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The forum is taking place in Moscow ahead of the BRICS Summit, which will be held in Kazan on October 22–24 and will include the new participants in the association for the first time. On January 1, 2024, Egypt, Iran, the United Arab Emirates, Saudi Arabia and Ethiopia became full participants in BRICS alongside Brazil, India, China, Russia and South Africa.

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President of the Russian Chamber of Commerce and Industry Sergei Katyrin: Mr President,

Colleagues, friends,

I would like to report that the annual meeting of the BRICS Business Council was held yesterday with the participation of the Council’s national representatives. During the meeting, my colleagues and I approved the annual report, which reflects our performance over the past year, as well as the most relevant proposals from the BRICS business community on further deepening market integration and trade and economic cooperation within the association. This document will be handed over to the heads of BRICS states at the summit in Kazan.

Today, we are holding this year’s BRICS Business Forum, which is a key annual event.

The forum has brought together over 1,000 representatives of the business community, including heads of companies, associations, unions of entrepreneurs, and chambers of commerce and industry from the BRICS countries. We plan to discuss cooperation in finance and investment, transport and logistics, agriculture, information and food security, and sustainable development. We also plan to congratulate the winners of the BRICS international competition of best practices and the BRICS Women’s Startup Competition.

Mr President, on behalf of all the participants at the forum, I would like to thank you for personally attending this meeting, for speaking at this forum, and I ask you to take the floor for your welcoming remarks.

President of Russia Vladimir Putin: Ladies and gentlemen, friends,

I am sincerely delighted to welcome everyone to the BRICS Business Forum.

I would like to note the wide representation of participants in this hall. We have leading business representatives from every country in the BRICS group. Your companies have been successfully cooperating for a long time, implementing impressive joint projects across a variety of domains: industry and energy, transport and infrastructure, agriculture and the digital economy.

I would like to note, in particular, that this forum is attended by business leaders from countries that became full participants on January 1, 2024. These are our colleagues and friends from Saudi Arabia, Iran, Egypt, Ethiopia and the United Arab Emirates.

I would like to emphasise that as the current chair of BRICS, Russia strives to facilitate integration of new members into all cooperation mechanisms. We saw that representatives from the new BRICS countries were warmly received in the Business Council, and they, too, became actively involved in its work.

The theme of Russia’s BRICS Chairmanship in 2024 is Strengthening Multilateralism for Just Global Development and Security. A meaningful action plan is being implemented to advance the partners on three major tracks – politics and security, economy and finance, and cultural and humanitarian ties.

To date, the progress on the plan exceeds 80 percent. Over 200 events, meetings, conferences, and industry gatherings have been held, as well as most of the expert and ministerial meetings. However, the BRICS summit, which will open next week in the Russian city of Kazan, will be the central event.

It is symbolic that the leaders’ meeting in Kazan is preceded by this Business Forum, which underscores the importance of close economic partnership between our countries, promoting trade and investment, and deepening cooperation.

The BRICS partners’ joint efforts aimed at accelerating socioeconomic growth and ensuring sustainable development bring concrete, tangible results and in fact, contribute to improving the well-being and quality of life of our countries’ citizens. The numbers speak for themselves. I am sure you are generally aware of most of the figures, but I will allow myself to cite a few of them.

The association’s total GDP exceeds US$60 trillion, and its overall share in global GDP easily surpasses that of the so-called G7, and it continues to grow.

I have already stated this publicly when meeting with your Russian colleagues, but I will repeat it once again here, in this hall and in your presence. In 1992, the G7 accounted for 45.5 percent of global GDP and BRICS countries accounted for 16.7 percent. In 2023, our group of countries accounted for 37.4 percent while the G7 for 29.3 percent. The gap is increasing and will continue to grow; this is inevitable. This trend is absolutely logical. In the past decade, BRICS states have accounted for over 40 percent of the global GDP increment.

By the end of 2024, BRICS countries are forecasted to post four percent growth, on the average. This exceeds G7 growth rates, which is only 1.7 percent, and the global average, projected at 3.2 percent.

BRICS accounts for approximately a quarter of global goods exports, with companies from BRICS countries dominating several key markets, including energy resources, metals and food – markets that are essential for sustainable economic development. In short, BRICS already plays a significant role in the global economy, and its influence will undoubtedly increase in the future.

In fact, BRICS countries are a driving force of worldwide economic growth. In the foreseeable future, BRICS alone will contribute the bulk of the global GDP increment.

Our association is building upon relevant development platforms, including communication channels, technological and educational standards, financial systems, payment tools and, of course, mechanisms for sustainable and long-term investment. As a result, the impact of external influence on the economic growth of BRICS members will diminish steadily. Essentially, this is what economic sovereignty is all about: it amounts to a partnership between self-sufficient economies that expands their potential many times over and opens up new opportunities.

I should add that the New Development Bank plays a pivotal role in the efforts to boost financial cooperation. With a solid, powerful and efficient structure, it boasts a substantial capital base as well as a team of experienced professionals. As a development institution, the bank operates as an alternative to a vast number of Western financial mechanisms. Obviously, we will further develop it as an independent structure, without opposing it to anyone, and will expand its capabilities.

We expect the New Development Bank to become a major investor in the largest technology and infrastructure projects in the BRICS space as well as the entire Global South.

Greater transport connectivity is among the key goals that aim to strengthen business partnerships within BRICS. Efforts should be taken to create new cargo mains and corridors for businesses and to provide advanced intermodal solutions and logistics schemes.

Russia’s BRICS chairmanship has facilitated regular contacts between transport agencies to address these issues. Work is underway to consider certain initiatives such as launching an online coordination platform and forming a BRICS reinsurance pool.

As far as I know, the association’s Business Council has established a separate subgroup on logistics. I would like to thank the Council members and representatives of the business community for their support of the concept of a permanent logistics platform.

Russia is making active efforts to redirect transport flows to reliable foreign partners. Our flagship projects include the Northern Sea Route and the North-South Corridor, continental arteries that serve as short and profitable trade routes, linking major industrial, agricultural and energy hubs with consumer markets.

We are also implementing an extensive project for the development of the Northern Sea Route and the replenishment of the icebreaker fleet, including nuclear-powered vessels. Coastal passages have been launched to test the routes. Work is underway to upgrade the satellite fleet, build new fuel terminals, establish centres for maritime safety and other coastal infrastructure facilities, and expand automobile and rail access routes to seaports.

The North-South transport corridor connects Russia’s ports in the northern seas and the Baltic region with terminals on the coast of the Persian Gulf and the Indian Ocean, serving as a key to increasing cargo transportation between Eurasia and Africa.

We are also working closely with our BRICS partners in the field of innovation and the digital economy. I have just discussed our capabilities in the food markets, energy markets and so on. We are naturally looking to the future and working to achieve greater outcomes. Together, we are developing e-commerce, introducing the Internet of Things and artificial intelligence, and processing Big Data. A BRICS competence centre will open under the United Nations Industrial Development Agency (UNIDO), aimed at deepening cooperation in the digital transformation of industry.

Moving forward, we need to focus on creating seamless digital infrastructure within BRICS. To this end, it is crucial to establish coordinated approaches among businesses, the public, and the relevant authorities regarding the use of biometrics and ensuring information security. We are counting on relevant recommendations from you, ladies and gentlemen, from the Business Forum.

Colleagues,

Russia is as open as possible to mutually beneficial business cooperation. We are creating comfortable and globally competitive conditions for doing business, for domestic and foreign players, for attracting capital and technology from abroad – primarily, to cooperate with you.

At the same time, I would like to emphasise once again that our combined efforts should primarily focus on developing and strengthening our own platforms that ensure economic growth. I am referring to technological solutions, financial and investment mechanisms, the expansion of logistics, and so on.

I am confident that taking advantage of BRICS’ impressive capabilities – in particular, its large population and wealth of natural resources – will bring maximum benefits to our countries, businesses and all our citizens.

In conclusion, I would like to wish the participants of the Business Forum fruitful discussions, effective work, and all the very best.

I assume that the results of your forum will be reported at the leaders’ meeting in Kazan, as your colleague said, by the current chairman of the BRICS Business Forum. I genuinely hope that you will have the opportunity to see Moscow, the capital of Russia, which is a source of pride for us as one of the most beautiful cities in the world and a rapidly growing world-class megacity.

Thank you for your attention. Thank you.

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Sergei Katyrin: Mr President, we are aware of your packed schedule. We know that you have important issues to address that cannot be postponed. I would like to thank you on behalf of all forum participants for taking part in our meeting, for the close attention you are giving to the BRICS Business Forum, and, in general, for your commitment to the development of entrepreneurship in our country and beyond.

We would like to wish you success in your demanding post. Thank you very much.

Vladimir Putin: Thank you.

For my part, I would like to express my gratitude to our colleagues who have spoken here and to those who took part in our work online today.

In a few days, the President of the United Arab Emirates will come to Moscow on a visit. I will have the pleasure and honour of meeting with him.

As you know, a meeting with the leaders of all BRICS countries is scheduled for next week.

I would like to accede to the words of my colleague and friend, President Ramaphosa, who has said that supporting business activity and enterprise is a priority for the leaders of all BRICS countries. For our part, we strongly hope that you will achieve tangible results thanks to your executive talent, business skills and energy, as well as knowledge and experience. By working together and by helping and supporting each other, we will attain our main goal, which is to ensure progressive development, security and, ultimately, well-being for our countries’ citizens.

The BRICS’ activities are not spearheaded against anyone. They are aimed at attaining our common goal of sustainable development and prosperity for our nations.

I would like to thank you for being with us here in Moscow today and for thinking about how we can advance on this path, as well as to wish you all the best and every success in your noble endeavours.

Thank you very much.