One Million Dollar Fund Established for BRICS Media
The Brazil-Russia-India-China-South Africa (BRICS) grouping has established a one million dollar fund for boosting media cooperation in the five-nation grouping. During the inaugural session of the BRICS Media Forum held in Beijing, Xinhua News Agency and executive president of the Forum had announced that the Xinhua news agency will invest one million U.S. dollars for bolstering BRICS media.
The BRICS media forum is a joint initiative of Xinhua News Agency, Brazil’s CMA Group, Russia’s Sputnik News Agency and Radio, The Hindu group of publications from India, and South Africa’s Independent Media.
BRICS Media is aimed at promoting six objectives including balanced reporting. It aims to create an alternative media narrative distinct from the media of western nations. The proposal is also aimed at joint development of BRICS digital media, financial information services and promoting people- to-people contacts.
BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. It was established in 2009. The BRIC [Brazil, Russia, India and China] idea was first conceived by Jim O’Neill of Goldman Sachs. In 2011, South Africa joined this informal group and BRIC became BRICS.
So far, eight BRICS summits have taken place. The first formal summit was held in Yekaterinburg, Russia. The BRICS members are all developing or newly industrialised countries and all five are G-20 members. They are distinguished by their large, fast-growing economies and significant influence on regional and global affairs.