NewsRescue
Being a member of the BRICS has opened up new chances for South Africa, as the country has strengthened economic links with the other members of the bloc, according to President Cyril Ramaphosa.
South Africa’s leader stated in an address to the country on Sunday, ahead of this week’s BRICS Summit, that membership has increased collaboration with Russia, China, Brazil, and India in terms of skills, technology, security, and innovation.
South Africa has also profited from the New Development Bank, which was founded by the BRICS countries in 2015. “The bank has funded several infrastructure projects in our country totaling R100 billion (over $5.2 billion) in sectors such as roads, water, transportation, and energy.”
“We want to build a partnership between BRICS and Africa so that our continent can unlock opportunities for increased trade, investment and infrastructure development,” he noted, adding there are “great opportunities” for other BRICS nations to participate in the African Continental Free Trade Area by relocating production and services there.
The 15th BRICS Summit, scheduled for August 22-24 in Johannesburg, is anticipated to examine the bloc’s potential expansion. Over 20 countries have formally sought to join BRICS, with numerous others expressing interest.
“South Africa supports the expansion of the membership of BRICS,” Ramaphosa stated, adding that “the value of BRICS extends beyond the interests of its current members.”
“BRICS countries have the potential to drive significant changes in the world economy and international relations by collectively shaping global dynamics.” “A larger BRICS will represent a diverse group of nations with diverse political systems who share a common desire for a more balanced global order,” South Africa’s leader concluded.