BRICS backs startup incubator network, considers innovation fund in New Delhi Declaration
The grouping also proposed a digital public infrastructure repository, deeper cooperation on AI and faster cross-border payments among member countries.
BRICS countries have backed the establishment of a startup incubator network and agreed to consider setting up a BRICS Startup Innovation Fund as the grouping looks to deepen technology and entrepreneurship ties across member markets.The proposals are part of the New Delhi Declaration adopted at the 18th BRICS Summit, held in New Delhi on September 12 and 13 under India’s chairship.
The declaration said the proposed fund could help catalyse startups for innovation-led growth. BRICS leaders also backed the strengthening of the Startup Knowledge Hub and Startup Forum and called for deeper engagement between startups and small businesses across member countries.
From startup cooperation to digital infrastructure
Technology featured prominently in the declaration. BRICS countries proposed a digital public infrastructure repository for member states and pilot projects around DPI-led digital transformation. The grouping said digital public infrastructure and digital public goods could help deliver services at scale and expand economic and social opportunities.
The declaration also called for greater participation of young entrepreneurs and researchers through existing programmes and a proposed virtual platform for BRICS youth startups that could help them network and exchange ideas across member countries. On artificial intelligence, BRICS leaders called for wider access to AI resources while stressing the need for safety, security, inclusiveness and reliability.
The grouping also committed to implementing the BRICS Leaders’ Statement on the Global Governance of Artificial Intelligence and highlighted the role AI could play in economic growth, science and social development, particularly across the Global South. BRICS members also signalled greater cooperation in areas such as quantum technologies, Industry 4.0, robotics and advanced digital manufacturing.
Cross-border payments and MSME financing
The grouping also pushed ahead with efforts to make payments between BRICS countries faster and cheaper. The BRICS Payment Task Force is studying interoperability between payment and messaging systems as well as the use of local currencies for trade settlements and investments. The declaration called for practical cross-border payment solutions that are faster, lower-cost, more accessible, transparent and safe, while acknowledging that different countries may follow different approaches. Access to finance for smaller businesses was another focus area.
BRICS countries backed credit assessment frameworks for export-oriented MSMEs that use diverse and relevant data sources to improve risk assessment and access to formal finance. They also welcomed the Jaipur Consensus to study an invoice discounting mechanism for BRICS members that could help MSMEs unlock working capital and participate more actively in international trade. The declaration also called for greater digitisation of trade documentation and deeper cooperation around global value chains and trade facilitation. Taken together, the proposals show BRICS attempting to turn broader economic cooperation into more practical initiatives around startups, digital public infrastructure, MSME financing, cross-border payments and emerging technologies.