St. petersburg: The accelerated development of technology companies in BRICS countries could increase annual gross domestic product (GDP) growth by up to 656 billion dollars, while cooperation among member states could generate an additional GDP effect of more than 2.7 trillion dollars per year. This was stated by Ilya Ivaninsky, Director of the Centre for Business Education and Analytics of the Central University, citing a report prepared jointly with the Ministry of Finance of the Russian Federation.
According to News Agency of Nigeria, Ivaninsky was moderating the round table discussion ‘IPO: First Steps on a Journey to Public Markets and Capital’ at the 29th St. Petersburg International Economic Forum (SPIEF). Ivaninsky highlighted that the channel through which this GDP reaches investors’ accounts is an IPO (Initial Public Offering) – the process by which a private company offers its shares for public sale on a stock exchange for the first time.
In 2025, BRICS countries accounted for up to 50 per cent of technology company IPOs, Ivaninsky continued, although 90 per cent of them were concentrated in China and India. The ratio of technology company market capitalisation to GDP in BRICS countries (excluding China) stands at between 5 and 15 per cent. Participants in the round table discussed how this figure could be increased.
In Russia, there is a presidential directive to achieve a stock market capitalisation-to-GDP ratio of 66 per cent. As Ivan Chebeskov, Deputy Minister of Finance of the Russian Federation, noted, the most important development was that there is now an understanding in the country that the stock market is an integral part of the economy that must be developed, that it can serve as a driver of growth and as a tool for attracting investment.
Chebeskov emphasized a common understanding among financial market participants and financial authorities within the country. He stated that areas needing development include financial market infrastructure, investment instruments, and investor protection. He mentioned that there are already around twenty suitable candidates, many of which are technology companies, ready to enter the IPO market.
Russia is also studying international experience. ‘We are looking at BRICS countries, we are looking at our partners, and we are very interested in the experience of China, India, and the UAE, where capital markets are developing actively,’ Chebeskov said. He stressed the importance of integrating infrastructure and creating synergies between markets to allow free investment and listing among companies from these countries.
The experience of the United Arab Emirates was shared by Younis Haji Al Khoori, Undersecretary of the Ministry of Finance of the United Arab Emirates. He highlighted the UAE’s ambition to become the world’s first government to operate entirely on the basis of artificial intelligence. Al Khoori noted that the UAE has attracted over 53,000 new investors to its stock market, with 80 per cent coming from outside the UAE.
According to the Deputy Minister, while the UAE is dynamically adjusting its policies to stimulate market development, China is seeking to lead in high technology, and India is leveraging its vast talent pool and investment in its Indian Institutes of Technology (IITs). Experts believe that the existence of an alternative financial market infrastructure within the BRICS framework is crucial for economic growth.
Chebeskov noted that the creation of an alternative financial market infrastructure within BRICS could contribute up to 12 billion dollars annually to the economy. He emphasized the importance of integrating infrastructure and exploring new models for cooperation among BRICS countries.
The 29th St. Petersburg International Economic Forum, with representatives from over 130 countries, is focused on ‘Pragmatic Dialogue: The Path to a Stable Future’. TV BRICS is serving as an information partner of the Forum.