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.