Putin invites BRICS to join ‘new phenomenon’ of global growth

The Russian president has outlined plans to develop the bioeconomy at the Future Technologies Forum in Moscow

Russian President Vladimir Putin has proposed joint bioeconomy projects with other BRICS nations, positioning the economic bloc at the forefront of what he has called a “new phenomenon” of global growth.

Putin made the statement on Wednesday on day one of the Future Technologies Forum in Moscow, an annual discussion event devoted to technological development in Russia.

Bioeconomy is the “new reality,” according to Putin, which encompasses advanced solutions in genetics, biotechnologies, and biomimetics to create materials that replicate the processes of living systems.

“Russia is ready to implement joint projects in bioeconomy with partners in BRICS countries,” Putin has said, describing the sector as key “from the point of view of the quality of global growth.”

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Founded in 2006, BRICS is a trade and development bloc of nations that together account for more than a quarter of the global economy and nearly half of the world’s population. It currently includes ten members: Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, South Africa, and the United Arab Emirates.

BRICS members have maintained economic cooperation with Russia despite Western sanctions, establishing mechanisms such as settlements in national currencies to facilitate bilateral trade.

Putin noted that biotechnologies are advancing at an unprecedented pace and could help tackle the challenges posed by climate change, as well as food shortages, and improve people’s health.

While a fully functional “living heart” is still a long way off, scientists are making progress towards artificial human organs, he said.

The president has ordered the Russian government to fast-track a national bioeconomy strategy through 2050 and called for the creation of an export support system for domestic biotech products in cooperation with neighboring countries.

READ MORE: India’s BRICS presidency pits the Global South against ‘America First’

This year’s forum in Moscow from February 25-26 includes 1,700 participants from 37 countries. Previous meetings focused on quantum technologies, neurobiotechnology, and new materials.