Saudi Arabia has expressed its desire to become a member of Brazil, Russia, India, China and South Africa (BRICS) group of countries.
Ramaphosa spent the weekend at the Kingdom of Saudi Arabia to build strong economical ties and employment between the two countries.
But, what came up during the bi-lateral talks, Saudi Arabia wants to from part of the BRICS countries. He says Saudi Arabia’s joining of BRICS would mean significant change in the countries that form the bloc, however this will be discussed during a summit to take place in South Africa next year.
“The BRICS nations are going to be meeting in a summit next year under the chairship of South Africa. And the matter is going to be under consideration. And already a number of countries or nations have been making approaches to the other member countries and we’ve given them the same answer to say it’ll be discussed by the BRICS partners themselves, five of them and thereafter a decision will be made.” says Ramaphosa.
$ 15 million investment
He led a delegation of business leaders and ministers to the Kingdom, on an investment drive. This delegation returns to South Africa with more than US $ 15 billion worth of investment.
Ramaphosa is also seeking to strengthen trade relations between the two countries.
And Saudi Arabia’s Investment Minister, Khalid AL Falih, says he’s optimistic that the 17 Memoranda of Understanding that South Africa and his country have signed will yield positive economic results. About US $ 15 billion worth of agreements have been signed so far.
He says his country is looking forward to working with South African.
“It doesn’t take a lot of imagination to figure out how we can work together, I think the complementary and compatibility between the two sides is obvious to see how about we seem not to just over the hamper, his royal highness was able to see was offer to accelerate the pace that he wanted to set out when you two last met here in Jeddah.” explains Al-Falih.
President Cyril Ramaphosa says the agreements range from renewable energy, mining, agriculture, transport and security.
The ministers which accompanied the president included International Relations, Naledi Pandor, Trade, Industry and Competition, Ebrahim Patel, Mineral Resources and Energy, Gwede Mantashe as well as Minister of Transport, Fikile Mbalula.
President Ramaphosa and Ministers engage media after Saudi Arabian business visit
Ramaphosa elaborates, “These Memorandum of Understanding are what I call door openers, they pave a way for much greater corporation and for higher trade and investment flows between South Africa and Saudi Arabia, we were able to recall what agreement we’ve reached in 2018 that there would be up to 10 billion dollar flow of investment.”
Both countries have agreed on what was discussed during the bi-lateral talks and will be implemented soon in order to see free trade relations taking place between the two countries and thus improve the economy.