APA-Cape Town (South Africa) President Cyril Ramaphosa says South Africa’s total trade with Brazil, Russia, India and China reached US$43.7 billion in 2022, representing an increase of more than 70 percent from US$25.6 billion in 2017.
Ramaphosa said this when he addressed lawmakers in Cape Town to explain the economic benefits of joining BRICS during a question-and-reply session in the House on Tuesday.
He said since South Africa joined the BRICS, the country had seen its trade increased by an average of 10 percent every year over the period from 2017 to 2021.
“And the total South African trade with other BRICS countries reached US$43.7 billion in 2022, which represents an increase of more than 70 percent from US$25.6 billion in 2017,” he said.
In 2015, BRICS countries launched the New Development Bank (NDB) to finance and largely support infrastructure and sustainable development projects.
To date, the NDB has provided funding to 12 projects in South Africa to the tune of over US$5.5 billion, Ramaphosa said.
He explained that BRICS was an important source of foreign direct investment in key areas such as mining, automotive, transportation, clean energy, financial services and information technology.
These investments and projects have led to significant job creation, he said, adding that Pretoria had experienced significant benefits through its membership as well as its association with the bloc that is made up of the world’s largest emerging economies Brazil, Russia, India, China and South Africa.
NM/jn/APA