The second day of the BRICS Business Forum, the theme of which is “BRICS Partnership: Strengthening Multilateralism for Equitable and Global Development and Security”, is taking place in Moscow on 18 October. The plenary session was the centrepiece of the forum.

Russian President Vladimir Putin welcomed the guests of the event. During his speech, he emphasised that the BRICS accounted for about a quarter of the world’s exports of goods, and the combined GDP of BRICS is more than US$60 trillion. The Russian head of state also drew attention to the fact that at the end of the current year, the average economic growth rate in BRICS is forecasted at 4 per cent. 

“The countries that are members of our association are the drivers of economic global growth. It is in the BRICS that the main increase in global GDP will be generated in the foreseeable future”

Vladimir Putin President of Russia

Putin also noted the special role of the BRICS New Development Bank (NDB), which, according to him, should become one of the main investors in major technological and infrastructure projects in the BRICS region and the Global South. He added that the NDB has a solid capital base and a team of experienced experts.

In addition to Putin, other BRICS leaders spoke at the forum in the format of a video message. Egyptian President Abdel Fattah al-Sisi said the common challenge for the group’s nations is to enhance cooperation between industry institutions and the private sector.

“This forum serves as a vital platform to explore investment and trade opportunities among BRICS nations”

Abdel Fattah al-Sisi President of Russia

For his part, Ethiopian Prime Minister Abiy Ahmed said the country was opening up access to large and diverse markets across Africa and beyond, providing significant investment opportunities. He urged investors from BRICS countries to take advantage of these opportunities, especially in the areas of agriculture, renewable energy, mining, information technology and tourism.

The Prime Minister also pointed to the need to reform the global financial system.

“BRICS itself should set an example by expanding mutually beneficial economic cooperation within its own membership”

Abiy Ahmed Prime Minister of Ethiopia

Presidents of South Africa and Iran Cyril Ramaphosa and Masoud Pezeshkian also addressed the meeting. The South African head of state emphasised the need to create a cooperative environment within BRICS to promote digital technologies. He also addressed the delegates of the forum. 

The BRICS Business Forum is on the calendar of events of Russia’s presidency in the association. The event brought together over a thousand representatives of the business community, heads of companies, associations, business unions and chambers of commerce and industry of the BRICS members.

On the eve of the forum, the BRICS Business Council
met to summarise the results of its work for 2024. The heads of the national parts of the Council approved the annual report to be presented to the BRICS leaders at the summit in Kazan on 22-24 October.

Photo: TV BRICS /
kremlin.ru