XIAMEN -- Chinese President Xi Jinping said Monday that BRICS countries should endeavor to promote practical economic cooperation.

Despite the achievements the bloc has made, the potential for cooperation has yet to be fully unleashed, Xi said while addressing the opening of the ninth BRICS summit in Xiamen.

The five countries' foreign investment totaled $197 billion in 2016, but only 5.7 percent took place between BRICS members, the president said.

He said the countries should increase cooperation in sectors such as trade and investment, monetary and financial areas, connectivity, sustainable development, innovation and industrial cooperation.