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President Xi Jinping,

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Friends,

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It is my pleasure to welcome representatives of governments 

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and business communities, experts and industry professionals 

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of the BRICS countries who have gathered at the traditional Business Forum.

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The Forum indeed plays a large practical role in promoting mutual trade 

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and investment, strengthening cooperation ties and enhancing direct 

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dialogue between business communities, not only within our Association,

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but also in a broader, global dimension.

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After all, the participants in the BRICS Business Forum represent 

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the interests of a significant and the most dynamically developing part 

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of the international economic community.

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In this regard, I would like to recall that our countries are home 

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to more than 3 billion people, and together account for about a quarter 

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of the global GDP, 20 per cent of trade and roughly 25 per cent 

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of direct investments, while the total international reserves 

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of the BRICS countries (as of the beginning of 2022)

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amount to about 35 per cent of world reserves.

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Hence the high relevance, in our opinion, of the theme of this Forum –

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Foster High-quality BRICS Partnership,

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Usher in a New Era for Global Development.

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It is also important that the agenda of the Forum is packed with truly 

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crucial issues, such as ensuring sustainable growth of the global economy,

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preserving its openness,

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increasing cooperation in the field of digital economy, green growth,

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industry modernization, and building new transport and logistics chains.

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Russia supports the draft Beijing Initiative to be adopted following the Forum, 

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which reaffirms determination of BRICS business circles 

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to continue close joint work in all the areas mentioned.

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Entrepreneurs of our countries are forced to develop their business 

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in a challenging environment when the Western partners neglect 

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the basic principles of market economy, free trade,

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and inviolability of private property.

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They follow, in fact, an irresponsible macroeconomic course,

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including the launch of the “printing press” –

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uncontrolled emission and accumulation of unsecured debts.

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At the same time more and more politically motivated sanctions are continuously introduced, 

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mechanisms of exerting pressure on competitors are further strengthened.

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There is intentional destruction of cooperation ties;

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transport and logistics chains are destroyed.

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And all this is contrary to common sense and basic economic logic,

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it undermines business interests on a global scale,

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negatively affecting the wellbeing of people, in effect, of all countries.

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As a result, the problems in the world economy become recurrent.

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What we see is an economic slowdown, growing unemployment,

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shortages in raw materials and components.

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Problems with ensuring global food security are getting worse;

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prices for grain crops and other basic agricultural products are being inflated.

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It is important that, despite all the problems and difficulties,

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BRICS business circles have been consistently enhancing mutually 

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beneficial ties in the areas of trade, finance, and investment. 

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For example, in the first three months of this year,

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trade between the Russian Federation and the BRICS countries increased 

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by 38 per cent – and reached USD 45 billion.

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Contacts between Russian business circles and the business community of the BRICS countries have intensified.

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For example, negotiations are underway to open Indian chain stores in Russia,

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increase the share of Chinese cars, equipment,

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and hardware on our market.

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­­­In its turn, Russia’s presence in the BRICS countries is growing.

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­­There has been a noticeable increase in the exports of Russian oil to China and India. ­

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Agricultural cooperation is developing dynamically.

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Russia exports considerable amounts of fertilizers to the BRICS states.

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Russian IT companies are expanding their activities in India and South Africa,

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and our satellites enable TV broadcasting for as many as 40 million residents of Brazil.­­­

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Together with BRICS partners, we are developing reliable alternative mechanisms for international settlements.

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The Russian Financial Messaging System is open for connection with the banks of the BRICS countries.

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The Russian MIR payment system is expanding its presence.

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­­We are exploring the possibility of creating an international reserve currency based on the basket of BRICS currencies.­

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The Russian business community,

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in coordination with the business communities of the BRICS states,

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takes prompt steps to develop the transport infrastructure.

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Logistics routes are readjusted, new production chains are created.

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I would like to stress that Russia's strategy has not changed:

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while strengthening our economic, technological and scientific potential,

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we are ready to work openly with all bona fide partners

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based on the principles of mutual respect for each other's interests,

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the primacy of international law,

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and equality for all nations and peoples.

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During my address at the recent St. Petersburg International Economic Forum,

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I have already spoken in detail about our plans for further economic development 

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and the creation of comfortable conditions for business in general, including foreign business.

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It is significant that representatives of foreign companies and entrepreneurs who came to St. Petersburg 

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showed their willingness to continue working on the Russian market and adapt to new conditions.

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And we will certainly provide all the necessary assistance to them.

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In general, I would like to note that Russia is taking comprehensive measures

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 aimed at mitigating the negative impact of sanctions 

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and strengthening our trade and investment relations with all the states concerned.

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Our macroeconomic policy shows its effectiveness in practice.

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We were able to protect the Russian financial system

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and begin to stabilize the situation in the industry by providing 

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targeted social support to citizens.

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The Russian state, first of all,

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focuses on stimulating the private initiative.

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We strive to expand entrepreneurial freedoms by reducing 

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the administrative burden, launching new easy-term lending programs,

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and introducing tax and customs exemptions.

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We are actively engaged in redirecting our trade flows

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and foreign economic contacts to reliable international partners,

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first of all, the BRICS countries.

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Taking the opportunity, I am pleased to invite representatives of your states 

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to the Eastern Economic Forum,

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which will be held in Vladivostok in early September,

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where many issues relevant to the BRICS business community will also be discussed.

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In conclusion, I would like to express my confidence that

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the work of the Business Forum of our Association will continue to focus on 

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expanding trade, business, investment and production ties of the BRICS countries.

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Certainly, I would like to thank the President of the People’s Republic of China,

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Mr. Xi Jinping, and all Chinese friends for organizing this Forum,

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and I wish its participants success and all the best.

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Thank you.