Senior executives from major global companies including China National Petroleum Corporation, ICBC, Huawei Technologies, Alibaba, First Abu Dhabi Bank, Emirates Airline, Etihad Airways and Embraer are expected to attend Prime Minister Narendra Modi’s address at the BRICS Business Forum on Friday evening. About 1,000 foreign delegates are expected to participate in meetings focused on resilience, innovation, cooperation and sustainability ahead of the 18th BRICS Summit.
The day-long business meetings will cover issues ranging from agricultural security and trade to investment and the digital economy before concluding with a leaders’ session expected to be addressed by Modi. Commerce and Industry Minister Piyush Goyal and External Affairs Minister S Jaishankar are expected to deliver opening addresses. Several leaders from BRICS-plus countries may also attend the session, according to people familiar with the programme.
A large Chinese business delegation is visiting India for the meetings, with senior executives including CNPC chairman Houliang Dai, ICBC chairman Lin Liao and China COSCO Shipping Corporation chairman Min Wan. Other prominent participants expected include Embraer president and CEO Francisco Gomes Neto, Vale CEO Gustavo Pimenta, Naspers CEO Phuthi Mahanyele-Dabengwa, Russian Railways CEO Oleg Belozerov and Sberbank first deputy chairman Alexander Vedyakhin.
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The BRICS-plus grouping includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates, with the participating economies accounting for around 26% of global trade. Under India’s chairship this year, around 350 meetings across different tracks have been held in nearly 25 cities. Goyal also chaired BRICS ministerial meetings on industry and trade in Jaipur in August, where members reiterated their commitment to protecting the interests of the Global South.
Ahead of the summit, Finance Minister Nirmala Sitharaman is chairing the final meeting of the BRICS Finance Ministers and Central Bank Governors in Mumbai on Wednesday and Thursday. The meeting is expected to build on discussions held during the first FMCBG meeting in Jaipur on August 12 and help develop consensus on key economic issues. Sitharaman had earlier stressed the importance of collective action and practical cooperation to achieve resilient, inclusive and sustainable growth among BRICS members.
The business community is also looking to BRICS to play a greater role in strengthening supply chains amid growing trade tensions between major economies. Industry representatives have called for greater cooperation among member countries to create resilient supply networks and protect economic interests. The upcoming business forum and summit are therefore expected to provide an opportunity for governments and companies to discuss trade, investment, technology and strategies for dealing with global economic disruptions.
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