Moscow [Russia], June 23 (ANI): President Vladimir Putin, addressing the plenary session of the St. Petersburg International Economic Forum (SPIEF), said the global economy is witnessing its most profound shift in decades.

He highlighted the rising prominence of BRICS nations, noting their contribution has doubled from 20 per cent at the turn of the century to nearly 40 per cent of global economic output today.

Putin underscored Russia's commitment to a new development model--one rooted in fairness, openness, and national interests. Recalling the 2024 BRICS summit in Kazan, he said 35 countries expressed the need for a global framework aligned with today's multipolar reality.

He noted that trade among participating nations has already surpassed USD 1 trillion, with joint projects gaining momentum in sectors like AI, nuclear energy, aviation, and IT, as reported by TV BRICS.

'Russia invites its partners to contribute to the formation of a new global growth model, to jointly ensure the prosperity of our countries and the stable development of the whole world for many, many years to come,' Putin stated.

South African Deputy President Paul Mashatile called multipolarity a defining theme in global affairs. Hailing Russia as a key partner in BRICS and G20, he stressed the growing strategic importance of Africa in population and industrial potential. 'Africa is looking for partnerships based on equality, equal access to capital markets, knowledge and technology,' he said.

Chinese Vice Premier Ding Xuexiang reaffirmed China's dedication to open cooperation with developing economies, stating, 'The civilisations of the world must develop through mutual enrichment, based on equality, dialogue, and respect for diversity.'

Bahrain's National Security Advisor, Nasser bin Hamad Al Khalifa, lauded Russia's economic vision, particularly in energy and industry, and reiterated Bahrain's intent to deepen economic ties with Moscow. (ANI)