by SAVIOUS KWINIKA
JOHANNESBURG, (CAJ News) – PRESIDENT Cyril Ramaphosa says South Africa must use its BRICS membership to expand trade, attract investment and ultimately improve the lives of its people.
Writing in his weekly newsletter after attending the 18th BRICS Summit in New Delhi, India, Ramaphosa said the grouping had become an important platform for building a more inclusive global economy and a fairer international order.
BRICS has expanded beyond its original members Brazil, Russia, India, China and South Africa to include Egypt, Ethiopia, Iran, Indonesia, Saudi Arabia and the United Arab Emirates (UAE).
Together, the countries represent about half of the world’s population and a quarter of global trade.
Ramaphosa said more than a fifth of South Africa’s trade was with BRICS countries, while membership of the New Development Bank had enabled the country to access finance for major energy, water and transport infrastructure projects.
South Africa can also draw on the BRICS Contingent Reserve Arrangement, a $100 billion pool of currency reserves designed to provide support during liquidity crises.
But Ramaphosa placed particular emphasis on the economic opportunities presented by closer ties with India, South Africa’s fourth-largest trading partner.
More than 150 Indian companies have invested over $10 billion in South Africa, creating more than 18 000 jobs, while South African companies including Naspers, FirstRand Bank, Sanlam and Momentum have substantial investments in India.
During his visit, Ramaphosa convened a South Africa-India CEOs Roundtable and met Indian companies interested in expanding their operations or exploring new opportunities in South Africa.
He said the discussions identified potential partnerships in green industrialisation, critical minerals and beneficiation, infrastructure, agriculture and the digital economy.
Ramaphosa highlighted India’s capabilities in pharmaceuticals, health technology, information technology, financial technology and digital public infrastructure as areas that could support South Africa’s development ambitions.
In return, South Africa’s critical mineral resources could contribute to India’s growing renewable energy, battery and automotive industries, while creating opportunities for greater mineral processing locally.
Ramaphosa said South Africa wanted to restore direct flights between the two countries and strengthen cooperation between their business chambers to turn investment opportunities into practical partnerships.
He said the government would continue using BRICS to deepen bilateral relations and expand trade and investment.
Beyond economics, Ramaphosa said South Africa would use its BRICS position to support the Global South’s call for an international order based on mutual respect, shared prosperity, international law and a central role for the United Nations.
For Pretoria, however, the immediate test will be whether BRICS cooperation can translate into investment, jobs, infrastructure and stronger economic growth for ordinary South Africans.
– CAJ News