Vladimir Putin: BRICS accounts for 40% of global economy

Russian President Vladimir Putin emphasised at the plenary session of the St. Petersburg International Economic Forum (SPIEF) that the global economy is undergoing its most significant transformation in decades. He pointed to the growing influence of the BRICS countries: from 20 per cent at the beginning of the century to 40 per cent of the global economy today.

According to Putin, Russia is proposing a new model of growth – one that is open, fair, free, focused on the needs of citizens and takes national interests into account.

Putin recalled that at the BRICS summit in Kazan in 2024, 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 countries has exceeded US$1 trillion.

"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.

He also outlined the key areas of structural change in the Russian economy: technological flexibility and high speed of implementation of solutions.

South African Deputy President Paul Mashatile, in turn, 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 role of Africa, especially in demographic and industrial terms.

"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.

Nasser bin Hamad Al Khalifa, National Security Advisor thanked Russia for inviting him to the forum. He recalled the visit of the King of Bahrain to Moscow in May 2024 and stressed the importance of dialogue with President Vladimir Putin.

The Sheikh highly 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.