Putin says BRICS countries agree with the idea of developing an investment platform for the association

Russia's BRICS partners have generally agreed with the idea of developing an investment platform for the association. This was announced by Russian President Vladimir Putin at the plenary session of the XV VTB Investment Forum "Russia Calling!" on December 4.

The President said that at the moment Russia together with its BRICS colleagues is working on the investment platform of the association.

"Our colleagues agreed that this is an interesting, useful work for all and has good prospects," Putin said.

He added that the new platform will become a significant tool to support the economies of the countries and will provide financial resources to the countries of the Global South and East. Putin also pointed to the need for the development to promote international business cooperation, increase mutual capital investment and build new production chains.

"The advanced development of information technologies that Russia demonstrates, our advanced solutions in the financial sphere will be a significant contribution to the development of this platform, a factor in its success," the president said.

Earlier, on October 23, Putin said at a meeting of the BRICS summit in the enlarged composition that the association should create a new investment platform to support national economies and countries of the Global South and East.

Prior to that, the CEO of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev said that the organization has already implemented 100 joint investment projects together with the BRICS countries, which have invested 1.6 trillion rubles in the Russian economy. The head of the fund pointed out that RDIF initially focused mainly on the investments of these countries and attracted about 70% of all received investments from them. In addition, Kirill Dmitriev named three key initiatives of the fund in the field of investment and financial activities of the association: the creation of a joint BRICS investment platform for equity investments, the BRICS alliance in the field of artificial intelligence and the BRICS voluntary carbon market.

BRICS is an interstate association of countries. The last summit at the level of its member states' heads of state was held in Kazan in October 2024.