BRICS spurs up Africa’s economic growth: Kenyan economist

SOURCE:China Global Television Network (CGTN) – BRICS has been providing positive effects for the economic growth in the African continent, said a Kenyan economist in an exclusive interview with China Global Television Network (CGTN) in Nairobi on Saturday.

Aly Khan Satchu, the economist, said South Africa has enjoyed the benefits brought by the BRICS since its inclusion in the organization seven years ago.

“Out of all those BRICS countries, South Africa has been the slowest growing economy. BRICS has been a positive force, it has created a pull effect for the South African economy. I think it would have been growing even slower without that support. By embedding South Africa in the BRICS architecture, it’s been positive for South Africa, it’s been positive for raising capital, and in a low growth environment,” said Satchu.

According to Satchu, the BRICS not only benefits South Africa but has been bringing the interconnections between countries even more closer than before.

“BRICS has already done a great deal for Africa. If you look back 30 years ago, Africa had very few trading partners. Today, we have the south-south economic cooperation, it has been uniquely supportive for the continent, obviously there are some challenges with commodity prices in some parts of the continent, but overall I think it has been a big pull for the continent to grow faster if you look at the impacts since BRICS came into play, Africa is been growing more quickly,” added Satchu.

China does not want to limit future cooperation to the five nations. In March, Foreign Affairs Minister Wang Yi said that China would explore expansion modalities for “BRICS Plus” and build a wider partnership through dialogue with developing countries and international organizations.

This deed is seen by Satchu as an example of inclusiveness given the background that protectionism is getting more and more popular in the world for the time being.

“I think it’s a very powerful statement. We started with BRIC, we then went to BRICS as you said seven years ago, we now look it BRICS plus. In a world where people are building walls, it is extraordinary that President Xi Jinping is leading BRICS into this very globalist future, One Belt One Road is another example,” said Satchu.