BRICS Business Forum identifies pathways to foster economic growth and enhance productive integration across the Global South

Public-private collaboration is underscored as a critical enabler for expediting inclusive economic growth and advancing sustainable social development. Luiz Inácio Lula da Silva, President of the Federative Republic of Brazil, attended the event

Through dialogue and coordinated action between governments and the private sector, challenges can be transformed into shared solutions. This guiding vision underscores the BRICS Business Forum, convened today, 5 July, in Rio de Janeiro. It marks the final event under the umbrella of complementary activities preceding the BRICS Leaders’ Summit and serves as the last event attended by Luiz Inácio Lula da Silva, President of the Republic of Brazil, ahead of the Leaders’ Summit commencing tomorrow, 6 July.

The gathering, which brings together government officials, subject-matter experts, and business leaders from across the Global South, spotlights key themes, including international trade and food security; energy transition and decarbonization; digital economy and skill development; financing, and financial inclusion. Over the past year, while the global economy grew by 3.3%, BRICS nations recorded an average expansion of 4%. This figure serves as a barometer of the economic potential of developing countries in the current landscape—countries which, through closer collaboration, may further enhance their performance within the global economy.

Ricardo Alban, President of the National Confederation of Industry (CNI), presented data reinforcing this outlook. He further emphasized that the inclusion of new member and partner states, characterized by robust and sizeable markets, significantly augments opportunities for strategic partnerships and investment flows. The CNI, which presides over the BRICS Business Council (CEBRICS) and the Women’s Business Alliance (WBA), serves as the Forum’s principal organizer.

“In 2023, based on the most recent available data, intra-BRICS trade reached approximately USD 1 trillion—accounting for 20% of the bloc’s total exports and 30% of its aggregate imports. Accordingly, strengthening cooperation is deemed essential to advancing productive integration,” stated Mr. Alban, who further underscored that this volume of exchange remains modest when measured against the potential of deeper economic coordination.

Luiz Inácio Lula da Silva, President of the Republic of Brazil, engaged with representatives of the private sector, reiterating the role of BRICS as a central platform for convergence among complementary, prosperous, and dynamic economies. He further affirmed the connection between peace and development, underscoring the imperative of strengthening multilateralism as a foundational element for the sustained success of Global South economies. “In the wake of rising protectionism,” he stated, “it is incumbent upon emerging nations to uphold the multilateral trading system and pursue reform of the international financial architecture. BRICS continues to serve as guarantor of a promising future. The fight against inequality reinforces consumer markets, stimulates trade, and drives investment”.

"In the wake of rising protectionism, it is incumbent upon emerging nations to uphold the multilateral trading system and pursue reform of the international financial architecture. BRICS continues to serve as guarantor of a promising future. The fight against inequality reinforces consumer markets, stimulates trade, and drives investment"
— LUIZ INÁCIO LULA DA SILVA, President of the Republic of Brazil

Representing the partner countries of the group at the opening session was Anwar Ibrahim, Malaysia’s Prime Minister, who reaffirmed the call for a revitalized multilateralism, emphasizing that strengthened ties among Global South nations do not imply the dissolution of commercial relations with the North. “Today, we have political leadership aligned with this vision and a robust business community. I firmly believe that collaboration among women, youth, government, the private sector, and civil society will make a meaningful difference,” asserted the Prime Minister.

Women in international trade

According to data from the World Trade Organization (WTO), only 15% of companies engaged in international trade are led by women—a figure that, within the Global South, reflects a similarly disproportionate representation of women in senior leadership positions across the private sector. In response, the Women’s Business Alliance (WBA) adopted the following theme for this year: ‘Building Global Bridges: Women Strengthening the Economic Frontiers of BRICS. The focus is on business promotion, the development of policy recommendations, the formulation of cooperation projects, and the integration of new member states.

Mônica Monteiro, Chair of the WBA, cited findings from a McKinsey Institute report indicating that gender parity in the labor market could contribute an additional USD 28 trillion to the world’s GDP by 2025. “We, as women, continue to face barriers such as limited access to credit, networks, and major global value chains. Yet, as I have stated on previous occasions, we are fully ready,” she concluded.

At the close of the day, the awards ceremony for the “BRICS Women’s Startup Contest" will be held, a joint initiative of the Brazilian Micro and Small Business Support Service (SEBRAE) and the Alliance, which received over one thousand international applications. The 18 finalists have been in Rio de Janeiro since the beginning of the month, participating in a technical mission that includes visits to innovation hubs and presentations of their projects to investors and business leaders.

Business sector’s committment to COP30

As Brazil’s presidency of the BRICS approaches the conclusion of its intergovernmental agreements, attention is increasingly turning to the next major international event hosted by Brazil this year—the 30th United Nations Climate Change Conference (COP30). In this context, the National Confederation of Industry (CNI) has launched the Sustainable Business COP30 (SB COP30), an initiative aimed at securing a structured and influential role for the private sector in global climate negotiations.

“This initiative draws inspiration from mechanisms such as the Business 20 engagement group, which we coordinated during last year’s G20 Social, as well as the BRICS Business Council itself. It enriches the dialogue with our political leadership and supports the formulation of practical measures to advance toward shared development,” Alban explained, whle acknowledging that the majority of commitments undertaken during COP are the responsibility of the private sector.

The initiative will be implemented through seven strategic pillars, each led by business leaders of internationally recognized expertise. Under their guidance and facilitation, each group will identify priority themes for discussion.

Translation: Michel Emmanuel Félix François (POET/UFC)
Proofreading: Enora Lessinger (POET/UFC)