Putin proposes NDB-backed BRICS investment platform, says grouping ‘not against anyone’

Russian President Vladimir Putin on Friday proposed a new BRICS investment platform anchored by the New Development Bank (NDB) to mobilise private capital for projects across infrastructure, logistics, technology and other strategic sectors, while insisting that the grouping’s expanding economic cooperation was “not against anyone”.

Addressing BRICS business leaders in New Delhi ahead of the summit, Putin said Russia was prepared to work with other members on major connectivity projects, including the Arctic Transport Corridor and the International North-South Transport Corridor, alongside cooperation in artificial intelligence, unmanned transport, finance, tourism, industry, energy and food security.

“We are not against anyone. We are in favour of our interests,” Putin said, presenting BRICS cooperation as an attempt by member countries to advance their national priorities rather than create an economic bloc directed against other nations. “We are open to working with the whole world,” he added.

Putin seeks NDB-backed investment platform

Putin said BRICS needed greater access to financing to turn its economic potential into projects and proposed using the NDB as the foundation for a wider investment mechanism capable of attracting private-sector capital.

“We need funding,” he said, noting that the NDB was already carrying out significant work. The proposed platform, he argued, could mobilise additional resources, finance development projects and improve the competitiveness of BRICS economies. Putin expressed hope that other members would support the initiative.

BRICS countries have increasingly explored ways to expand development financing and infrastructure investment while drawing more heavily on their own financial resources. The NDB, established by BRICS members, has emerged as a key institution in those efforts.

‘New engines’ reshaping global economy

Putin used his address to argue that the centre of gravity of the global economy was shifting towards emerging markets. He said BRICS countries had accounted for more than 40 per cent of global GDP over the past five years, compared with 29 per cent for the G7, and contributed more than half of global economic growth during the period.

“The world is always changing,” Putin said, arguing that the traditional economic centres that dominated the second half of the 20th century were increasingly being complemented or replaced by new engines of growth.

He said BRICS economies were building their strength through large domestic markets, urbanisation, investment in education and engineering and the rise of nationally competitive companies. Cooperation among governments, businesses and academia, he added, could turn the grouping into a resilient platform for global growth.

“The most important elements of this growth are not being imposed on anyone from the outside,” Putin said.

Mahindra among BRICS success stories

The Russian President cited India’s Mahindra among companies that he said illustrated the growing strength of businesses originating in BRICS economies, highlighting its activities in information technology and artificial intelligence. He also referred to China’s Huawei, Brazil’s Embraer, Russia’s Rosatom and UAE-based companies while discussing the emergence of globally competitive businesses from member countries.

Putin said such companies had developed through intense competition and sustained investment in business, science, education, technology and engineering.

Russia itself, he said, was investing heavily in artificial intelligence, autonomous systems, digital platforms and financial technology, drawing both on domestic solutions and technologies developed in cooperation with BRICS partners.

Transport corridors central to cooperation

Infrastructure and logistics featured prominently in Putin’s pitch for stronger business-to-business ties. He identified the Arctic Transport Corridor and North-South Transport Corridor as areas where Russia could work more closely with BRICS partners.

The International North-South Transport Corridor is particularly important for India-Russia connectivity, providing a multimodal network linking India with Iran, Russia and markets further north. Moscow has also promoted Arctic shipping routes as an alternative corridor connecting Asian and European markets.

Putin called for greater collaboration in smart technologies, unmanned transport, applied research and personnel training. He said Russia had established a national committee for business cooperation comprising more than 40 major Russian companies to develop substantive programmes with international partners.

Putin attacks sanctions and trade restrictions

While stressing that BRICS was not pursuing economic isolation, Putin sharply criticised Western sanctions and other restrictions imposed on Russia. He argued that international competition was increasingly assuming “ugly forms” at both corporate and state levels.

Putin cited restrictions on trade, pressure on international transport routes, disruption of pipelines, seizures of maritime vessels and secondary sanctions. He claimed that Russia had been subjected to more than 30,000 sanctions and restrictions.

Moscow had responded by changing the geography of its foreign trade and making its economy more resilient and agile, he said.

BRICS business ties gain prominence

Putin said the BRICS Business Council could provide further momentum to trade and economic relations and help translate political cooperation into projects spanning infrastructure, logistics, finance and technology.

His address reflected the growing prominence of economic issues within BRICS as the expanded grouping seeks stronger investment flows, infrastructure connectivity, technology partnerships and business links alongside its role in discussions on global governance.

BRICS now includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the UAE, Saudi Arabia and Indonesia, while a wider group of countries has joined as partners.

Putin argued that the grouping’s expanding economic influence should ultimately serve a straightforward objective — allowing its members to pursue their national interests while cooperating with one another on an equal footing and remaining open to partnerships with the wider world.