The BRICS business forum kicked off in New Delhi on Friday, one day before India hosts the group’s annual summit.
The focus of the forum was building more connected and resilient trade networks, with digital technology emerging as an important link between businesses.
Mtho Xulu is president of the South African Chamber Commerce and Industry:
“We are looking at technology as one of the solutions to strengthen BRICS, because once you have a digital platform, it’s easier for the different citizens and businesses and countries to be able to communicate with each other, to be able to expose business opportunities. And obviously, there will be challenges in terms of digital gap and so on. But that also creates a digital infrastructure investment opportunity.”
Leaders summit
On Saturday, leaders are expected to discuss economic cooperation, energy, food security, technology, supply chains and reforms to global institutions. Reducing reliance on the US dollar will also be a priority, with members promoting greater use of their own currencies in trade and payments, as well as pushing for alternatives to Western-dominated financial institutions.
China and Russia see BRICS as a way to reduce Western dominance, particularly that of the United States, while strengthening cooperation among emerging and developing economies.
Since its founding two decades ago, BRICS has expanded to 11 full member states, including Egypt and South Africa, and 10 partner countries.
The group represents about half the world’s population and a significant share of global economic output. It has increasingly called for greater representation for developing countries in global institutions.