Ahmed Moustafa
Director of Asia Center for Studies and Translation
As for the beginning – The Asia Center for Studies and Translation extends its sincere thanks and gratitude to the Agency for Strategic Initiatives in Russia for the precious trust and signing with this large agency of the Russian presidency a memorandum of understanding with the Asia Center as an exclusive agent for this large agency in Egypt and the Middle East and North Africa region.
Where I met the Director of the Agency, Mr. Mikhail Makarov, as well as his assistant, Miss. Anastasia Dubrovskaya, in Alexandria yesterday, Friday, August 25, 2023, as they came from the fifteenth BRICS Summit in Johannesburg, Egypt, for a two-day transit, where we have met as agreed to sign this MOU.
The credit for this cooperation goes to “Kazan Economic Forum, Russia and the Islamic World,” where I met Mrs. Julia Valiulina – one of the acting directors, as well as Mr. Alexander “Sasha”, one of the most active youth in this agency, who coordinated this meeting.
The agency is credited for notifying us of the major events in Russia related to international cooperation, innovation, digital transformation, and creativity, and it was credited for my participation as a speaker from Egypt in the most important sessions of the Russia-Africa Forum recently in (St. Petersburg) in the innovation and artificial intelligence pitch, where Mr. Makarov moderated this special session and was very impressed with my content of the statistics presented and the best prospects for Russian-African cooperation in the future.
One of these major events is the BRICS International Innovation Forum Moscow 27-29 August 2023 – while the people and press focused on the BRICS Johannesburg political summit. Some gave negative opinions at the beginning of this important session due to a lack of experience or just to draw attention without prior knowledge. However, they were surprised in the end by accepting the membership of 6 countries, including the beloved (Egypt).
And as we also expected as researchers (Iran – Saudi Arabia – UAE – Argentina – Ethiopia), despite our desire to catch up with Algeria among those accepted. Noting that the Moscow Innovation Forum is of particular significance and will be attended by representatives from thirty countries (businessmen, intellectuals, academics, postgraduate students, owners of startups, innovators, and creators) 4,000 personalities with a market value estimated at about $1.5 trillion by 2025.
Significance of the 2023 Moscow Summit
The BRICS Innovation Summits are powerful platforms for driving innovation, fostering scientific collaboration, and promoting economic growth among member countries. The 2023 Moscow summit offers an opportunity for participants to leverage Russia’s technological prowess and contribute to shaping the future of innovation. The event aims to foster cooperation among Brazil, Russia, India, China, and South Africa in the field of innovation by promoting joint research and development initiatives, sharing best practices, and creating new avenues for trade and investment.
The BRICS International Innovation Forum 2023 aims to promote the exchange of ideas and knowledge among member states, foster a culture of innovation that transcends geographical boundaries, showcase the latest research and technological advances within BRICS countries, and deepen integration and cooperation in various fields, including advanced industrialization, digital technologies, and sustainable development.
The potential impact of the BRICS International Innovation Forum 2023 cannot be overestimated. By bringing together the minds and talents of these emerging economies, the forum has the potential to unleash breakthrough innovations that address pressing global challenges such as climate change, healthcare, income inequality, and financing issues. Additionally, the event can facilitate technology transfer and promote inclusive growth, helping member countries leapfrog into the digital age.
Networking with professionals from diverse backgrounds can lead to valuable contacts, potential research collaborations, and future career prospects. Participating in discussions and workshops with world-renowned scholars and industry leaders can enhance our understanding of global innovation trends and expose us to new perspectives.
BRICS 2023 International Innovation Forum and FinTech
The BRICS International Innovation Forum, scheduled for 2023, aims to enhance international cooperation in the financial technology sector and drive innovation, address challenges, and boost economic growth among the BRICS countries. With over 40% of the world’s population and a significant portion of the global GDP, the BRICS Union is committed to encouraging innovation through the forum. The forum provides a platform for exchanging experiences, best practices, and collaboration in various fields, with a focus on FinTech.
The main objectives of the BRICS International Innovation Forum are to promote cooperation and knowledge exchange among members, accelerating innovation in the FinTech space. Each BRICS country brings its unique strengths, such as IT services and e-commerce expertise, to facilitate the development of leading-edge financial technology solutions. Challenges such as data privacy, cyber security, and regulatory concerns can be addressed through meaningful discussions and sharing regulatory best practices.
Fintech has the potential to drive economic growth by democratizing financial services, especially in underserved areas. BRICS countries can draw on each other’s expertise to extend financial services to previously unbanked or underbanked populations. Collaborative efforts in financial technology can enable seamless cross-border transactions, enhance access to credit, encourage entrepreneurship, and raise the overall economy of the BRICS countries.
BRICS 2023 International Innovation Forum and Digital Transformation
The BRICS countries, including Brazil, Russia, India, China, and South Africa, have experienced rapid growth in their digital transformation market. With a combined population of nearly three billion people, these countries offer a vast market for digital products and services. The market value of the BRICS digital transformation industry is estimated to exceed USD 1.5 trillion by 2025. China, a global leader in digital transformation, has revolutionized various industries, including finance, retail, and transportation. Chinese companies like Alibaba, Tencent, and Baidu have become global giants, driving economic growth.
The COVID-19 pandemic has accelerated the digital transformation efforts of the BRICS nations, recognizing the importance of digitalization in ensuring business continuity, remote work, and seamless access to essential services. Governments and businesses implemented digital solutions to overcome the challenges posed by the pandemic, further fueling the growth of the digital transformation market.
The future of the BRICS digital transformation market appears promising, with continued investments in digital infrastructure, research and development, and talent acquisition. Emerging technologies, such as 5G, artificial intelligence, and blockchain, will further expand the market. Collaborative efforts among BRICS countries, such as sharing best practices, joint research, and knowledge exchange, will further enhance their capabilities and foster innovation. However, challenges still exist in the path to a fully matured digital transformation market in the BRICS nations, such as data privacy, cybersecurity, and regulatory frameworks. Bridging the digital divide within and between these countries is crucial to ensure inclusive growth and equitable access to digital opportunities.
In Conclusion, The BRICS International Innovation Forum 2023 is an important platform for promoting cooperation and technological progress among member states. Participation in this event can broaden intellectual horizons, provide networking opportunities, and contribute to the global discourse on innovation and development. By drawing on the combined experiences of Brazil, Russia, India, China, and South Africa, the forum can promote responsible growth in FinTech and contribute to shared economic prosperity. The digital transformation industry in the BRICS countries has witnessed remarkable growth due to technological advances, digital literacy, and the penetration of the Internet. The future of this market looks promising as countries invest in digital infrastructure, encourage innovation, and cooperate to enhance their digital capabilities. Undoubtedly, the transformative power of technology will shape the economic landscape of these countries, paving the way for a prosperous future.
