Exim Bank hosts Financial Forum of the BRICS Interbank Cooperation Mechanism
Export-Import Bank of India (Exim Bank) hosted the Financial Forum commencing of the BRICS Interbank Cooperation Mechanism, in Goa. Along with the welcome address by Exim Bank’s Chairman and Managing Director Mr. Yaduvendra Mathur, the forum’s keynote addressees included Mr. K V Kamath, President, New Development Bank and Mr. Shaktikanta Das, Secretary, Department of Economic Affairs, Ministry of Finance. Heads of the BRICS member developments banks and financial institutions from BIMSTEC also participated at the Financial Forum.
Exim Bank also released two research papers, highlighting India’s opportunities to enhance Intra-BRICS trade and sustainable investment opportunity for BRICS in Africa. The event was concluded by felicitating the BRICS Economic Research Award 2016 to Dr. João Prates Romero for his doctoral thesis titled “Technical Progress and Structural Change: The Roles of Demand and Supply in Economic Growth”.
Exim Bank’s study on “Intra-BRICS Trade: An Indian Perspective” dwells on the strategic importance of enhancing intra-BRICS trade for India. BRICS countries have made significant progress in integrating with the global economy. The study highlights the robust trend in bilateral trade between India and rest of BRICS countries and the rising trend in India’s trade deficit with other BRICS countries. India’s trade deficit with rest of BRICS countries increased from US$ 8.7 billion in 2006, to US$ 58.4 billion in 2015. India maintained the largest trade deficit with China (US$ 52 billion), followed by Russia (US$ 2.9 billion), South Africa (US$ 2.5 billion) and Brazil (US$ 1 billion).
The second study titled “Sustainable Investment Opportunities in Africa: Prospects for BRICS”, identifies areas of sustainable and responsible investments by BRICS in Africa, appreciating the needs in the continent. Identified sustainable opportunities for investment would include solar infrastructure (both on grid and off grid), in a zone which is naturally endowed with almost 300 days of sunlight. Creating healthcare facilities for bringing in better and modern amenities is yet another identified are of BRICS investment in the region. These investments in turn will boost Africa’s infrastructure as well as create jobs for young Africa.
The BRICS Economic Research Award represents Exim Bank’s ongoing efforts at promoting research in the area of international economics, trade & development and related financing. Instituted in the context of India’s Chairmanship of the BRICS Forum and Exim Bank, having assumed the Presidency of the BRICS Interbank Cooperation Mechanism, Mr. Mathur, while announcing the award highlighted that the objective of the Award is to stimulate and encourage advanced doctoral research on economics related topics of contemporary relevance to the member nations of BRICS.