BRICS Proposes New Instruments for Industrial Cooperation with Africa

Source: Brasil 247 | Original Published At: 2026-10-30 15:44:29 UTC

Key Points

• Russian Economy Minister Maksim Rechetnikov said BRICS countries are developing independent payment infrastructure and instruments to attract investment and expand industrial cooperation.
• Proposed BRICS tools include the Association of Special Economic Zones, the BRICS Grain Exchange, and a cooperation front for industrial digitalization and technology access.
• Egypt plans a logistics center to serve as a gateway to Africa and strengthen continental food security, citing its imports of Russian wheat.
• The first resident companies in a Russian industrial zone in the Suez Canal region are expected to be selected by the end of 2026, with operations starting in 2027-2028.
• South African business representatives identified infrastructure, transport, logistics, energy and cybersecurity as areas for joint BRICS projects and invited Russia to cooperate on railway technology.
• A Russia-Africa business council leader proposed including business council representatives in intergovernmental commissions and training African students for future partnerships.