Membership in the BRICS (Brazil, Russia, India, China, and South Africa) has opened up new opportunities for South Africa, according to President Cyril Ramaphosa. In a recent address to the nation, Ramaphosa highlighted the economic benefits of being a part of the influential bloc, including strengthened collaboration in areas such as skills, technology, security, and innovation.
Ramaphosa also emphasized the advantages of the New Development Bank, which was established by the BRICS countries in 2015. He stated that South Africa has received funding from the bank for various infrastructure projects amounting to over $5.2 billion, covering sectors such as roads, water, transport, and energy.
Furthermore, Ramaphosa expressed the desire to establish a partnership between BRICS and Africa to unlock opportunities for increased trade, investment, and infrastructure development. He encouraged other BRICS nations to consider relocating their production and services to Africa, particularly in light of the African Continental Free Trade Area.
The 15th BRICS Summit, which is scheduled to take place in Johannesburg from August 22-24, is expected to address the potential expansion of the bloc. Over 20 countries have formally applied to join BRICS, while others have expressed interest. Ramaphosa voiced his support for the expansion, noting that the value of BRICS extends beyond the interests of its current members.
According to Ramaphosa, BRICS countries have the potential to collectively shape global dynamics and drive significant changes in the world economy and international relations. He believes that an expanded BRICS would represent a diverse group of nations with different political systems, united by a common desire for a more balanced global order.
Closer ties between Africa and BRICS could facilitate increased trade and investment, benefiting both parties. South Africa’s experience as a BRICS member has demonstrated the potential for collaboration and economic growth. By capitalizing on these opportunities and leveraging the resources and expertise of the different member countries, BRICS and Africa can work together to build a more prosperous future.
In conclusion, President Ramaphosa highlighted the positive impact of BRICS membership on South Africa’s economy and stressed the importance of expanding the partnership to benefit not only the current members but also other interested nations. The upcoming BRICS Summit in Johannesburg represents an opportunity to discuss and shape the future of the bloc, with the goal of creating a more balanced global order and fostering greater economic cooperation across the African continent.