https://sputnikglobe.com/20240509/uae-investment-congress-marks-russias-eastward-shift-amid-brics-surge-1118361576.html
UAE Investment Congress Marks Russia's Eastward Shift Amid BRICS Surge
UAE Investment Congress Marks Russia's Eastward Shift Amid BRICS Surge
Sputnik International
The role of the newly-expanded BRICS is on course to grow in importance both economically and politically, Sergey Katyrin, President of the Russian Chamber of Commerce and Industry, told Sputnik.
2024-05-09T14:11+0000
2024-05-09T14:11+0000
2024-05-09T14:11+0000
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The role of the newly-expanded BRICS is on course to grow in importance both economically and politically, Sergey Katyrin, president of the Russian Chamber of Commerce and Industry, told Sputnik.BRICS boasts a significant share of the global market in terms of population, territory size, economy, and production, Katyrin noted. He pointed out that one of the principal goals of the group is to foster integration processes, open up new opportunities in all areas, bring down administrative barriers and restrictions, and standardize production.Drawing attention to the fact that Western countries have "seriously limited" Russia's ability to do business with other countries, the official noted that there has been a marked "shift to the East."Because of the weaponized sanctions against it, Russia began to search for new partners and engage more actively with those with whom it had longstanding relations in Africa, the Arab world, Latin America, and the Asia-Pacific region.Currently, BRICS countries account for over 41% of Russia's foreign trade, while Asia-Pacific countries boast a share of over 70% of foreign trade turnover, Katyrin said, adding that the activity of Russian business in Arab countries is steadily increasing as well.This stance was echoed by chief executive officer of the Amman Stock Exchange, Mazen Wathaifi. “The world is witnessing developments that, in one way or another, affect the field of investment in various countries, especially in the Arab countries. These circumstances are primarily related to the Ukrainian crisis, the war in Gaza and the escalation in the Red Sea,” he told Sputnik on the sidelines of AIM 2024.“The world is witnessing developments that, in one way or another, affect the field of investment in various countries, especially in the Arab countries. These circumstances are primarily related to the Ukrainian crisis, the war in Gaza and the escalation in the Red Sea,” he told Sputnik.Some 12 thousand people from more than 170 countries are taking part in the 2024 AIM Congress. The businessmen, economists, investment experts, and government delegations had arrived to take part in business meetings, seminars and sessions from May 7 to 9.
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UAE Investment Congress Marks Russia's Eastward Shift Amid BRICS Surge
Russia took over the rotating presidency of BRICS in 2024, with President Vladimir Putin underscoring that the motto of the chairmanship would be building a fair world order and “strengthening multilateralism."
The role of the
newly-expanded BRICS is on course to grow in importance both economically and politically,
Sergey Katyrin, president of the Russian Chamber of Commerce and Industry, told
Sputnik."The role of the association is growing daily. Just yesterday, five countries comprised the group; today there are already 10 member states. BRICS countries accounted for only 8% of world GDP in 2000... By 2022, they had already taken credit for 26% of world production. Experts forecast that by 2030, the BRICS' share will be 30% of world production, and by 2050 – about 90%," he said on the sidelines of the 13th edition of the AIM (Annual Investment Meeting) 2024 Congress in Abu Dhabi.
BRICS boasts a significant share of the global market in terms of population, territory size, economy, and production, Katyrin noted. He pointed out that one of the principal goals of the group is to foster integration processes, open up new opportunities in all areas, bring down administrative barriers and restrictions, and standardize production.
Established in 2009, BRICS originally consisted of Brazil, Russia, India, China, and South Africa. On January 1, 2024, Egypt, Ethiopia, Saudi Arabia, Iran, and the United Arab Emirates joined the bloc. A great many more countries have expressed the desire to join the group.
Drawing attention to the fact that Western countries have "seriously limited" Russia's ability to do business with other countries, the official noted that there has been a marked "shift to the East."
Because of the
weaponized sanctions against it, Russia began to search for new partners and engage more actively with those with whom it had longstanding relations in Africa, the Arab world, Latin America, and the Asia-Pacific region.
Russia took over the rotating presidency of BRICS in 2024, with some 200 political, economic, and social events planned within this framework to be held in more than 10 cities, along with a summit in October in Kazan. Weighing in on Russia’s chairmanship, President Vladimir Putin underscored last year that the goal would be to boost multilateralism for equitable global development and security.
Currently, BRICS countries account for over
41% of Russia's foreign trade, while Asia-Pacific countries boast a share of over
70% of foreign trade turnover, Katyrin said, adding that the activity of Russian business
in Arab countries is steadily increasing as well.
"This is a question of how Russia will develop and build its economy; how it will develop trade relations with other countries. This topic is being discussed both at the state level and at the level of associations and entrepreneurs. We use all our tools, business advice, and our representative offices abroad to seek out new partners and develop existing projects," he concluded.
This stance was echoed by chief executive officer of the Amman Stock Exchange, Mazen Wathaifi.
“The world is witnessing developments that, in one way or another, affect the field of investment in various countries, especially in the Arab countries. These circumstances are primarily related to the Ukrainian crisis, the war in Gaza and the escalation in the Red Sea,” he told Sputnik on the sidelines of AIM 2024.
“The world is witnessing developments that, in one way or another, affect the field of investment in various countries, especially in the Arab countries. These circumstances are primarily related to the Ukrainian crisis, the war in Gaza and the escalation in the Red Sea,” he told Sputnik.
Some 12 thousand people from more than 170 countries are taking part in the 2024 AIM Congress. The businessmen, economists, investment experts, and government delegations had arrived to take part in business meetings, seminars and sessions from May 7 to 9.
