BRICS contributes over 40% to global GDP, Putin takes swipe at G-7

Russian President Vladimir Putin on Friday proposed establishing a new investment platform among BRICS nations to finance projects in trade, infrastructure, logistics and technology. Speaking at a meeting of industry leaders ahead of the BRICS summit, Putin said the platform's foundation could be the New Development Bank (NDB), aimed at mobilizing private sector finance to make BRICS economies more competitive.

Putin stated that BRICS nations contributed over 40 percent to global GDP in the past five years, compared to G-7's 29 percent share. He emphasized that BRICS accounts for more than half of global economic growth during the same period. Putin said BRICS economic cooperation is open to broader collaboration with the world and is not directed against any nation.