Published time: 7 Aug, 2015 10:08Edited time: 7 Aug, 2015 14:18
“BRICS presents an aggregate GDP exceeding $32 trillion. This marks a 60-percent growth since the formation of the grouping,” Zuma told reporters on Thursday in Cape Town.
BRICS countries (Russia, Brazil, India, China and South Africa) produce a third of the world’s industrial products and half of all agricultural goods.
They attracted 20.5 percent of total global direct investment in 2014, an increase of 3.5 percent over 5 years.
The group is ready to expand its economic cooperation with partners in key areas such as food production, power generation, the petro-chemical industry, mining, tourism, renewable and nuclear energy, trade, transportation, communications and training, according to the South African president.
The seventh BRICS summit, held last month in Russian city Ufa, reaffirmed the importance of BRICS in the global arena, Jacob Zuma said. He added that the summit’s key achievement was the “entry into force of the New Development Bank (NDB) and the Contingent Reserve Arrangement.”
The NDB opened for operations in Shanghai on July 21 with a view to deploying $50 billion in initial capital to fund infrastructure and sustainable development projects. The world’s major banks “see the BRICS bank as an important additional factor in global financial transactions,” said Zuma. The establishment of NDB’s African Regional Centre in Johannesburg is among the group’s plans for the near future, he added.
At the end of July, the BRICS members kick started a $100-billion currency reserve pool. It aims to protect their national currencies from volatility in global markets.
In 2010, South Africa became the latest and fifth member of the group, which was initially known as BRIC.