ST. PETERSBURG, June 6. /TASS/. Russian business considers the BRICS countries to be their priority partners, many Russian companies are planning to enter the market of one of the BRICS countries in the next three years, according to a survey conducted by the Advisory Council on Foreign Investment in Russia. The research results were presented as part of the St. Petersburg International Economic Forum.
According to the survey results, the majority of Russian companies have partners in the BRICS countries (61%). Among large companies, the absolute majority of respondents (80%) reported about it. Also, 74% of companies that were interviewed said they plan to enter the market of one of the BRICS countries in the next three years.
At the same time, China and Belarus remain key promising partners of Russian companies. Representatives of small and medium-sized businesses see China as their main partner. Large companies are also paying attention to businesses from India and the UAE.
Approximately half of the respondents carry out export-import transactions with the BRICS countries.
Large companies are mainly involved in imports from these countries. The partners of Russian business in the BRICS countries are primarily companies from the high-tech sectors of industrial production and the automotive industry, technology sector, as well as representatives of agribusiness, manufacturers of consumer goods and pharmaceuticals.
At the same time, Russian businesses count on the demand for their technologies in the BRICS countries. In addition, domestic entrepreneurs are closely monitoring new opportunities for using technologies from these countries to develop their businesses.
The survey results also indicate that large businesses are counting on the possibility of making international payments through BRICS instruments. Almost all companies (80%) reported that they expect solutions in this area.
It is also noted that large companies still have the opportunity to make payments in currencies that were standard before the global changes.
About the survey
The survey was conducted in May 2024 focusing on business relations with the BRICS and BRICS-plus countries. The Advisory Council on Foreign Investment in Russia conducted it together with Group of Companies B1 and the all-Russian public organization Delovaya Rossiya (Business Russia). The respondents included both Russian companies and those involved in business development with the participation of foreign capital.
A third of the study participants were large companies with more than 3,000 employees.
About forum
The St. Petersburg International Economic Forum (SPIEF) is held on June 5-8. This year’s theme will be "The Formation of New Areas of Growth as the Cornerstone of a Multipolar World." Scheduled events include meetings for small and medium-sized businesses, creative industries, the SPIEF Youth Day, as well as the Drug Security, SPIEF Academy and SPIEF Junior forums. SPIEF is organized by the Roscongress Foundation. TASS is the information partner of the event.