Vladimir Putin: ‘Since BRICS establishment, member states have significantly increased high-tech exports’

Russian President Vladimir Putin says BRICS countries have boosted high-tech exports, now making up over a third of global supply, signalling a shift in global technological leadership, according to remarks at SPIEF.

Since the establishment of BRICS, the member states have significantly increased their high-tech exports, which now account for more than one-third of global supplies, reflecting a shift in technological leadership worldwide.

This was stated by Russian President Vladimir Putin at the plenary session of the 29th St. Petersburg International Economic Forum (SPIEF).

The Russian leader also drew the attention of participants at the plenary session, which this year included President of Uzbekistan Shavkat Mirziyoyev, President of Tanzania Samia Suluhu Hassan, and Vice President of the People’s Republic of China (PRC) Han Zheng, to the fact that over the past five years BRICS countries have generated nearly half of the annual growth in global gross domestic product (GDP).

“At present, BRICS accounts for approximately 40 per cent of global GDP measured by purchasing power parity. Business is naturally more interested in places where development is more dynamic and where there are prospects for increasing production and sales. Therefore, the focus of global trade, and with it the financial system, will also shift. In fact, it is already shifting,” Putin noted.