Russian President Vladimir Putin proposed creating a BRICS Financial platform to boost investment among BRICS nations and the Global South and East
BRICS to Develop Financial Platform
During the BRICS Plus meeting in Kazan last week, Russian President Vladimir Putin suggested the creation of a specialized BRICS economic platform to facilitate investment between the group’s member countries and the Global South and East. As translated by Tass, Putin stated:
It is obvious that the next wave of global economic growth is being born in the countries of the global majority. Therefore, the time has come to discuss the idea of creating our own platform to unlock the potential of our growing economies.
The Russian leader delineated that the objective of this platform would be to enhance investment flows in significant infrastructure and technology initiatives throughout these regions.
Putin emphasized the necessity of dependable and autonomous investment channels, stating that “it is crucial to establish alternative, dependable, and free from any dictate multilateral financial mechanisms for production, logistics chains, establish an exchange of technologies and advanced knowledge, and develop and increase the capacity of new international transport corridors.”
He invited other nations to participate in initiatives such as the North-South international transport corridor and the Northern Sea Route, emphasizing the importance of these routes in improving economic stability and connectivity.
During a press conference following the BRICS Summit last week, Putin reiterated the significance of secure investment in emergent markets. “This is essential for countries such as Saudi Arabia and Russia, as well as others like China and India, in terms of the investment process,” he commented. Additionally, the Russian commander stated:
It is vital to have the means to safely and securely invest in emerging markets; this is of utmost importance. This is encapsulated in our proposal to create this new investment platform.
Putin acknowledged the BRICS New Development Bank’s limited scope but emphasized its significance in realizing this broader vision, citing that it has already financed approximately 100 projects with a total value of approximately $32-33 billion.
