{"id":1928,"date":"2024-10-02T15:06:00","date_gmt":"2024-10-02T12:06:00","guid":{"rendered":"http:\/\/bricsmagazine.com\/en\/?p=1928"},"modified":"2025-06-16T15:46:10","modified_gmt":"2025-06-16T12:46:10","slug":"businesses-aim-for-brics","status":"publish","type":"post","link":"https:\/\/bricsmagazine.com\/en\/business\/industry\/businesses-aim-for-brics\/","title":{"rendered":"Businesses Aim for BRICS"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The share of all the polled companies with partners in BRICS countries is 61%, and even higher (80%) for big businesses (Fig. 1 and 2). Approximately 50% of them import from or export to BRICS. Despite the distances involved and payment difficulties, trade with BRICS is growing at an impressive pace. By the end of 2023, Russia\u2019s trade turnover with BRICS member states had grown by 28%, peaking at $294 billion, which is 41% of the country\u2019s total foreign trade, says Sergei Katyrin, Chairman of the BRICS Business Council. Meanwhile, businesses, and big companies in particular, are waiting for solutions to the top-priority issue: development of a common payment mechanism using BRICS instruments (Fig. 3).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Another important number: 74% of the companies surveyed are planning a market entry in a BRICS country in the next three years (Fig. 4). Their key focus is undoubtedly on the biggest markets: China and India, yet many Russian companies are also contemplating co-investment projects and partnerships in the Gulf states, B1 Group reports. Belarus remains the most promising partner among the BRICS+ countries for now, with Latin America and Africa becoming increasingly appealing.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Technology exchange<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Among the businesses polled, 77% hope that Russian technologies will enjoy high demand among the BRICS members. For instance, the rapid expansion of the Russian agricultural sector in recent years has triggered explosive developments in technology.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On the other hand, Russian businesses remain cautious in their assessments of how they might benefit from technologies from other countries. The international differentiation of labour allows businesses to cut their costs by making more efficient use of resources at the global level, by, for example, gaining access to skilled manpower and opportunities to outsource production and services.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Business partnership models&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Even so, companies need to take into account multiple factors in order to embrace all the available cooperation expansion opportunities effectively. Severe competition on the BRICS markets is one such factor, meaning that entering new markets and developing new products that target the cultural profile of consumers in different countries would require further evaluations and strategic planning.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Given the trade liberalization among the BRICS countries, a business model targeting BRICS+ might look as follows. At the first stage, a company develops its products in the \u201ccore\u201d BRICS countries, enjoying the advantages of emerging markets: moderate production costs, and technology and skilled manpower availability. The second stage involves promoting the products among the regional partner states of such \u201canchor\u201d countries, reducing costs through regional free trade agreements. At the third stage, the products can be promoted in developed countries, potentially with some modifications to suit local markets.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"http:\/\/bricsmagazine.com\/en\/wp-content\/uploads\/sites\/2\/2024\/10\/niti-1024x683.jpg\" alt=\"\" class=\"wp-image-1932\" srcset=\"https:\/\/bricsmagazine.com\/en\/wp-content\/uploads\/sites\/2\/2024\/10\/niti-1024x683.jpg 1024w, https:\/\/bricsmagazine.com\/en\/wp-content\/uploads\/sites\/2\/2024\/10\/niti-300x200.jpg 300w, https:\/\/bricsmagazine.com\/en\/wp-content\/uploads\/sites\/2\/2024\/10\/niti-768x512.jpg 768w, https:\/\/bricsmagazine.com\/en\/wp-content\/uploads\/sites\/2\/2024\/10\/niti-1536x1024.jpg 1536w, https:\/\/bricsmagazine.com\/en\/wp-content\/uploads\/sites\/2\/2024\/10\/niti-2048x1365.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Outlook for the fashion and textile industry<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Partnerships between Russian businesses and BRICS+ countries in the textile and fashion industry are among the fastest growing collaboration trends today. Russia\u2019s imports of textile products grew by 21% in 2023, the majority of such goods having been imported from BRICS countries. Vladislav Mishchenko, Director of the Department of Foreign Trade and International Cooperation, Moscow Chamber of Commerce and Industry, says that partnerships in this sector are of strategic importance for the national economy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Moscow is effectively building an exclusive partnership program in this area. For example, representatives of Moscow\u2019s businesses made a business trip to Brazil in summer 2023 to discuss the prospects for cooperation with the country\u2019s Department of Fashion and Creative Economy (SEBRAE), the Textile and Apparel Industry Association, a number of big enterprises and the Ministry of Culture of Brazil. In early November 2023, the city sent a business mission to Beijing, Hangzhou and Qingdao. Russian businessmen met with representatives of the China Fashion Association and learnt about the tools China uses to support and promote local manufacturers. Later in December 2023, Moscow hosted the first international BRICS+ Fashion Summit with support from the Moscow Government. This helped deepen partnerships and expand the cooperation landscape.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the follow-up to the agreements made at the Summit between Moscow Fashion Week and organizers of other Fashion Week events across the globe, Russian fashion designers took part in high-profile fashion events. Two Russian brands, B\u00dcRO UNIQUE (Samara) and Vestiaire (Moscow), presented their collections at Tunis Fashion Week; two designers from Moscow, LI LAB and IMK, appeared at Soweto Fashion Week in South Africa; and Measure showed its apparel line at Lakm\u00e9 Fashion Week \u00d7 FDCI in India.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The second BRICS+ Fashion Summit, which is to be hosted by Moscow in early October this year, will once again provide a platform for dialogue and trade deals. The event brings new opportunities for Russian businesses, enabling them to enter promising BRICS+ markets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Russian businesses see the BRICS countries as their priority partners and are showing an interest in their markets according to a joint survey by the Russian Foreign Investment Advisory Council (FIAC), B1 Group and the All-Russia Public Organization Business Russia. In May 2024, a survey was taken among both Russian companies and businesses with foreign participation. The BRICS Magazine highlights key metrics and analyzes the cooperation patterns in the textile and fashion industries, taking into account that the primary mission of the BRICS+ Fashion Summit is to expand and deepen such cooperation.<\/p>\n","protected":false},"author":2,"featured_media":1929,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21],"tags":[895],"country":[922],"authors":[],"class_list":["post-1928","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry","tag-fashion","country-brics"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Businesses Aim for BRICS - BRICS Business Magazine - EN<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bricsmagazine.com\/en\/business\/industry\/businesses-aim-for-brics\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Businesses Aim for BRICS - BRICS Business Magazine - EN\" \/>\n<meta property=\"og:description\" content=\"Russian businesses see the BRICS countries as their priority partners and are showing an interest in their markets according to a joint survey by the Russian Foreign Investment Advisory Council (FIAC), B1 Group and the All-Russia Public Organization Business Russia. 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