BRICS nations make up a quarter of the global economy, and “they account for a fifth of global trade and are home to more than 40 percent of the world’s population,” Ramaphosa said. The New Development Bank established by BRICS in 2015 has funded roads, transport, energy, and other infrastructure projects in South Africa.
“To further advance the African development agenda, more than 30 Heads of State and Government from across Africa will be attending the summit,” Ramaphosa said. “We want to build a partnership between BRICS and Africa so that our continent can unlock opportunities for increased trade, investment and infrastructure development.”
“There are great opportunities for other BRICS countries to participate in the African Continental Free Trade Area (AfCFTA) by locating production and services in various countries on the African continent, including our own, by partnering with local companies and entrepreneurs,” he said.
Image: South African Presidency file