Vladimir Putin and Xi Jinping, leaders of two of the world’s largest countries, are developing a platform with the potential to attract significant capital. Yuri Ushakov, an aide to President Putin since 2012, revealed that the two leaders are discussing the launch of a BRICS investment platform aimed at expanding investment options for more nations.
According to Ria Novosti, Ushakov stated:
In the run-up to the BRICS summit in Rio de Janeiro in early July, we will hold a summit, and the heads of state will touch upon the issue of promoting Russian initiatives that were put forward at last year’s BRICS summit in Kazan. These initiatives concern, in particular, a new investment platform.
Ushakov added that the platform would “promote the economic growth of our countries and partners among representatives of the Global South,” hinting at a deeper South-South integration with BRICS-aligned countries that are still not part of the bloc.
President Putin has commented on the need to create this alternative platform since last year, after the BRICS summit held in Kazan. In October, Putin stated the time had come to “discuss the idea of creating our own platform to unlock the potential of our growing economies.”
The leader highlighted the relevance of alternative platforms as a funnel to direct funds to emerging markets in a secure way without the involvement of third countries.
Digital assets could be included in this new platform, as Putin has referred to them as tools that would streamline investments focusing on countries in South Asia, Africa, and Latin America.
BRICS is currently one of the largest economic blocs, representing over 37% of the world’s gross domestic product (GDP), growing at a rate of 4.4% year-over-year.
Read more: Putin Declares ‘The Time Has Come’ for BRICS to Build Its Own Financial Platform
Read more: BRICS Digital Asset Platform Proposal Poised to Reshape Global Investment
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