At a meeting of the Valdai Discussion Club, which was held in Sochi this year, Vladimir Putin discussed a proposal to create a BRICS investment platform aimed at supporting emerging markets.
We propose to create a new investment platform [of the BRICS countries] using and developing electronic assets.
The idea is to create an electronic payment platform that will enable investment in emerging markets, and these are the main markets of South Asia, Africa and parts of Latin America.
The proposed system will facilitate investment from BRICS countries into fast-growing regions by using a digital framework that will optimize the flow of funds into these regions.
Vladimir Putin stressed that the regions targeted by this initiative have strong potential in several areas at once:
We believe that very strong demographic processes are taking place there: population growth, capital accumulation, the level of urbanization is sufficient, and it will certainly grow.
The BRICS economic bloc was expanded on January 1 to include Egypt, Ethiopia, Iran, and the United Arab Emirates (UAE). At that time, the economic alliance included Brazil, Russia, India, China, and South Africa. At the recent summit in Kazan, BRICS extended invitations to 13 more countries to join, further expanding its international reach.
