At Russia’s initiative, BRICS is creating the BRICS Grain Exchange and a digital platform to attract investment into special economic zones (SEZs). These projects are aimed at increasing trade turnover and developing sustainable logistics chains.
“We have already managed to form the model and structure of this exchange, are working through payment issues, determining the currencies to be used for settlements, and defining risk hedging and clearing mechanisms. The key task for the next year is to decide on the technological platform that will perform the main digital functions within this work and to identify the exchanges of BRICS countries that will be connected to this technological platform,” said Nikita Kondratiev, Director of the Department of Multilateral Economic Cooperation and Special Projects of the Ministry of Economic Development of the Russian Federation, in an exclusive comment to TV BRICS.
In parallel, the “Invest Navigator of the BRICS SEZ” has been launched – a digital platform that helps investors obtain the necessary information. “Its main goal is to help potential investors from BRICS countries find preferential regimes in other partner countries, obtain detailed information on legislation and learn about tax incentives. In addition, the resource has become a convenient platform allowing a potential investor, with just one click, to register, submit an application and become a resident of a particular special economic zone in BRICS countries,” Kondratiev explained.
The ministry has also outlined new priorities for cooperation in the future. Among these areas, Evgeniya Drozhshchikh, Deputy Director of the Department for Multilateral Economic Cooperation and Special Projects of the Ministry of Economic Development, highlighted the creative economy.
“In this, we will be helped by such a tool as a collection of export-oriented creative solutions, which we have already presented within the SCO (Shanghai Cooperation Organisation) space and demonstrated quite recently during our chairmanship of the GTI (Greater Tumen Initiative. – Ed.). And if we adapt it to BRICS countries, we are also confident that it can generate significant excitement and interest both among the business community and […] all other stakeholders,” she emphasised in a conversation with TV BRICS.
The second area that the ministry is actively developing is support for small technology companies. It was Russia that launched the first full-format BRICS Startup Forum in 2024. Experimental areas also include the platform economy and the space economy.
“By engaging with the space economy agenda, we are trying to touch upon a trend that we are beginning to discern. There are different estimates of how large the space economy market will be, but the most obvious and widely cited figure among industry experts is US$1.8 trillion by 2035. This is a market that BRICS countries will certainly seek to enter,” Drozhashchikh added.
Russia’s trade turnover with BRICS countries in 2024 amounted to US$350 billion, with exports growing by 11 per cent and imports by 4 per cent.
Earlier, in order to increase tourist flows, China and Saudi Arabia abolished the visa regime for Russian citizens. One of the new initiatives promoted by Russia within BRICS has been the development of gastronomic tourism.
Photo: Thanakorn Piadaeng / iStock
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