President Cyril Ramaphosa underscored the substantial advantages that South Africa has gained from its membership in the BRICS group of nations. The president’s remarks shed light on the positive impact that this association has had on various facets of South Africa’s economy and international cooperation.
During the parliamentary session held in Cape Town, President Ramaphosa emphasized that South Africa’s involvement with BRICS had yielded substantial dividends. He outlined a series of key benefits, including improvements in investment, trade, tourism, skills development, and technological capabilities.
The core of this cooperation, as highlighted by the president, revolves around enhancing economic and financial ties between the member countries. He pointed to the adoption of the Strategy for BRICS Economic Partnership in 2020, a significant milestone aimed at fostering mutual trade and investment while creating a welcoming environment for investors across BRICS nations.
One notable achievement mentioned by President Ramaphosa was the remarkable growth in South Africa’s trade with its BRICS partners, with an average annual increase of 10 percent recorded from 2017 to 2021.
Moreover, the New Development Bank, a BRICS initiative, has played a pivotal role in South Africa’s development. The bank has channeled funding into 12 projects within the country, totaling over 100 billion rand (approximately 5.2 billion U.S. dollars), providing critical support for infrastructure and economic development.
President Ramaphosa also highlighted the potential for further cooperation as the BRICS group expands its membership. The inclusion of Argentina, Ethiopia, Egypt, Iran, Saudi Arabia, and the United Arab Emirates is expected to strengthen collaborative efforts in various sectors, including oil and energy, telecommunications, agriculture, logistics, tourism, and medicine.
South Africa’s role in hosting the 15th BRICS Summit in Johannesburg from August 22 to 24, 2023, marked a significant moment in this cooperative venture. The summit concluded with several important outcomes, including the welcoming of new member countries into the fold.
President Cyril Ramaphosa’s recent address underscores the tangible benefits that South Africa has reaped from its BRICS membership. With a focus on economic growth, increased trade, and expanding partnerships, the BRICS alliance continues to play a vital role in shaping South Africa’s future on the global stage.
