BRIC countries will pull global economy out of crisis: Russia

Vinay Shukla

Moscow, Jun 3 (PTI) BRIC nations will become the
"locomotive" to pull the global economy out of the current
crisis as two major countries of the bloc, India and China,
have suffered least from the downturn, Russian Deputy Prime
Minister Sergei Ivanov has said.

"BRIC nations will be among the first, who, like a
locomotive, will begin to pull out the world economy from the
crisis. This is not just the wishful thinking, they are
dynamically emerging economies," Ivanov said here Tuesday.

Brazil, Russia, India and China clubbed as BRIC are to
hold their first-ever stand alone summit on June 16 in Russian
city of Yekaterinburg in the Ural Mountains.

"China and India have least suffered from the current
global upheaval. With Brazil, the situation is a bit complex
as they are tied to the US economy. As compared to our Asian
partners in BRIC, the Russian economy has seen serious
downturn," Ivanov said ahead of World Economic Forum in St.
Petersburg beginning Thursday.

He said that in the coming years the BRIC nations would
intensify their economic interaction, specially in the fields
of science and technology.

Ivanov cited the example of Russia-India cooperation in
the Global Navigation Satellite System (GLONASS) and space
cooperation.

"India has joined GLONASS, talks are underway with
Brazil," Ivanov said.

After years of West oriented policy fueled by
petro-dollar windfall, Russian regions rich in resources are
looking at Indian investments in innovative development.

Governor of Sverdlovsk region Eduard Rossel, who will
host the Shanghai Cooperation Organisation and BRIC summit,
said he would push for attracting Indian investments. PTI VS
JVN