AIIB and BRICS bank not rivals but complementary


"The China-led Asian infrastructure and Investment Bank (AIIB) and BRICS New Development Bank (NDB) can coexist," Russian Minister of Economic Development Alexey Ulyukayev told ahead of the key BRICS/SCO summits in Russia.

“I think there is enough room for everybody. Our economy is so underinvested…So, the Asian bank, BRICS and other banks will have a field for investment,” said Ulyukayev after the NDB governors meeting that took place for the first time in Moscow on Tuesday.

Alexey Ulyukayev also addressed the question of whether Asian capital could replace lost investments from the West. Western sanctions have also made impact on Asian countries, as they have become more conservative, he said.

Asian investment would partly substitute the money that had come from Europe and the US, but Russia’s main goal is a “transformation of internal domestic savings into domestic investment,” Alexey Ulyukayev noticed.

"As for trade cooperation between Russia and other BRICS countries has been performing well, but the barriers to trade have yet to improve," he added. Customs offices have to cooperate closer, and the member states have to introduce electronic documentation in order to facilitate business, according to the Minister.