Dubai BRICS Forum Will Help Develop Small and Medium Businesses -By Kestér Kenn Klomegâh

In this insightful conversation, the Chairman of the Organizing Committee of the Dubai BRICS Investment Forum, academician Konstantin Klimenko-Bogdanov, highlights the primary importance of the forthcoming corporate business forum within the context of geopolitical situation and offers a distinctive roadmap for economic collaboration of the BRICS countries. Here are the interview excerpts:

What does the upcoming BRICS Investment Forum in Dubai mean, especially in the context of geopolitical rivalry and competitive struggle?

Konstantin Klimenko-Bogdanov: In theory, competitive struggle should contribute to the development of the economy. After all, competition does not allow for the establishment of a monopoly, the dominance of only an exclusive minority of market participants. But on condition that this is fair competition. But we are witnessing uncivilized methods of dividing spheres of influence in the market, cynical exploitation of natural resources in Africa and Asia by Western transnational corporations, monopolization of entire industries in developing countries.

For example, the telecommunications sector, the banking sector in Africa practically do not belong to Africans. Sometimes the name of a bank can have the word “Africa”. And the real owners of banking capital are in Paris, London, New York.

The income from the national wealth of African and Asian countries is distributed amazingly cynically. For example, coffee is purchased in Africa at a price of 1 dollar per kilogram, and sold in Europe for 4 dollars!

Unfair competition is supplemented by geopolitical rivalry in the form of escalating international tensions, declaring trade wars, sanctions, creating artificial military conflicts. And again, the goal of conflicts and military operations is only one – to seize resources. For example, in Iraq, Syria, the Americans brazenly pump oil, without losing money on its purchase. And the US President does not hesitate to take away the Panama Canal or seize the island of Greenland.

Therefore, the holding of the Dubai BRICS Investment Forum has the goal of finding ways of civilized international economic cooperation in the conditions of trade wars, military conflicts, sanctions. It is necessary to make an honest analysis and develop a roadmap for the joint economic development of the BRICS countries and friendly states.

Can you point to the prospects for its preservation (the forum) as an extraordinary annual platform for stimulating bilateral and multilateral transactions, investments and, possibly, establishing a flow of corporate transactions between BRICS+ members and partner countries?

KKB: The Dubai BRICS Investment Forum is definitely not a one-off event. It is the basis for creating a global BRICS business community, which will operate on an ongoing basis. It will consist of the BRICS International Club, the BRICS House International Network, the Alliance of Small and Medium Enterprises, the Tourism Alliance, the Women’s Business Association and a number of other organizations. A digital platform, BRICS INFO, will be created.

The task of these structures is to establish a flow of trade, concentrate investment resources, and create a flow of corporate transactions.

Special attention will be paid to small and medium businesses. We intend to connect about 10,000 small and medium businesses into one ecosystem. The total turnover of this ecosystem in 2025 alone will amount to about US$700 billion.

We will also have social investment projects. The BRICS Student Card project is being created for students. With this card, students will receive various forms of social support in the form of discounts on air tickets, train tickets, purchases of goods in supermarkets, and so on. The most talented students will receive incentive scholarships.

It is planned to create a network of BRICS campuses through joint investments of BRICS businessmen. The campuses will house a university, college, and lyceum. The network will operate in 10 countries.

What priority investment projects will the forum promote?

KKB: Our priority is the Small Energy project. Half of the African continent and part of Asia have no electricity at all! This is unacceptable for the 21st century! We plan to create hundreds of small power plants on solar panels, wind turbines, and diesel generators through joint investments.

We have very interesting joint investment projects planned in the real estate sector. New housing complexes under the BRICS House brand will be built in many countries. In essence, these will be “cities of the future.” The main priority in the concept of these cities is “human ecology.” For example, these cities will not have any gasoline-powered vehicles at all. Only electric vehicles. But there will also be restrictions on cellular repeaters that emit harmful electromagnetic radiation. The goal of the project is to create areas that are as favorable as possible for human life. Many investors are already ready to invest in these projects.

By the way, why are you holding this important BRICS event in Dubai, United Arab Emirates? Are there any distinctive advantages that it offers to potential business participants, including women and young entrepreneurs?

KKB: The choice of Dubai as a permanent venue for our forum is based on expert opinion. We are confident that the most comfortable infrastructure and conditions for holding large-scale summits and creating business development centers have been created here. The UAE has a balanced tax system, thoughtful economic policy, and a tolerant atmosphere. And Dubai is a city of dreams, a bright future. Therefore, our forum will be held here annually and the residences of the BRICS House, BRICS Club, and the Alliance of Small and Medium Business will operate here on a permanent basis.

Based on the above reasoning, can we perhaps see the difference between the World Economic Forum in Davos and the BRICS Investment Forum in Dubai in the current situation of ongoing global transformations and development?

The difference in key approaches. At the Davos Forum, the agenda is set by Western transnational corporations. They initiate discussions of globalization plans. Our forum is intended for small and medium-sized businesses in Eurasia and Africa. And we intend to discuss not globalization, but how to develop national economies and establish active cooperation between them.

At the Davos Forum, trends are created by politicians. Many participants go to this forum to listen to heads of state and high-ranking government officials. There will also be officials and parliamentarians at the Dubai Investment Forum. But they are not the main participants here. They will listen more than they speak. And it will be entrepreneurs and taxpayers who support officials with their taxes who will speak more often. Because this is a platform for business, not a tribune for politicians.