KAZAN, October 24. /TASS/. The establishment of a new investment platform as part of BRICS will aid the development of African countries as well as South Asia, Russian President Vladimir Putin said at a press conference on the results of the BRICS Summit on Thursday.

When asked by an African journalist about the necessity for Russia to develop not only military partnerships with countries on the continent but also ties in other areas, Putin expressed full agreement.

"This is the essence of our collaboration with BRICS partner countries. We believe that creating an investment platform within BRICS is fundamental to our efforts. I just spoke with my colleagues at the final stage of today’s summit, and our experts believe that the economies of countries such as Russia, China, Saudi Arabia, and others will develop at a good, progressive pace. The development will be positive," Putin stated.

However, he noted that "there are regions of the world where development will proceed at a very high pace."

"These are primarily the countries of South Asia and Africa. This is why we have raised the issue of creating a new investment platform within the BRICS framework, utilizing modern electronic instruments. We aim to establish a system that could be inflation-free and create conditions for investment in the effectively and rapidly developing markets in these regions, including Africa. Oddly enough, this is achievable," Putin explained.

He added that these countries are experiencing "significant and rapid population growth."

"Yesterday, I spoke with the Prime Minister of India [Narendra Modi]—India adds another 10 million people every year. Africa's population is growing rapidly as well," he pointed out.

"In these regions, the level of urbanization remains low, but it will undoubtedly increase. People will strive to catch up at an accelerated pace in terms of living standards compared to other regions, including Europe," he added.

As Putin explained, these factors indicate that "growth rates and capital accumulation will occur," thus "special attention should be paid to these regions."

Investment mechanisms

The Russian President noted that his BRICS colleagues are currently working to establish a group based on the organization's New Development Bank to create mechanisms for effective and reliable investment in Africa and South Asia.

"I believe that everyone will benefit: both the investors and those who receive the investment," he said.

"New production facilities will be created that will ensure a return on the investments made. To achieve this, we need to develop tools that are not susceptible to external risks and, above all, political considerations. I think this is entirely feasible. This is the path we will pursue," the President concluded.

About the summit

The 16th BRICS Summit, which is the key event of Russia’s chairmanship in the association, is being held in Kazan on October 22-24. On the second day of the summit, its participants adopted the Kazan Declaration. The main topics of the document include the association’s future development, its position on global issues, settlement of regional crises, including in Ukraine and the Middle East.

The BRICS group was founded in 2006 by Brazil, Russia, India, and China, with South Africa joining it in 2011. On January 1, 2024, Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates, became its full-fledged members. The Kazan summit became the first they attended as full-fledged members of the association.