South African President Cyril Ramaphosa said the country has benefited from being a member of the BRICS over the last ten years. Ramaphosa noted the growing trade ties especially between South Africa, China, and India.

"We have reaped the benefits of membership of this important bloc, most notably in the area of economic cooperation," he said "Bilateral trade has grown, particularly with China and India, with commodity exports and manufactured goods imports featuring strongly."

Joining the bloc of emerging economies enhanced South Africa's position as an important emerging economy in the world, he said, adding that it has given the country access to policy and technical expertise of larger and established economies, as well as access to the support of the New Development Bank, according to reports. He further highlighted the direct investment in sectors such as mining, automotive, transportation, clean energy, and financial services.

Ramaphosa said the establishment of the New Development Bank which has a regional office in Johannesburg has been crucial in financing and technically supporting projects in transportation, clean energy, environmental protection, water infrastructure, and greenhouse gas emissions reduction.

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