Russian President Vladimir Putin proposed establishing a dedicated BRICS economic platform to enhance investment among the group’s member countries and the Global South and East during a BRICS Plus meeting in Kazan last week. Putin stated, as translated by Tass:

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 outlined that this platform’s goal would be to increase investment flows in large infrastructure and technology projects across these regions.

Emphasizing the need for reliable and independent investment channels, Putin elaborated that “it is important to build alternative, reliable and free from any dictate multilateral financial mechanisms for production, logistics chains, establish an exchange of technologies and advanced knowledge, develop and increase the capacity of new international transport corridors.” He invited other nations to join initiatives such as the North-South international transport corridor and the Northern Sea Route, underscoring the significance of these routes in enhancing connectivity and economic stability.

In remarks during a press conference following the BRICS Summit last week, Putin further stressed the importance of secure investment in emerging markets. “Regarding the investment process, this is crucial for countries such as Saudi Arabia and Russia, as well as others like China and India,” he opined. The Russian leader further remarked:

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.

Noting that the BRICS New Development Bank has already financed about 100 projects totaling around $32-33 billion, Putin acknowledged its limited scale but underscored its role in realizing this broader vision.

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