Sisi's participation in BRICS aims at boosting economic integration

CAIRO - 30 Aug 2017: The State Information Service (SIS) has praised the role played by the BRICS group in world growth.

A report issued by SIS on the occasion of President Abdel Fattah al-Sisi's visit to China, which hosts the group's gathering, said that the visit represents a unique chance for intensifying economic cooperation between the group members and Egypt.

BRICS, which includes Brazil, Russia, India, China and South Africa - is recognized as an important force in global governance. China holds the BRICS presidency this year.

The residents of the group's members hit 42 percent of the world population. It seeks to achieve economic, political and geopolitical integration as well as cooperation in resolving economic crises among the third world countries.

The group bank was established in 2015 with initial authorized capital estimated at $100 bln divided into 1 mln shares having a par value of $100,000 each.

The bank is currently headquartered in Oriental Financial Centre in Shanghai, China.

President Sisi told Chinese media outlets Tuesday that his participation in the meetings with the BRICS countries is of great importance, especially as Egypt enjoys promising economic capabilities and provides an outstanding strategic location that can help it effectively support the BRICS community and its priorities..

Noting that the BRICS countries contribute about 22 percent of the gross world product and make up 40 percent of the world's population, Sisi said that the group enjoys great political weight on the world stage, which gives importance to the upcoming BRICS summit.

The group of emerging economies will meet on Sept. 3-5 in southeastern Chinese city of Xiamen for the ninth summit of the bloc, which was first launched by Russia, China, India and Brazil in 2006 and expanded in 2010 to include South Africa