ST PETERSBURG (Reuters) - President Vladimir Putin said on Friday Russia needed to cut imports, significantly boost the use of non-Western currencies in trade settlement and called for a major expansion of the country's domestic financial markets.
Putin, speaking at the St Petersburg International Economic Forum, said trade with Asia was soaring and that nearly 40% of Russian external trade was now in roubles as the share conducted in U.S. dollars, euros and other Western currencies declined.
Putin said Russia would seek to boost the share of settlements conducted in the currencies of BRICS countries - the group of emerging economies which includes Brazil, Russia, India, China and South Africa.
Russia needs to reduce imports by creating competitive production and by boosting investment in fixed assets by 60% by 2030, Putin said.
He added that the value of the Russian stock market should double by the end of the decade and amount to two thirds of Russian GDP.
(Reporting by Reuters; Editing by Kevin Liffey and Gareth Jones)
