Dmitry Pankin: The Silk Road project will add impetus to economic growth in Eurasia

ArmInfo. Promoting trade between the BRICS countries will foster economic growth in its member states. Dmitry Pankin, Chairman of Eurasian Development Bank (EDB), stated this at the Asia's New Future: New Dynamics, New Vision forum held from 22 to 25 March in Boao, China. The head of the Bank pointed out that ties between the BRICS countries could be strengthened and their economic growth could be stimulated through the development of transit, in particular the Silk Road Economic Belt (SREB) project, according to EDB press-office.

He believes that the future of Western China, Central Asia and Russia's Siberia will depend on improvements in the investment climate and these will be dependent, to a great extent, on the accessibility of the regions' markets. The SREB project will link regions of different countries and add impetus to their economic development.

Dmitry Pankin emphasised that the project would create jobs and this would also have a positive effect on the regions' economy. "Transit corridor programmes may result in the construction of new freight handling facilities and create over 100,000 jobs per million of standard containers at the new facilities," he said. The head of EDB also pointed out that the challenge associated with land routes was that they had limited potential and underdeveloped infrastructure. "For this reason it is important to develop transport linkages with the countries that have access to the sea. International development banks can and should help to solve this issue," he added. "Cooperation between financial institutions in the form of co-finance and shared expertise will foster the fulfilment of the SREB project." In conclusion Dmitry Pankin said that long-term economic cooperation should have priority over the promotion of current trade interests of the region's countries. The necessary effect could be achieved by encouraging and financing competitive projects, he pointed out.

The Asia's New Future: New Dynamics, New Vision forum is a yearly event aimed at developing coordination and cooperation between Asian countries, enhancing dialogue and economic ties with other regions of the world, and creating a platform for dialogue on economic, social and other issues between officials, businesspeople, experts and researchers.

Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. EDB's charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.