The BRICS countries approved the creation of an incubator network for startups and agreed to consider establishing a BRICS Innovation Fund. These steps are aimed at deepening ties in technology and entrepreneurship between the markets of the participating countries.
The proposals were included in the New Delhi Declaration adopted at the 18th BRICS Summit, which took place in New Delhi on September 12 and 13 under the chairmanship of India.
According to the declaration, the proposed fund could stimulate startups to achieve innovation-driven growth. Furthermore, BRICS leaders supported strengthening the Startup Knowledge Center and the Startup Forum, and called for closer interaction between startups and small businesses across all member countries.
Technology held a prominent place in the declaration. The BRICS countries proposed creating a repository of digital public infrastructure for member states and conducting pilot projects related to digital transformation under the guidance of DPI. The group noted that digital public infrastructure and digital public goods can facilitate large-scale service delivery and expand economic and social opportunities.
The declaration also strongly recommended increasing the participation of young entrepreneurs and researchers through existing programs and proposed a virtual platform for BRICS youth startups, which would help them exchange ideas and establish contacts between participating countries. Regarding artificial intelligence, BRICS leaders called for broader access to AI resources while emphasizing the need to ensure safety, reliability, inclusivity, and security.
The group also committed to implementing the BRICS Leaders' Statement on Global AI Governance, focusing on the role of AI in economic growth, science, and social development, especially in Global South countries. BRICS members also signaled readiness for closer cooperation in areas such as quantum technologies, Industry 4.0, robotics, and advanced digital manufacturing.
Moreover, the group promoted efforts to accelerate and reduce payments between BRICS countries. The BRICS Payments Working Group is studying the compatibility of payment and messenger systems, as well as the use of local currencies for trade and investment settlements. The declaration called for practical cross-border payment solutions that would be faster, cheaper, more accessible, transparent, and secure, while acknowledging that different countries may follow different approaches.
Access to financing for small businesses was another important topic. The BRICS countries supported credit scoring systems for export-oriented SMEs that use diverse and relevant data sources to improve risk assessment and access to formal financing. They also welcomed the Jaipur Consensus to study an invoice discounting mechanism for BRICS members, which could help SMEs unlock working capital and participate more actively in international trade. The declaration also called for greater digitization of trade documentation and deeper cooperation in global value chains and trade facilitation. Collectively, these proposals demonstrate BRICS's attempt to transform broader economic cooperation into more practical initiatives concerning startups, digital public infrastructure, SME financing, cross-border payments, and new technologies.
