Prospectives of Creation and Functioning of the International Financial-Industrial Groups in the BRICS Countries

The creation of international financial-industrial groups (the FIGs) within the BRICS countries is one of the ways of technological development. Such groups can be created on the basis of intergovernmental and other international agreements. They can accumulate state support and direct it to the development in priority sectors. It is necessary to take into account the negative experience of the creation and functioning of the FIGs within the Commonwealth of Independent States (the CIS). Specifically, it is necessary to clarify the legal status of the FIGs, draft a standard international instrument on the creation of international FIGs, grant FIGs the rights of legal entities under national laws of the contracting states, and provide them with certain tax benefits. The main legal form of international FIGs could be a holding company with a powerful parent (head) company which would own shares in subsidiaries located in the BRICS countries.