“Venezuela comes modestly to contribute to this autonomous economic project, which requires a high level of investment,” the Bolivarian leader told Prensa Latina.

According to Maduro, Venezuela’s presence will contribute to strengthening the BRICS, as it will include a nation with large oil reserves.

“I was thinking about Commander Chavez during the trip here. The possibility of us being grouped together in a great economic development and cooperation project; the countries with he largest oil reserves in the world, that is, Russia, Saudi Arabia, Iran and Venezuela, was always considered,” he stressed.

More than 20,000 representatives from 36 countries and six international organizations are meeting in the Russian city of Kazan, attending the opening of the 16th BRICS Summit.

Eight leaders from ten member countries of the group are present in the meeting, while Brazilian President Luis Inacio Lula da Silva and Saudi Arabian Prime Minister Mohamed bin Salman will intervene online.

The bloc currenly represents nearly half of the world’s population, 40 percent of global oil production and about 25 percent of goods exports.

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