This study investigates the differential impact of greenfield and brownfield Foreign Direct Investment (FDI) on economic growth across BRICS nations from 2003 to 2023. Recognising the discrete economic mechanisms through which each form of FDI operates, the study employs a fixed-effects panel data regression model to analyse their respective contributions to GDP per capita growth. Initial findings from the full BRICS bloc show limited statistical significance, likely arising from structural and economic heterogeneity, particularly China’s status as a higher-income economy and state-directed FDI patterns, which differ markedly from the more market-driven systems of the other member countries. A refined model excluding China (focusing on the BRIS subgroup) shows that greenfield FDI has a statistically significant and positive impact on economic growth, while Brownfield FDI remains insignificant. These results highlight the importance of disaggregating FDI by entry mode to more accurately assess its developmental impact. The findings suggest that emerging economies may derive greater growth benefits by prioritising greenfield investments, which are more likely to stimulate capital formation, employment, and domestic linkages.