The upcoming Dubai BRICS Investment Forum is set to redefine economic collaboration among the BRICS nations and their partners, especially for small and medium businesses in Eurasia and Africa.
In a recent interview, Konstantin Klimenko-Bogdanov, Chairman of the forum’s Organizing Committee, laid out a vision that challenges the current global order shaped by geopolitical rivalries and market monopolies.
Klimenko-Bogdanov was candid in his criticism of how Western transnational corporations have exploited natural resources and monopolized key sectors such as telecommunications and banking in Africa and Asia. He pointed out that while fair competition can spur economic development, the current practices have often led to resource exploitation and a skewed distribution of wealth. He cited stark examples—from coffee purchased in Africa at a meager price to banking capital controlled by institutions in major Western cities—highlighting a system where local industries are sidelined in favor of foreign interests.
Against this backdrop, the Dubai forum aims to create a sustainable and inclusive global business community. Rather than being a one-off event, the forum is envisioned as a springboard for continuous engagement. Plans include forming a comprehensive network comprising the BRICS International Club, a dedicated BRICS House, and an alliance for small and medium enterprises, all supported by a digital platform known as BRICS INFO. The goal is to connect around 10,000 businesses, with projections suggesting that this ecosystem could generate a turnover of about US$700 billion in 2025 alone.
Social investment projects also play a crucial role in the forum’s agenda. Initiatives like the BRICS Student Card are designed to offer practical benefits—from discounts on travel to subsidized goods—while a network of BRICS campuses is planned to foster educational collaboration across ten countries. These efforts are seen as integral to nurturing both economic growth and social well-being.
Energy poverty is another priority. Klimenko-Bogdanov emphasized the urgent need to address the lack of electricity in large parts of Africa and Asia. The forum plans to promote the Small Energy project, which aims to establish hundreds of small power plants powered by solar panels, wind turbines, and diesel generators—an essential move for bringing light to regions still in darkness.
Dubai, with its world-class infrastructure, balanced tax policies, and dynamic economic environment, was chosen as the permanent venue for the forum. Klimenko-Bogdanov believes that the city’s forward-looking business landscape provides the perfect backdrop for this initiative, distinguishing it from the World Economic Forum in Davos. Unlike Davos, where the agenda is heavily influenced by Western elites and political figures, the Dubai forum is set to become a platform where entrepreneurs—especially from small and medium enterprises—lead the conversation on national economic development and active cooperation.
In a world increasingly defined by economic uncertainties and geopolitical tensions, the Dubai BRICS Investment Forum represents a hopeful alternative. Its focus on sustainable growth, fair trade, and local empowerment offers a refreshing counterpoint to traditional globalization models. As the forum prepares to open its doors, many are watching closely, hopeful that it will lay the groundwork for a more balanced and inclusive global economy.
