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” said Abdel Fattah al-Sisi, President of Egypt.

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” said 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.

African Times published this article in partnership with International Media Network TV BRICS