Business should invest in emerging economies: Xi

(L-R) Brazil's President Michel Temer, Russian President Vladimir Putin, Indian Prime Minister Narendra Modi, Chinese President Xi Jinping and South African President Jacob Zuma pose for a group picture during BRICS (Brazil, Russia, India, China and South Africa) Summit in Benaulim, in the western state of Goa, India, October 16, 2016. [Photo/Agencies]

President Xi Jinping said on Sunday that business leaders from BRICS countries should promote confidence and contribute to global growth through investing more in emerging economies.

The countries' economic growth has slowed under the current "deep adjustment" of world economy, and the development is facing new challenges, Xi said while meeting with BRICS business leaders.

"The BRICS countries' advantages and potential in resources, markets and labor forces remain unchanged," he said, adding that BRICS businesspeople should take a leading role in jointly implement major projects.

Xi made the remarks at the sidelines of the eighth BRICS Summit held in Goa, in western India.

In his speech, Xi told businesspeople that the establishment of the New Development Bank was an important fruit of the BRICS countries' cooperation. China would like to support the bank's work to make its first batch of projects successful, Xi said.

Along with Xi, Brazilian President Michel Temer, Russian President Vladimir Putin, Indian Prime Minister Narendra Modi and South African President Jacob Zuma, are also attending the summit.

Themed "Building Responsive, Inclusive and Collective Solutions", the summit is being held from Saturday to Sunday. A Goa declaration will be issued when the summit concludes.

The five BRICS leaders met last month in the eastern Chinese city of Hangzhou when China hosted the 11th summit of the Group of 20 (G20) major economies.

At their meeting on the sidelines of the G20 summit, President Xi said BRICS members should enhance coordination to make emerging-market economies and developing countries play a bigger role in international affairs.

India is the final stop in Xi's Southeast Asia and South Asia tour, which has already taken him to Cambodia and Bangladesh.