Ramaphosa to host China's Xi Jinping for bilateral talks
Xi Jinping landed in the country on Monday night ahead of the much-anticipated 10th BRICS summit in Sandton which several heads of state are expected to attend.
Jinping landed in the country on Monday night ahead of the much-anticipated 10th BRICS summit in Sandton, which several heads of state are expected to attend.
There are hopes that South Africa could benefit rather substantially from the gathering, which gets underway on Wednesday.
Brics member states are set to discuss a number of topics but the main focus is expected to be on the BRICS Bank.
Senior analyst at Standard Bank Research, Simon Freemantle, says that there are questions about the differing economic influence of the member states, but all should benefit.
“They are saying contributions should be on scale and the spending of the bank should be spread across the five countries.”
He says if the bank's spending is evenly distributed, this could have huge benefits for South Africa.
“So, South Africa, being small in economic terms, will gain hugely disproportionate value.”
World leaders, including Russian President Vladimir Putin, are expected to discuss various agreements to strengthen member states in the face of rising trade tensions with the US.
(Edited by Thapelo Lekabe)