daniel chigunwe
Marshall Ndlela
Correspondent
BRICS, a group of emerging economies comprising Brazil, Russia, India, China, and South Africa, has the potential to play a significant role in the development of Africa and our beloved Zimbabwe. The continent faces a range of challenges, including poverty, lack of infrastructure, and political instability, which have hindered its progress for decades.
However, with the right partnerships and investments, BRICS can help Africa overcome these challenges and unleash its full potential.
One area where BRICS can help Africa is in the development of infrastructure.
Africa has long suffered from a lack of basic infrastructure such as roads, bridges, and power plants, which makes it difficult for businesses to operate and people to access essential services.
BRICS countries have experience in building infrastructure, and they could share their expertise with African nations to help them build the infrastructure they need.
Another area where BRICS can help Africa is in the development of human capital. Africa has a large and growing population, but many of its people lack the skills and education they need to succeed in the modern economy.
BRICS countries could invest in education and training programmes in Africa to help people acquire the skills they need to contribute to their economies and improve their standard of living.
BRICS can help Africa by investing in key sectors of the economy. For example, agriculture is a critical sector in many African countries, but it is often underfunded and underdeveloped. BRICS countries could invest in modernising agriculture and providing farmers with the tools and resources they need to increase their productivity and improve their livelihoods.
By promoting trade and investment between their countries and African nations, BRICS countries can help the economies of Africa. Africa is a vast market with enormous potential, and BRICS countries could benefit from increased trade and investment in the continent.
In turn, African nations could benefit from access to new markets and technologies, which could help them grow their economies and create jobs.
To further elaborate on the potential benefits of BRICS countries’ investment in Africa, it’s important to note that these countries also have the advantage of having shared experiences of colonialism and poverty, which have shaped their economic and political trajectories.
This shared history could provide a unique perspective in developing policies and approaches that are tailored to African realities and could promote sustainable development.
Moreover, BRICS can leverage their own economic growth to create opportunities for African countries. For example, China’s Belt and Road Initiative, which aims to create a vast network of infrastructure and trade routes connecting China with the rest of Asia, Europe, and Africa, could have a significant impact on Africa’s economic development. This initiative could help create jobs, boost trade, and enhance connectivity across the continent.
Additionally, the establishment of the New Development Bank (NDB) by BRICS countries could provide a source of financing for African countries.
The NDB could offer loans at lower rates than traditional lenders, allowing African countries to invest in critical infrastructure projects and other development initiatives.
By investing in infrastructure, human capital, key sectors of the economy, promoting trade and investment, and leveraging their own economic growth, BRICS countries could play a significant role in creating a more prosperous and stable Africa.
However, this will require sustained commitment and cooperation from all parties involved, including African governments, private sector actors, and civil society organisations.
BRICS countries account for one-quarter of the global Gross Domestic Product. Four of the five BRICS members are among the largest countries in terms of population and land area.
The BRICS community plays a critical role in setting global economic policy and promoting financial stability, accounting for 17 percent of global trade and one-third of global GDP. The BRICS countries have made significant contributions to global poverty alleviation. Continued BRICS growth is critical for poverty reduction and decreasing international disparities.
Through poverty alleviation and unwavering efforts to bridge inequities, BRICS has recently emerged as the voice of developing countries, or the global South, and has played an essential role in defending the rights of the developing countries of the world.
l Marshall Ndlela is a Zimbabwean based in South Africa. He is a holder of a Master’s Degree in Finance and Accounting from the University of Chichester, England. He can be contacted on [email protected]
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