Business & Economy

61% of Russian Firms Have Partners in BRICS Nations

© Sputnik / Sergey Bobylev / Go to the mediabankA participant at the SPIEF 2024
A participant at the SPIEF 2024 - Sputnik India, 1920, 06.06.2024
Russia has been expanding its base in BRICS nations to increase its economic footprint amid unilateral financial sanctions imposed on Moscow by the West.
A majority of large Russian companies have managed to tie up with local firms in BRICS countries, a study presented during the ongoing St. Petersburg International Economic Forum (SPIEF) has found.
The study says that at least 61% of Russian firms have a presence in BRICS nations.
Among large companies, which employ a minimum of 3,000 workers, the partnership of Russian firms jumps to 80%.
On the other hand, 52% of firms reported that they were exporting to BRICS states while 57% mentioned that they were importing from one of the members of the powerful economic bloc.
Moreover, Russian businesses have mainly partnered with 63% of companies associated with firms in the automobile manufacturing and industrial production sectors of the group countries.
Besides, Russian companies involved in the manufacturing of consumer durables, medical-biological industry, and agribusiness have succeeded in partnering with 53% of firms in BRICS nations.
Additionally, partnerships of Russian companies in the domain of technology, and transport have touched 26%, and 16%, respectively.
While this figure stands at 11% in the media and communications sector.
Preparations for SPIEF 2024 in St.Petersburg. File photo - Sputnik India, 1920, 04.06.2024
SPIEF 2024: Gateway to Global Prosperity Alongside a Leading BRICS Vision
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