Brics summit to kick off in China
Chinese President Xi Jinping, left, and Brazilian President Michel Temer, review soldiers of a Chinese People’s Liberation Army guard of honour during a welcome ceremony at the Great Hall of the People in Beijing. Temer is on a state visit to China to attend the ninth Brics Summit and Dialogue of Emerging Markets and Developing Countries in Xiamen. Picture: EPA Chinese President Xi Jinping, left, and Brazilian President Michel Temer, review soldiers of a Chinese People’s Liberation Army guard of honour during a welcome ceremony at the Great Hall of the People in Beijing. Temer is on a state visit to China to attend the ninth Brics Summit and Dialogue of Emerging Markets and Developing Countries in Xiamen. Picture: EPA
XIAMEN: A RING of steel has been placed around the Xiamen Conference and Exhibition Centre for the ninth Brics Summit which begins today.
More than 1200 delegates and members of the media are expected to be hosted for the event.
Leaders from Brazil, Russia, India, China and South Africa, as well as ministers and entrepreneurs, are expected at the emerging markets summit.
The host, China, has invited leaders from five other countries to be involved in discussions. They are Kenya, Egypt Tajikistan, Mexico and Thailand.
But it is uncertain whether Kenya will send a delegation after the country’s Supreme Court annulled Kenyan President Uhuru Kenyatta’s win in presidential elections, citing irregularities in last month's poll.
Fully booked hotels and streets surrounding the exhibition centre in the coastal city have tight security and surveillance.
Roads have been cordoned off with barriers, checkpoints have been put in place and several hundred CCTV cameras are being monitored.
Some businesses have been ordered to close their doors for the duration of the summit and traffic controls have also been implemented across the city.
The Brics Business Forum held a press conference at the media centre yesterday.
Jiang Zengwei, director of the Organising Committee of the Brics Business Forum and head of the China Council for the Promotion of International Trade, said broader prospects for economic co-operation would cultivate a bigger contribution to the global economy.
“There is enormous potential for co-operation in trade, investment, finance and infrastructure among the five countries.”
Jiang cited huge markets, rich natural resources, economic disparities, favourable policies and active businesses as favourable factors.
“Uncertainties and unstable factors exist, but opportunities outshine challenges,” Jiang said.
Brics Business Forum, a major side-event of the Brics Summit, is expected to gather a record 1200 attendees in Xiamen.
This includes executives from more than 50 Fortune 500 multinationals.
The meeting will focus on global economic growth, including trade and investment, financial co-operation, connectivity and the blue economy.
Brics accounts for 23% of the world economy, 16% of foreign trade and 12% of outbound investment and contributes to more than 50% of global economic growth.
Jiang said there was room for more co-operation - the five countries could generate more impetus for growth and strengthen trade.