved attention. “The joint bank should finance only infrastructural projects of BRICS industrial policy priorities,” he noted.
He recalled that India offered its BRICS partners to become co-founders of a joint bank, which would finance projects of member countries. The initiative is bound to build up the role of the developing states in the International Monetary Fund (IMF) and other global fiscal institutions, the experts said.
Russian Academy of Sciences Latin America Institute Director Vladimir Davydov, Russian Academy of Sciences Africa Institute Director Alexei Vasilyev, head of the Indian Studies Center at the Russian Academy Institute of Oriental Studies Tatiana Shaumyan and some other experts represent Russia at the forum.
India will play host to a BRICS summit for the first time ever, in March 2012. President Dmitry Medvedev and other BRICS chiefs of state will attend the event.