Russian Railways' delegation takes part in Business Forum and first BRICS' trade fair
Alexander Misharin, First Vice-President at Russian Railways, led the Company's delegation to the Business Forum and the first trade fair held by the five BRICS' countries, which is taking place in the Indian capital New Delhi, Russian Railways says in a press release.
The event is tied to the 8th BRICS summit, which will be held in India on 15-16 October 2016.
Within the framework of the Business Forum a panel discussion took place which was dedicated to cooperation between the BRICS on infrastructure development projects, including in the field of railway transport.
In his address to the gathering, Alexander Misharin said that the attention paid by the five countries to infrastructure has increased significantly in recent years.
"The great importance of the infrastructure component of our cooperation is defined by the strategy of economic partnership between the BRICS, which was approved at the Ufa summit in Russia by the country leaders in July 2015," said Alexander Misharin.
Russian Railways has significant experience in cooperating with each country both bilaterally and through the platforms of specialised organisations.
Russia and China, for example, are cooperating on the development of the East - West International Transport Corridor, which plays a key role in providing overland transit across Eurasia.
"In the past year, transit container traffic from China through Russia to Europe has doubled, and this trend is continuing. A crucial role here is the cooperation with China's major sea port Yingkou, as well as the signing of agreements with China's company Alibaba and Russian Post on the transportation of goods and mail," said Alexander Misharin.
Another international transport corridor which the two BRICS countries Russia and India developed in co-operation with Iran is the North - South corridor.
In developing cooperation with India, Russian Railways and the Ministry of Railways of the Republic of India signed a Memorandum of Understanding in 2015 which provides for the implementation of joint projects, including the modernisation of India's existing railway infrastructure.
Consultations are also under way on potential areas for cooperation to develop rail transport with other BRICS' countries: South Africa and Brazil.
According to the First Vice-President of Russian Railways, the successful implementation of joint projects requires the development of the best financing mechanisms.
"In this context, it is important to launch the New Development Bank, which has been established by the BRICS' countries to finance infrastructure projects. I am confident that the Bank's work, including in cooperation with our national development institutions, will lend impetus to the promotion of joint projects," said Alexander Misharin.
