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Esteemed President Ramaphosa, ladies and gentlemen, friends,

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I am pleased to greet representatives of government institutions 

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and business, specialists and industry experts who have gathered 

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for this meeting of the BRICS Business Forum.

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I would like to note that holding such business forums on a regular 

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basis, along with the systemic work of the BRICS Business Council,

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which brings together top businessmen and heads of major companies 

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of the five countries, plays an immense practical role in promoting 

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mutual trade and investments, enhancing cooperation ties and expanding 

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direct dialogue among the business communities –

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and thus effectively contributes to accelerated socio-economic growth 

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of our states and achievement of the Sustainable Development Goals.

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It is important that this Forum focuses on such pressing issues 

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as the post-pandemic economic recovery of the BRICS states,

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improvement of citizens' well-being, industrial modernization,

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development of effective transport and logistics chains,

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and stimulation of equitable technology transfers.

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These challenging and complex tasks need to be tackled against 

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the backdrop of the increasing volatility in stock, currency,

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energy and food markets, coupled with substantial inflationary pressure 

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stemming from, inter alia, the irresponsible large-scale money creation 

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by a number of countries seeking to mitigate the effects 

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of the pandemic, which has led to the accumulation 

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of private and public debt.

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The global economic situation is also seriously affected 

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by the illegitimate sanctions practice and illegal freezing of assets 

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of sovereign states, which essentially amounts to the trampling upon 

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all the basic norms and rules of free trade and economic life –

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norms and rules that not so long ago seemed immutable.

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Shortage of resources, growing inequality, rising unemployment,

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and aggravation of other chronic problems in the global economy are 

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the direct consequences of this.

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Prices for food, basic agricultural products and crops are forced up,

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making the most vulnerable, poor countries suffer the most.

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Importantly, under these circumstances,

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the BRICS states have stepped up their interaction,

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and our joint work to ensure economic growth and sustainable 

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development brings concrete, tangible results.

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More and more new infrastructure and investment projects are being 

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launched, mutual trade is growing, industry contacts are expanding.

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The main thing is that our cooperation is based on the principles 

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of equality, partner support, and respect for each other's interests.

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And that is what lies at the core of our Association's forward-looking 

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strategic course – the course that reflects the aspirations of most 

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of the world’s community, the so-called global majority.

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The figures speak for themselves.

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Over the last decade, mutual investments among the BRICS countries have 

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increased six-fold. Their overall investments in global economy have 

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doubled, and their total exports have reached 20 percent 

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of the world exports.

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As for Russia, the trade volume with our BRICS partners has 

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increased by 40.5 percent, reaching a record of over 230 billion US dollars.

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In the first half of this year it grew by 35.

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6 percent compared with the same period in 2022 

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and constituted 134.7 billion US dollars.

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I would also like to point out that the share of the BRICS countries,

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with their population totalling more than three billion people,

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now accounts for nearly 26 percent of the global GDP;

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our five countries are ahead of the G7 in terms of purchasing power 

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parity (the forecast for 2023 is 31.5 percent against 30 percent).

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The objective and irreversible process of the de-dollarization of our 

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economic ties is gaining pace.

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We are working to fine-tune effective mechanisms for mutual settlements 

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and monetary and financial control.

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As a result, the share of US dollar in export and import operations 

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within BRICS is declining: last year it stood at only 28.7 percent.

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Incidentally, during this summit we will discuss in detail the entire 

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range of issues related to the transition to national currencies in all 

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areas of economic cooperation between our five nations.

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The BRICS New Development Bank,

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which has already become a credible alternative to existing Western 

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development institutions, has a great role to play in these efforts.

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It is only natural that enhancing connectivity and creating new 

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sustainable traffic arteries have become a shared priority 

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in cooperation between our five countries.

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In this context, the BRICS Business Council's initiative to work out 

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modern intermodal logistics solutions and develop railway transport 

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corridors is of particular importance.

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For its part, Russia actively works to redirect its traffic 

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and logistics flows to reliable foreign partners,

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including in the BRICS states.

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Our flagship projects include the Northern Sea Route and the new 

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International North‑South Transport Corridor.

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These two major transport arteries aim to provide the shortest and most 

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cost-effective trade routes to link major industrial,

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agricultural and energy hubs with consumer markets.

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With regard to the Northern Sea Route,

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I would like to emphasize that Russia has already adopted and launched 

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a large-scale, multi-year plan to develop its infrastructure.

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We intend to build fuel terminals,

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hub ports to ensure connections with road and rail transport.

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The icebreaking fleet is being expanded,

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first of all by commissioning nuclear-powered vessels that 

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have no analogues in the world.

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As for the North‑South Transport Corridor,

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it will connect Russian ports on the Arctic seas and the Baltic Sea 

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with offshore terminals in the Persian Gulf and Indian Ocean,

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thereby providing opportunities to increase cargo transportation 

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between Eurasian and African countries.

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Besides, this will certainly give impetus to developing new industrial,

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trade and logistics facilities along the route.

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Russia stands for greater cooperation within BRICS as regards reliable 

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and uninterrupted supplies of energy and food resources 

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to the world markets.

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We are consistently increasing supplies of fuel,

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agricultural products and fertilizers to countries in the Global South,

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making a significant contribution to strengthening global food 

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and energy security, addressing acute humanitarian issues and fighting 

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hunger and poverty in countries in need.

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All these issues, in particular,

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were discussed in depth at the recent Russia–Africa Summit. 

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For example, last year trade in agricultural products 

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between Russia and African states grew by 10 percent and amounted 

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to 6.7 billion US dollars.

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And in January-June this year, it increased by another record 60 percent. 

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Our country is and will remain a responsible 

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supplier of food to the African continent.

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Russian grain exports to Africa amounted to 11.

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5 million tonnes in 2022 and almost 10 million tonnes 

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in the first six months of 2023.

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This is despite the unlawful sanctions imposed on us that seriously 

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hinder the export of Russian food products and complicate transport 

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logistics, insurance and bank payments.

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Russia is being deliberately obstructed in the supply of grain 

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and fertilizers abroad and at the same time we are hypocritically 

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blamed for the current crisis situation on the world market.

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This has been clearly seen in the implementation of the so-called 

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”grain deal“ concluded with the participation of the UN Secretariat 

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and initially aimed at ensuring global food security,

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reducing the threat of hunger and providing aid 

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to the poorest countries.

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We have repeatedly drawn attention to the fact that in a year under 

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the deal, a total of 32.8 million tonnes of cargo has been exported from Ukraine,

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of which over 70 percent have reached high- and upper-middle-income 

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countries, including the European Union.

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And only about three percent have gone to the least developed 

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countries – that is, less than one million tonnes.

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None of the terms of the so-called deal concerning the lifting 

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of sanctions imposed on Russian exports of grain and fertilizers 

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to world markets have been fulfilled.

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Obligations to Russia in this regard have been simply ignored.

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Even our free transfer of mineral fertilizers blocked in European ports 

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has been obstructed. In fact, this is a purely humanitarian campaign 

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that should not in principle be subject to any sanctions.

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With these facts in mind, since July 18,

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we have refused to further extend the so-called deal.

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And we will be ready to get back to it,

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but only if all obligations to the Russian side are actually fulfilled.

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I have repeatedly said that our country has the capacity to replace 

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Ukrainian grain, both commercially and as free aid to needy countries,

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especially since our harvest is again expected to be perfect this year.

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As a first step, we have decided to gratuitously provide six African 

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countries with 25‑50 thousand tonnes of grain each with 

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free delivery of these cargoes.

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Negotiations with partners are being completed.

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Among the priority areas of interaction we also see further 

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coordination of approaches of the BRICS members on the subject 

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of supporting small and medium-sized enterprises.

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This is an important part of the overall economic agenda of the Group 

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of Five, which implies assistance to the widest circles of citizens 

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engaged in business activity as regards administrative and tax 

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regulation, digitalization, e-commerce,

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and participation in the value chains.

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I would note that thanks to the state support programmes,

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the entrepreneurs from the BRICS countries successfully adapt 

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to the constantly changing situation in the global markets.

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They find new partners and new sales channels,

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attract additional funding and use more actively modern technologies.

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It is equally important to continue developing cooperation within BRICS 

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in terms of decarbonizing the economy,

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reducing human impact on nature and adapting to the changing climate.

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Russia is ready to work jointly to promote more balanced approaches 

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to the climate change in the international arena.

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Our country is consistently implementing the National 

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Low-Carbon Development Strategy.

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We plan to reach carbon neutrality of the Russian economy not later 

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than 2060, including through the introduction of technological 

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innovations, modernization of infrastructure for access to affordable 

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and clean energy, conservation of ecosystems on land and sea.

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We understand that the implementation of the climate goals can be 

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facilitated by a variety of technologies,

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including those that have been in use for a long time already,

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such as nuclear generation, hydropower and gas motor fuel.

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To sum it up, I would like to reiterate that the multifaceted 

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partnership and cooperation within the BRICS not only makes 

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a significant contribution to ensuring the sustainable growth of our 

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states but also generally promotes global economic recovery 

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and successful achievement of global development goals and targets set 

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by the United Nations – to fight poverty,

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expand people's access to quality healthcare,

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eradicate hunger and improve food security.

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Therefore, I am confident that the BRICS Business Forum and Business 

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Council will continue their creative work aimed at expanding contacts 

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between the business circles of the Group of Five countries and jointly 

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implementing new mutually beneficial projects.

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In conclusion, I would like to invite representatives of your 

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countries’ business circles to attend the Eastern Economic Forum 

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in Russia that will take place on September 10–13 in the city of Vladivostok, where, by tradition,

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the discussions will focus on issues that are also of interest 

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to the business communities of the BRICS countries.

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Thank you for your attention.