South Africa leverages BRICS membership to entice investors

South Africa says its membership of the BRICS bloc can help attract investment, finance critical sectors and improve the lives of its citizens as the bloc expands its influence across the global economy.
As African countries shun South Africa over alleged xenophobic attacks by its citizens, President Cyril Ramaphosa’s government was leveraging its BRICS membership to find support and succour from its non-African counterparts.
In a message to South Africans on Monday after the BRaICS 18th summit in New Delhi, the government said the bloc, which now includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Indonesia, Saudi Arabia and the United Arab Emirates, represents countries accounting for about half of the world’s population and a quarter of global trade.
The government acknowledged that citizens may not immediately see the relevance of BRICS summits but said South Africa has already benefited from the bloc through access to development finance “to support energy, water and transportation investments.”
It said BRICS also offers South Africa opportunities to expand trade and attract foreign investment.
President Cyril Ramaphosa’s government said it was working to restore direct flights between India and South Africa.
The government further said it intends to use its membership to create jobs, support development and secure greater economic benefits for its people.
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