New Delhi [India], September 12 (ANI): Russian President Vladimir Putin met with his Egyptian counterpart Abdel Fattah el-Sisi on the sidelines of the BRICS Summit in New Delhi, underscoring the steady expansion of bilateral trade and key joint initiatives despite ongoing global challenges.

During their bilateral discussion, as stated by the Russian Ministry of Foreign Affairs, President Putin expressed satisfaction over the continued progress in bilateral relations, pointing to consistent growth and structural improvements in trade between the two nations.

He also praised Egypt as a 'long-standing and reliable friend' and invited President el-Sisi to Moscow this October for the upcoming Russia-Africa Summit.

'It has been a long time since we last met. I am very pleased to see you again,' Putin said. 'Indeed, these are turbulent times, and a great many events are unfolding. We remain in contact, as do our colleagues, and our key initiatives are pressing ahead, with plans being implemented.'

The Russian President emphasised that major joint projects are progressing strictly on schedule, reaffirming Moscow's commitment to its partnership with Cairo.

'Bilateral trade is growing, and its structure is steadily improving. I would like to reiterate that major projects are being carried out - strictly according to plan - despite any challenges,' Putin stated.

Highlighting Egypt's strategic role in the region and its leadership, Putin praised the country's trajectory under President El-Sisi and said, 'We are in constant contact on the international agenda. And we are very pleased to see Egypt, our long-standing and reliable friend in the region, growing stronger under your leadership.'

Addressing the broader international climate, the Russian leader noted the critical value Moscow places on Egypt's diplomatic assessments when formulating its own foreign policy.

'Many developments are unfolding both in the region and across the globe. For me, it is not merely interesting but of great importance to know your position on all these issues,' Putin noted. 'You know that we take Egypt's stance into account in our practical policy-making; today's meeting is therefore highly valuable. I am very pleased that we can hold consultations today on the sidelines of the BRICS summit on both bilateral issues and the international agenda.'

Recalling the launch of the Russia-Africa partnership framework in Sochi, President Putin formally invited President el-Sisi to visit Moscow later this autumn for the upcoming summit.

'I recall how, under your leadership - back in Sochi - we established the new Russia-Africa format. The next summit in this format is being held this year, and we would be delighted to welcome you to Moscow this autumn, in October, for these events,' Putin said.

Earlier in the day, Putin took potshots at the G-7 and said the BRICS countries account for more than half of the world's population and have "dynamic, vibrant, domestic markets,' hailing the contribution of BRICS member states to the world economy. 

President Putin, who was addressing the BRICS Business Forum here, described G-7, which includes the richest industrialised countries Canada, France, Germany, Italy, Japan, the United Kingdom and the United States- as "so-called G-7".

'Over the last five years, more than 40% of the world's GDP has been produced by the BRICS countries, where the contribution of the so-called G7, the Great 7 - I don't know why they call that - stands at only 29%. Speaking about the growth of the world economy over the same period, we see that more than half of that growth has been accounted for by BRICS, whereas the G7 has only accounted for 18%. Why is that?" he said.

"The answer is simple, BRICS countries account for more than half of the world's population and that is why, they have a great dynamic, vibrant, domestic markets,' he added.

President Putin had a bilateral meeting with Prime Minister Narendra Modi on Friday ahead of the formal opening of the 18th BRICS Summit on Saturday. (ANI)