Putin and Xi Jinping Push for BRICS Investment Platform for Global South, Set to Be Unveiled at Rio De Janeiro Summit
The world's top two leaders, Russian President Vladimir Putin and Chinese President Xi Jinping, are pushing for the creation of a BRICS-branded global investment platform. The initiative is designed to expand investment access for developing countries in the Global South from South Asia, Africa to Latin America and is a key part of the broader BRICS bloc's comprehensive economic cooperation strategy.
The initiative was confirmed to Russian media by longtime presidential adviser Yuri Ushakov in mid-June. According to Ushakov, the platform will be detailed at the BRICS summit in early July in Rio de Janeiro, Brazil.
Accelerating South-South Economic Cooperation Through BRICS+
Ushakov told reporters that the heads of state will consider a series of initiatives that Russia proposed at the BRICS 2023 summit in Kazan, with a focus on creating a new strategic investment platform. The platform aims to strengthen financial links between emerging economies, reduce dependence on Western institutions and provide a new avenue for capital flows without the intervention of third countries.
“This investment platform will boost the economic growth of BRICS countries as well as partners in the global South,” Ushakov stressed. This expands the vision of BRICS from a traditional cooperation bloc to a global investment ecosystem, ready to integrate countries that are not yet formally BRICS members but have similar development orientations.
From Kazan Initiative to Alternative Finance Strategy
The idea of an independent investment platform was raised by Putin after last year’s summit in Kazan, when the Russian leader stressed the need to build alternative financial channels to serve the growth of developing economies.
“We need safe, efficient investment tools for emerging countries that are not dependent on the financial systems of Western countries,” Putin said in October 2024.
The new platform, as initially described, could include a number of innovative elements: a BRICS common investment fund, a cross-bloc payment tool, and even the integration of digital assets as a means of facilitating cross-border capital flows.
The Role of Digital Assets in the New Platform
As BRICS countries seek to mitigate risks from the traditional Western financial system, which is seen as vulnerable to political manipulation and sanctions abuse, Mr. Putin has repeatedly mentioned the potential of digital assets as a strategic investment tool.
Digital assets can help create fast, transparent and decentralized payment systems, allowing countries in South Asia, Africa and Latin America to easily access capital and implement long-term development programs without being limited by strict financial standards from the IMF or Western financial institutions.
BRICS+ and the ambition to reshape the global financial system
With a gross domestic product (GDP) accounting for more than 37% of the global economy and an annual growth rate of up to 4.4%, BRICS has become an increasingly influential economic force. The expansion of BRICS with the entry of countries such as Iran, Saudi Arabia, UAE, Egypt and Ethiopia has further consolidated this position, making BRICS+ a bloc representing the majority of the global population and resources.
The new investment platform, if successful, will be more than just a financial instrument, but also a clear statement of ambition to reshape the global economic order, where countries of the South have a real say and control over their development future.
Looking ahead to the Rio de Janeiro summit
The BRICS 2025 summit in Brazil is expected to be the place to shape the final details of this investment platform. Leaders are expected to make an official announcement, along with the implementation roadmap, operating mechanism and priority subjects.
This event will not only be an annual conference, but also mark a historic turning point for the “global financial autonomy” strategy of developing countries, opening a new era in South-South economic relations.
Conclusion
In the context of traditional financial systems facing a crisis of confidence, the emergence of the BRICS global investment platform under the auspices of Russia and China promises to be a breakthrough factor. If implemented effectively, this platform can become a strategic financial center of the global South, promoting cooperation, investment and sustainable development in an increasingly multipolar world.