South African President Cyril Ramaphosa said the country has benefited from being a member of BRICS over the past ten years. Ramaphosa particularly noted the growing trade ties between South Africa, China and India.
“We have taken advantage of membership of this important bloc, especially in the area of economic cooperation,” he said, adding that “bilateral trade has increased, particularly with China and India, commodity exports and manufactured goods.” There is a strong characteristic of imports.”
Joining the Group of Emerging Economies has enhanced South Africa’s status as a significant emerging economy in the world, he said, adding that it gave the country access to policy and technical expertise as well as support from large and established economies Is. According to reports, New Development Bank. He further highlighted direct investment in sectors such as mining, automotive, transportation, clean energy and financial services.
Ramaphosa said the establishment of the New Development Bank, which has a regional office in Johannesburg, has been instrumental in funding and technically supporting projects in transportation, clean energy, environmental protection, water infrastructure and greenhouse gas emissions reduction.