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April, 2012

x. BRICS’ Role in Global Development up to 2020. Sergey Vasiliev Deputy Chairman. April, 2012. BRICS ROLE IN WORLD ECONOMIC OUTLOOK . World GDP , %. EMERGING MARKETS: MULTIPLE CENTERS OF ECONOMIC GROWTH. Annual GDP Growth Rate , %. Faster growth in emerging economies outside BRIC.

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April, 2012

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  1. x BRICS’ Role in Global Development up to 2020 Sergey Vasiliev Deputy Chairman April, 2012

  2. BRICS ROLE IN WORLD ECONOMIC OUTLOOK World GDP, %

  3. EMERGING MARKETS: MULTIPLE CENTERS OF ECONOMIC GROWTH Annual GDP Growth Rate, % Faster growth in emerging economies outside BRIC

  4. FACTORS OF ECONOMIC GROWTH Population growth Small contribution to growth after 2020 Capital accumulation Constant driver of growth Increasing input to economic growth

  5. BRICS GROWING CONTRIBUTION TO INTERNATIONAL TRADE

  6. MUTUAL TRADE AMONG BRICS COUNTRIES

  7. CASE FOR NATIONAL SETTLEMENT CURRENCIES IN FOREIGN TRADE Benefits • More transparent pricing in bilateral trade • Reduce dependence on other currencies fluctuations • Lower trade transaction costs (estimated up to 4% volume)

  8. CO-FINANCING INVESTMENT IN BRICSECONOMIES: RDIF EXAMPLE • Bilateral investment among BRICS countries remains very low: • 1.8 % of total foreign direct investment (FDI) inflows • 1.2 % of total FDI outflows • Similar may be true for bilateral investment between other emerging countries • Russian Direct Investment Fund • $10 billion fund established in 2011 by Russian government • Targets equity investments in the Russian economy • Mandated to co-invest with large investors globally Facility to promote investment: Management Company of the Fund is a 100% subsidiary of Vnesheconombank and will operate according to international best practices of investment governance.

  9. Solutions to various structural problems (such technology transfer, innovation catch-up and infrastructure demands) in emerging economies require long-term investment. Perceived economy growth risks and government budget deficits preserve «short-termism» in financing – a key challenge faced by long-term investors. Needed steps: Bring private financing to projects Implement frameworks to manage environmental and social risks Seek favorable financial regulation for long-term investment Best practices exchange and joint pilot projects will help advance in these steps. Major development finance institutions joined to Long Term Investors Club to address these challenges. LONG TERM INVESTMENT CHALLENGE Investment needs Constraints:«short-termism» Areas for action… … and cooperation

  10. Belvnesheconombank (Belarus) 1.6% of Total Assets VNESHECONOMBANK GROUP Core Russian subsidiaries VEB CAPITAL VEB Leasing (Russia) 5.6% of Total Assets Russian bank for Small and Medium Enterprise Support (Russia) 3.6% of Total Assets VEB Capital (Russia) 0.3% of Total Assets Roseximbank (Russia) 0.4% of Total Assets Representation in CIS countries Banks bailed out by the Government during crisis Sviaz-Bank (Russia) 6.8% of Total Assets Prominvestbank (Ukraine) 5.0% of Total Assets Globexbank (Russia) 7.3% of Total Assets 1. Assets split provided based on 1H 2011 management accounts

  11. VNESHECONOMBANK STRATEGY 2015:KEY TARGETS

  12. Thank you ! 9 Ak. Sakharov ave. Moscow, Russia tel.:+7 (495) 721-18-63 fax: +7 (499) 975-21-43 www.veb.ru

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