Russian President Vladimir Putin has projected that the BRICS group will drive the majority of global economic growth in the coming years, owing to its size and relatively rapid expansion. Speaking at the BRICS business forum on Friday, ahead of the upcoming summit in Kazan from October 22-24, Putin highlighted the bloc’s increasing influence on the world stage.
During his address, Putin pointed out that BRICS countries, Brazil, Russia, India, China, South Africa, and now expanded to include additional members, achieved a combined GDP of over $60 trillion in the previous year. This accounts for approximately 37.4% of global GDP, surpassing the 29.3% share of the G7 nations.
“The work of BRICS is not directed against anyone,” Putin emphasized. “It focuses on one shared goal: the sustainable development and prosperity of our countries and peoples.”
His remarks were well-received by business leaders at the forum, many of whom expressed optimism about the growing opportunities within BRICS nations. The bloc, which now consists of ten member states, is viewed as an increasingly powerful platform for international cooperation.
Busi Mabuza, chairperson of the South African chapter of the BRICS Business Council, echoed this sentiment, stating that BRICS presents significant opportunities for both South Africa and the African continent. She noted that South Africa has already experienced a surge in trade due to its involvement in the group.
Alaa Ezz, secretary general of the Federation of Egyptian Chambers of Commerce, emphasized Egypt’s investment in projects across Africa, particularly in infrastructure development. He praised the collaborative potential with BRICS members, describing the partnership as mutually beneficial. Ezz also highlighted Egypt’s reliance on BRICS countries, which supply 50% of its food imports.
Amidst increasing isolation from Western countries over its actions in Ukraine, Russia is looking to strengthen its ties within the BRICS alliance. Putin hopes the bloc will act as a counterbalance to Western influence in both global trade and political arenas.
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