Russia: The Russian Ministry of Finance indicated on Tuesday that the BRICS countries possess significant potential for developing technological sovereignty, with the expansion of the technology development financing market in the group estimated at approximately $406 billion annually.
According to Yemen News Agency, a study conducted by Central University with support from the Russian Ministry of Finance, and published on its official website, revealed that "annual spending on research and development in most BRICS countries ranges from 0.2% to 1.5% of GDP, compared to 3.2% to 6.4% in other economies." The study also noted that "a similar pattern is observed in the venture capital market, where spending ranges from 0.1% to 0.3% of GDP."
It added that "the size of the technology development financing market (in the research and development and capital investment stages) in BRICS countries is estimated at approximately $406 billion annually." The study indicated that the results of the analysis of the technology sector will be discussed at the 11th Annual Meeting of the Board of Governors of the New Development Bank, pointing out that the group's countries have not yet formed sufficiently strong technology companies.
In this context, the documents indicate that "the group's potential in this area is significant, but to realize it, it is important to clearly understand the obstacles hindering development, and Russia, as the host country of the meeting, will play a crucial role." The annual meeting of the Board of Governors of the New Development Bank (established by the BRICS countries) believes that discussions on this topic should be based on an analysis of specific factors and aim to find practical solutions.
The BRICS countries represent more than 50% of the world's population and account for approximately 42% of global GDP on a purchasing power parity basis. However, the group lacks sufficiently strong technology companies, high-quality intellectual property, and sustainable mechanisms for bringing technologies to market.