Putin: BRICS Needs Investment Platform for Developing Markets

"We suggest creating a new investment platform of [BRICS countries], using electronic assets, developing them. That is, the point is to create such a platform of electronic payments, with the use of which it will be possible to invest in developing markets, and these are primarily markets of South Asia, Africa, and Latin America in part," Putin said.

"We think so because very strong demographic processes are taking place there: population growth, capital accumulation, the urbanization level is in sufficient there and it will definitely grow," the president noted.

The BRICS group of emerging economies has welcomed 2024 by officially adding five developing nations.

Specifically, the bloc introduced Saudi Arabia, the United Arab Emirates (UAE), Iran, Egypt, and Ethiopia to kick off the new year.

Last year, the BRICS economic alliance has flourished. In what was undoubtedly a year of growth, the bloc fast-tracked a host of initiatives. Those range from its de-dollarization plans to its first-ever expansion bid. The latter of which is finally set to be made official.

Indeed, the BRICS alliance has welcomed 2024 by officially adding five expansion nations to its ranks. Specifically, it introduced Saudi Arabia, the UAE, Iran, Egypt, and Ethiopia to be the first countries to constitute expansion since South Africa was added more than a decade ago.

The expansion is set to have massive geopolitical ramifications, as they could be hugely important to its multipolar goals.