South African President: South Africa benefits greatly from the BRICS Cooperation Mechanism. BRICS | South Africa | Countries
Cape Town, September 5th (Xinhua) - South African President Ramaphosa stated in the legislative capital of Cape Town on September 5th that South Africa has benefited greatly from the BRICS cooperation mechanism.
On the same day, Ramaphosa stated in the National Assembly of the Lower House of South African Parliament that direct investments and projects by BRICS member countries in mining, automotive, transportation, clean energy, financial services, information technology and other fields have created a large number of employment opportunities in South Africa.
He said that as the economic and financial connections between the BRICS countries strengthen, the total trade volume between South Africa and other BRICS member countries continued to grow from 2017 to 2022, reaching 830 billion South African rand in 2022, an increase of over 70% compared to 2017.
In 2015, Brazil, Russia, India, China, and South Africa jointly established the New Development Bank, a multilateral development bank aimed at mobilizing resources for infrastructure and sustainable development projects in emerging economies such as the BRICS and developing countries. According to Ramaphosa, as of now, the New Development Bank has provided funding for 12 projects in South Africa, with a total amount exceeding 100 billion South African rand.
Ramaphosa said that BRICS member countries are becoming an increasingly important tourist market for South Africa and providing support for South Africa's energy security.