Latest news with #St.PetersburgInternationalEconomicForum
Daily News Egypt
9 hours ago
- Business
- Daily News Egypt
Honduras considers BRICS as part of shift towards multipolar cooperation, minister says
Honduras considers the BRICS group of nations as part of a shift towards multipolar cooperation and may apply for full membership in the future, the country's minister of strategic planning said. Speaking at the St. Petersburg International Economic Forum (SPIEF) 2025, Ricardo Salgado Bonilla said the country has a growing interest in global platforms that promote inclusive and equitable cooperation. He said the forum, held under the motto 'Common Values – the Basis for Growth in a Multipolar World,' offers an environment 'that is inclusive, where we can talk about our expectations with people who are interested in investment.' In an exclusive commentary, the minister discussed Honduras' recent application to join the BRICS New Development Bank (NDB), framing it as a step towards broader international cooperation. 'So for us it's a big step to take a look at the world to go and ask for being a part of this new bank, and, why not in the coming future also applying for a membership in BRICS,' he said at the TV BRICS studio in the Roscongress International Cooperation Area. Honduran President Xiomara Castro submitted an official request for the country to join the New Development Bank of BRICS during her visit to China in June 2023.
Daily News Egypt
9 hours ago
- Business
- Daily News Egypt
Russia's Putin says BRICS now 40% of global economy, calls for new growth model
The BRICS group of nations now accounts for 40% of the global economy, Russian President Vladimir Putin said, adding that the world is undergoing its most significant transformation in decades. Speaking at the plenary session of the St. Petersburg International Economic Forum (SPIEF), Putin said the influence of the BRICS countries has grown from 20 per cent of the global economy at the beginning of the century. He said Russia is proposing a new model of growth that is open, fair, free, focused on citizens' needs, and considers national interests. 'Russia invites its partners to contribute to the formation of a new global growth model, to jointly ensure the prosperity of our countries and the stable development of the whole world for many, many years to come,' the president said. Putin recalled that at the BRICS summit in Kazan, 35 countries noted the need for a new model of the world. He emphasised that dozens of countries are already implementing large-scale projects in nuclear energy, AI, aviation, and IT, and that trade between these countries has exceeded US$1 trillion. He also outlined key structural changes in the Russian economy, focusing on technological flexibility and high speed of implementation of solutions. Other world leaders at the forum echoed the theme of a changing global order. South African Deputy President Paul Mashatile emphasised that the topic of multipolarity is central in a changing world. He noted the active cooperation between Russia and South Africa in BRICS and the G20 and called Russia a key player in areas such as energy, food security, artificial intelligence and space. Mashatile focused on the growing demographic and industrial role of Africa. 'Africa is looking for partnerships based on equality, equal access to capital markets, knowledge and technology. It is in this regard that global platforms such as the St. Petersburg International Economic Forum become particularly important for us,' he said. The deputy president recalled that the continent's population will exceed 2.5 billion by 2050 and emphasised Africa's commitment to digital transformation, regional integration and the creation of a free trade area. Chinese Vice Premier Ding Xuexiang said that China will continue to promote a policy of openness and strengthen economic cooperation with developing countries. 'The civilisations of the world must develop through mutual enrichment, based on equality, dialogue, and respect for diversity. Every nation has the right to choose its own path and realise its own values,' he emphasised. National Security Advisor Nasser bin Hamad Al Khalifa of Bahrain thanked Russia for the invitation to the forum, recalling the King of Bahrain's visit to Moscow in May 2024 and stressing the importance of dialogue with President Putin. The sheikh praised Russia's economic policy, especially in the areas of industry and energy. 'This policy plays an important role in the development of strategically important sectors of the economy. […] It has a positive impact on the international investment climate. Russia is strengthening its economic relations with countries in our region and other states,' he said. According to him, Bahrain aims to expand international partnerships, including with Russia.
Daily News Egypt
9 hours ago
- Business
- Daily News Egypt
Green investment, digital economy are key for BRICS cooperation, says expert
Green investment, the digital economy, and logistics are key areas for further cooperation among the BRICS and BRICS+ states, the director general of the Annual Investment Meeting (AIM Congress) said. In an exclusive interview at the St. Petersburg International Economic Forum (SPIEF), Walid Farghal said the economic and investment potential of the BRICS and BRICS+ frameworks lies in their scale and shared ambition to shape a new global economic order. 'The BRICS and the BRICS+ represent a global segment in economy. Through their combined population – more than 3 billion people – they surpassed their presence as emerging countries to be a group contributing to the global economy and having their own power in terms of economic impact on their populations as well as for neighbouring countries and for all member countries of BRICS,' he said at the TV BRICS studio in the Roscongress International Cooperation Area. Farghal identified several areas with high potential for further collaboration. 'The areas of cooperation of the BRICS and the BRICS+ countries can be in the green investment, environmental investment, and the climate change. It can be also in the digital economy, the FinTech solutions, logistics, and the transport.' He noted that development in these sectors would be mutually beneficial for the group's members. 'It plays a key role in all the BRICS countries to contribute to each other through their own resources, their own manufacturing requirements,' Farghal stated. The Director General of AIM Congress also stressed the importance of inclusive growth and support for small and medium-sized businesses. He concluded by calling for a joint effort from governments to reduce barriers to trade and investment. 'It is very important to develop easy policies from all the governments of BRICS, which will facilitate more investment and trade flows in these countries.'
Daily News Egypt
10 hours ago
- Business
- Daily News Egypt
Thailand confirms interest in strategic cooperation with BRICS
Thailand has confirmed its interest in strategic cooperation with the BRICS countries and aims to significantly increase bilateral trade and deepen industrial cooperation with Russia, the chairman of the Federation of Thai Industries (FTI) said. Speaking in an interview at the St. Petersburg International Economic Forum (SPIEF), Kriengkrai Thiennukul highlighted the long-standing friendship between the two nations and a previously announced goal to boost trade. 'We have to sign the MOU that has been announced many years ago […]. The two organisations, the Thai-Russian Business Council and the Russian-Thai Business Council, have to boost the bilateral trade volume between two countries. We set the goal at US$10 billion because at that time the bilateral trade volume between two countries is lower than our potential,' he said. The FTI chairman underlined the importance of stepping up bilateral engagement amid global economic shifts in interview with TV BRICS. 'This is a good time for our two countries to explore more opportunities and increase exchanges – not only people-to-people and tourism, but also in trade and investment on both sides,' he said at the TV BRICS studio in the Roscongress International Cooperation Area. Commenting on Thailand's recognition as a BRICS Partner Country in 2025, Thiennukul highlighted the group's demographic and economic significance, noting that joining BRICS would open new opportunities for Thailand. He also stressed the importance of cooperation in the industrial sector, linking it to the country's economic strategy. 'This is also the strategy of the Thai people, because in Thailand, as you know, our GDP relies 60% on exports. So we are looking for new markets. This is the way forward, and we are excited about the prospect of becoming a BRICS member in the near future.'
Daily News Egypt
10 hours ago
- Business
- Daily News Egypt
Russia ready to develop commodity exchanges within BRICS, says export official
Russia is ready to develop commodity exchanges within the BRICS group of nations, an initiative aimed at creating a foundation for sustainable trade and industrial cooperation, an official from the Russian Export Centre (REC) said. Speaking in an exclusive commentary at the St. Petersburg International Economic Forum (SPIEF), Anton Tsetsinovsky, the REC's director for international cooperation and development, said that each BRICS member is capable of producing competitive goods. He emphasised that the foundation of sustainable cooperation within the group lies not only in product supply but also in the development of deeper cooperation. This includes transport and logistics connectivity, industrial collaboration, the transition to settlements in national currencies, and the insurance of mutual deliveries. 'The initiatives currently under discussion, such as the creation of commodity exchanges in key sectors like metallurgy and agricultural production, are forming a foundation for sustainable trade and industrial cooperation within BRICS,' Tsetsinovsky said at the TV BRICS studio in the Roscongress International Cooperation Area. According to him, Russia is ready to enter foreign markets with its technological solutions as well as its products. He said one of the priorities is the localisation of Russian developments in partner countries, which would ensure a sustainable presence in those markets. Tsetsinovsky noted that BRICS spans almost all continents and that in today's changing global economy, multifactor and multivector cooperation is essential.
