The BRICS Business Council is pleased to present the 2024 Annual Report, marked by a number of significant events. The new decade of the BRICS Business Council is associated with the introduction of new countries in the association, which makes it possible to further expand the geography of partnership based o­n the principles of mutual respect, equality and consensus. The annual report highlights the main achievements in the sectors that are the most important and significant for the development of the countries of the association in the new decade of the Business Council.

Today, the BRICS is o­ne of the most influential associations of developing economies, which not o­nly strengthens the positions of its members o­n the world stage, but also contributes to the formation of a new global economic order. The importance of BRICS lies not o­nly in its economic power, but also in its ability to act as the voice of developing countries, expressing their interests and aspirations in global governance structures. The joint efforts of the BRICS countries to strengthen cooperation in key sectors such as finance, energy, infrastructure and technology reflect the desire to create an alternative platform for sustainable and equitable growth.

The introduction of new countries in the BRICS has become an important step towards the global expansion of the association’s influence. The new participants represent key regions with unique potential and opportunities, which enhances the overall economic importance of the BRICS. The expansion of the BRICS territory opens up opportunities for greater mutual exchange and integration in areas such as infrastructure, transport corridors and energy projects that can connect different regions of the world.

The development of the BRICS economies has become a beacon for developing countries, which have the opportunity to observe the rapid progress of member countries offering an alternative development option in the global economic order. Each new BRICS state brings with it cultural diversity, which contributes to a deeper understanding of the characteristics and needs of each region. This will allow us to develop more flexible and effective mechanisms of interaction, meeting the requirements of the new decade.

Cooperation between member countries is aimed at developing new financial institutions that reduce dependence o­n traditional international financial structures and provide more affordable conditions for lending and investment.

The growth prospects of the BRICS countries in the coming decades are associated with the strengthening of the role of regional currencies in international trade, the expansion of trade o­n mutually beneficial terms and the intensification of technological cooperation. Joint projects in a wide variety of industries will help create new markets and open up new opportunities for the younger generation of entrepreneurs and professionals.

The future success of the BRICS will be based o­n the principles of sustainable development, support for innovation and respect for the balance of interests of all participants. This is not just an economic partnership, but also a strategic alliance that contributes to the creation of a more just, multilateral and inclusive world order. In the coming years, the BRICS will continue to strengthen its role as a key actor o­n the world stage, shaping the economic and political trends of the new century.

We are pleased to invite readers to explore the pages of the Annual Report to gain a deeper understanding of the achievements and promising initiatives of the BRICS. Together, we will continue to develop economic cooperation, promote sustainable development and create a better future.

Annual Report | 2023/24

ABOUT BRICS BUSINESS COUNCIL

The BRICS Business Council (BBC) was established in 2013 at the 5th BRICS Summit in Durban, South Africa, bringing together the business communities of Brazil, Russia, India, China, and South Africa. Since its creation, it has become an important structure within the BRICS framework, focusing o­n interactions between businesses of the member countries to create real opportunities for mutual trade and investment. Moreover, the BBC facilitates regular dialogue between businesses and governments, identifies obstacles to trade and investment, and addresses critical issues, proposals, and initiatives that positively impact the development of these areas.

Each national chapter is led by five council members, overseeing nine working groups. These groups focus o­n key areas such as agribusiness, digital economy, energy and the green economy, financial services, infrastructure, manufacturing, aviation, trade, investment and skills development. Through these groups, the

Council implements its initiatives. Each group is dedicated to solving specific challenges within its sector, with the goal of promoting mutually beneficial cooperation among BRICS countries, improving conditions for trade and investment, and removing existing barriers. Since 2024, the BRICS Business Council was joined by new countries. As of today, it includes representatives from the national chapters of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, the United Arab Emirates, and Iran.

BRICS Business Council and working groups meet in person twice a year at the Midterm Meeting and the Annual Meeting, which takes place before the BRICS Business Forum and the BRICS Summit. The Chairpersons of the Business Council have the honor of presenting the BRICS Business Council Annual Report to the BRICS leaders. This document contains key recommendations from the nine working groups, reflecting the outcomes that the BBC proposes for governments and businesses to implement in both the medium and long term.

RUSSIA

MR. SERGEY KATYRIN

Chairperson of Russia Chapter,

President of the Chamber of Commerce and Industry of the Russian Federation

MR. OLEG BELOZEROV

CEO - Chairman of the Executive Board, JSC Russian Railways

MR. KIRILL DMITRIEV

CEO of Russian Direct Investment Fund (RDIF)

MR. SERGEY CHEMEZOV

Director General of Rostec State Corporation

MR. IGOR SHUVALOV

Chairman of the State Development Corporation VEB.RF

BRAZIL

MR. JOSÉ SERRADOR NETO

Chairperson of Brazil Chapter, Global Vice-President and CEO of Institutional Relations of EMBRAER

MR. ALBERTO KUBA

CEO of WEG

MR. BRUNO FERLA

Global Vice President Legal, Institutional Relations and Compliance of BRF

MR. GUSTAVO PIMENTA

CEO of Vale

MR. JULIANO MARCATTO

General Manager of the International Business Unit of Banco de Brasil

CHINA

MR. LIAO LIN

Chairperson of China Chapter, Chairman of Industrial and Commercial Bank of China Ltd.

MR. WAN MIN

Chairman of China COSCO SHIPPING Corporation Ltd.

MR. LYU JUN

Chairman of COFCO Corporation

MR. YU XUBO

Chairman of China General Technology (GENERTEC)

MR. DAI HOULIANG

Chairman of China National Petroleum Corporation

EGYPT

MR. AHMED AL-WAKIL

Chairperson of Egypt Chapter, President of the General Federation of Egyptian Chambers of Commerce

MR. MOHAMED MAHMOUD AHMED EL-ETREBY

Chairman of the Federation of Banks of Egypt, Banque Misr

MR. SHERIF MOSTAFA MOSTAFA EL-GABALY

Chairman of Abo Zaabal Fertilizers & Chemical Co.; Polyserve Group

MR. AHMED AHMED SADEK EL SEWEDY

President & Chief Executive Officer of Elsewedy Electric Co.

MR. ELHAMY MOSTAFA FAHMY ELZAYAT

Chairman of Emeco Tourism Company

MR. HANY AZER

Member of the Scientific Advisory Council under the President of Egypt

MR. AHMED SHALABY

Chairman, Executive Director of Tatweer Misr

ETHIOPIA

MR. EDAO ABDI WOSHO

Chairperson of Ethiopia Chapter, Board President of the Ethiopian Pulses, Oilseedsand Spices processors Exporters Association

MR. GIZAT WORKU KEBEDE

General Manager of Ethiopian Coffee Association

MR. ABEBE TEKLU GEBRESELASSIE

General Manager of Ethiopian Leather Industry Cooperation

MR. DAWIT WOUBISHET TEKLEMARIAM

Board President of Ethiopian Freight Forward and Shipping Association

MR. TAYE LETA ELEMA

Board Member of Ethiopian Chamber of Commerce and Sectorial Association

INDIA

MR. o­nKAR S KANWAR

Chairperson of India Chapter, Chairman & Managing Director of Apollo Tyres Ltd

MR. JAI SHROFF

Global CEO of UPL Ltd.

MR. PANKAJ PATEL

Chairman of Zydus Lifesciences Ltd.

MR. SANJIV PURI

Chairman and Managing Director of ITC Ltd.

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IRAN

MR. MAJID GHASSEMI

Chairperson of Iran Chapter, CEO of Bank Pasargad

MR. HAMED ASGARI

Deputy Secretary General for international affairs of ICCIMA

MR. AMIN TARAFFO

General Director of Bureau of Commercialization and Association Affairs;

National Secretary of TRACECA

MR. MAHDIGHAEMMAGHAMI

CEO of «Tidewater Middle East»

MR. ALI MOUSAVI RAHIMI

Chairman and CEO of «Tunnel Sadd Ariana»

SOUTH AFRICA

MS. BUSI MABUZA

Chairperson of South Africa Chapter, Chairperson of Industrial Development Corporation

DR. AYANDA NTSALUBA

Group Executive Director of Discovery Holdings

MR. ELIAS MONAGE

President of the Black Business Council

MS. PHUTHI MAHANYELE-DABENGWA

South Africa CEO of Naspers Ltd

DR. STAVROS NICOLAOU

Group Senior Executive of Aspen Pharmacare Holdings Limited

UAE

H.E. SULTAN AHMED BIN SULAYEM

Chairperson of UAE Chapter, Chief Executive Officer of DP World Group

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