Putin suggest new economic plan for BRICS
Date
10/30/2024 8:41:12 AM
(MENAFN) At the 16th annual BRICS Summit held in Kazan, Russian President Vladimir Putin put forward a new economic strategy aimed at enhancing investment among member nations and fostering development in the Global South and East. During his address on Wednesday, Putin emphasized the importance of establishing a BRICS investment platform designed to stimulate economic growth and facilitate cooperation among the bloc's countries.
Putin outlined that this proposed investment platform would enable significant increases in funding across various sectors, including technology, education, trade, and logistics. The goal is to help BRICS member countries fully harness their economic potential and drive sustainable growth. He asserted that the platform would not only bolster national economies but also provide essential financial resources to nations within the Global South and East.
The term "Global South" generally refers to countries predominantly situated in the Southern Hemisphere—primarily in Africa, Asia, and Latin America—that are perceived to have lower levels of economic and industrial development compared to their Northern counterparts.
Founded in 2006 by Brazil, Russia, India, and China, BRICS has since expanded to include South Africa, which joined the group in 2010. Recently, the bloc welcomed four new members: Egypt, Iran, Ethiopia, and the United Arab Emirates. Saudi Arabia has also been invited to join and participates in BRICS events, although it has yet to finalize the ratification process.
As of now, BRICS nations collectively represent approximately 46% of the global population and account for over 36% of the world’s GDP, according to estimates from various financial institutions. The summit participants also discussed the establishment of a category for BRICS 'partner countries' and explored alternatives for payment systems to facilitate transactions between member states.
This strategic initiative marks a significant step for BRICS as it seeks to enhance its role in the global economy, addressing the needs and aspirations of emerging economies while fostering stronger ties among its members.
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