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Putin and Xi Propose New BRICS Investment Platform to Boost Global South
The leaders of two of the world’s largest economies, Vladimir Putin and Xi Jinping, have proposed a new BRICS investment platform aimed at fostering sustainable economic growth across the Global South and East. The initiative seeks to strengthen ties between Russia and China, as well as other member states in the BRICS alliance.
According to Russian presidential assistant Yuri Ushakov, the proposed platform will focus on technology, education, finance, trade, resource development, and logistics to promote mutual settlements and industrial cooperation. Putin emphasized the need for increased collaboration in these sectors, stating, “Our countries need to step up cooperation in areas such as technology, education, trade, and finance. We must multiply the volume of capital investment.”
The new investment platform is expected to provide financial backing to countries within the Global South and East, thereby boosting economic power and challenging Western-dominated systems. The initiative also aims to strengthen BRICS’s global position through urbanization, labor productivity, and increased investment.
In a related development, Russia and China have strengthened their strategic partnership, with the two leaders exchanging updates via phone and reportedly preparing coordinated actions in global affairs. Notably, they have begun settling certain energy trades using Bitcoin, reducing dependence on the U.S. dollar.
Furthermore, Putin is exploring options to expand Russia’s national currency through the creation of a digital platform for cross-border settlements and investments. This aligns with BRICS’s broader goal of building financial alternatives to Western-dominated systems.
Source: coinpedia.org
