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Egypt Aims to Deepen Ties with BRICS

Fri 26 Jan 2024 | 02:04 PM
Ahmed Emam

The Planning Minister Hala Al-Said stated on Thursday that Egypt intends to strengthen its cooperation with BRICS members and its New Development Bank (NDB), after joining the group at the beginning of this year. 

This came during her meeting with NDB President Dilma Rousseff at the Asian Financial Forum in Hong Kong to discuss the matter. 

Al-Said explained that imports from BRICS countries, originally Brazil, Russia, India, China, and South Africa, have risen by about 33% since 2020, and exports to BRICS members have increased by 75%. 

She also noted that Egypt secured the top spot in Africa for FDI flows, showcasing remarkable growth particularly in key sectors such as agriculture, communications, information technology and tourism.

According to the Planning Ministry, Egypt aims to deepen its ties with the bloc to help ease its chronic shortage of foreign currency by reducing the need for US dollar transactions and attracting new investment. However, analysts claim that it may take time before any benefits appear.