<\/p>\n
South Africa became an official member nation of BRICS in 2010 under former president Jacob Zuma, after being formally brought in by China to merge and thereafter accepted by other BRIC countries.<\/p>\n
Having received many opportunities owing to this partnership, the fact sheet below shows the progress since joining more than a decade ago.<\/p>\n
South Africa has the most advanced economy on the African continent with world-class industrial infrastructure.<\/p>\n
It boasts sophisticated financial, legal and telecommunications sectors.<\/p>\n
A total of 50% of the estimated 400 foreign multinationals in Africa have headquarters in\u2028 South Africa.<\/p>\n
South Africa has a host of investment incentives and industrial financing interventions that are aimed at encouraging commercial activity, and its trade rules favour expansion into the AfCFTA.<\/p>\n
It is revealed that the members of BRICS \u2013 Brazil, Russia, India, China, and South Africa \u2013 make up a quarter of the global economy, they account for a fifth of global trade and are home to more than 40% of the world’s population.<\/p>\n
President Cyril Ramaphosa has lauded the partnership with its economic power.<\/p>\n
In his address, he mentioned that South Africa had benefited from the New Development Bank, which was established by the BRICS countries in 2015.<\/p>\n
\u201cOur country has been funded by the bank in several infrastructure projects to the value of R100\u00a0billion in sectors such as roads, water, and energy.\u201d<\/p>\n
He also revealed that South Africa is in full support of the expansion of the membership.<\/p>\n
\u201cBased on the strategic relationship between South Africa and the People’s Republic of China we will be signing several agreements during President Xi’s state visit.\u201d<\/p>\n
\u201cWe have steadily strengthened trade and investment ties with other #BRICS countries alongside collaboration in areas like development, skills, technology, security, and innovation.<\/p>\n
\u201c#BRICS as a formation plays an important role in the world due to its economic power, market potential, political influence, and development co-operation. Yet the value of BRICS extends beyond its sheer size.”<\/p>\n","protected":false},"excerpt":{"rendered":"
South Africa became an official member nation of BRICS in 2010 under former president Jacob Zuma, after being formally brought in by China to merge and thereafter accepted by other BRIC countries. Having received many opportunities owing to this partnership, the fact sheet below shows the progress since joining more than a decade ago. South […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[13591,11317,8533,15013,7070],"class_list":["post-193335","post","type-post","status-publish","format-standard","category-politics","tag-begins","tag-brics","tag-fact","tag-sheet","tag-summit"],"yoast_head":"\n