South Africa has seen substantial economic benefits from its participation in the BRICS grouping, according to President Cyril Ramaphosa. Speaking in Cape Town, Ramaphosa revealed that trade with BRICS countries—Brazil, Russia, India, China, and South Africa—surged by 70% from R487 billion in 2017 to R830 billion in 2022.
BRICS membership has proven instrumental in driving foreign direct investment in South Africa, particularly in key sectors such as mining, automotive, transportation, clean energy, and IT. These investments have led to significant job creation and economic advancement. Ramaphosa emphasized that South Africa leverages its BRICS membership to enhance trade, tourism, and technological capabilities.
The BRICS Business Council and the BRICS Women’s Alliance are central to fostering trade and investment partnerships, while the New Development Bank, launched in 2015, has funded over R100 billion in infrastructure and sustainable development projects in South Africa.
In 2020, BRICS adopted a strategy to bolster economic cooperation and market access among member countries. Recent developments include the expansion of BRICS to include Argentina, Ethiopia, Egypt, Iran, Saudi Arabia, and the UAE, effective January 2024. This expansion is expected to boost South Africa’s economic ties, particularly in sectors like oil, energy, telecommunications, agriculture, and tourism.
The recent BRICS Summit, held in Johannesburg from August 22-24, highlighted the theme “BRICS and Africa: Partnership for mutually accelerated growth, sustainable development, and inclusive multilateralism.” The President anticipates that the inclusion of new BRICS members will further enhance South Africa’s trade and investment opportunities and contribute significantly to the country’s Economic Reconstruction and Recovery Plan.
