BRICS is a grouping of the fastest growing economies, which are composed of Brazil, Russia, India, China, and South Africa. The BRICS was formed in 2010. The state of South Africa later joined this economic forum and become known, as the BRICS, instead of BRIC. Of course, the People’s Republic of China is the largest and complex economy among other BRICS economies. The original acronym “BRIC”, or “the BRICs”, was coined in 2001, by a Goldman Sachs economist, Jim O’Neill to describe the fast-growing economies that would collectively dominate the global economy by 2050. Therefore, BRICS is a Wall Street’s idea, not a Main Street’s.
Interestingly, more countries are now applying to join BRICS. In Africa—the top BRICS aspirants include Ethiopia and Egypt. Countries such as South Sudan are only observers. For a country to apply and become a member of BRICS, it has to have an industrial base or potential of realizing industrialization in a few years.
President Salva Kiir and his entourages are now visiting and representing South Sudan at the BRICS SUMMIT in South Africa. Again, South Sudan likes other non-BRICS member countries, is there, as an observer. And, as such, South Sudan is engaging in the sideline bilateral and economic investment meetings, with friendly countries and heads of major international corporations. This is the win-win for South Sudan and the potential Multinational Corporations and Transnational Corporations (MTNC/TNCs).
On the other hand, some of the discussions President Kiir is holding or engaging in them at the BRICS SUMMIT in South Africa are on the regional security and stability. For example, potential foreign investors for South Sudan, both Western and Asian MTNCs/TNCs are concerned about the conflict in North Sudan. One must remember that geopolitics and geoeconomics go hand in hand. The Sudanese crisis is now being discussed through South Sudan. This means at the end of the day, Juba would be the final mediator of the North Sudanese political impasse or stalemate, not Nairobi.
This invitation came at the time President Salva Kiir had delegated Vice President Taban Deng Gai to lead the government delegation to Russia-Africa Summit at St. Petersburg in July 2023. At the St. Petersburg Summit—the issue of insecurity concern was a concern to many of the potential investors. It came up many times. This is because insecurity undermines investors’ confidence to invest in the Eastern African region.
Therefore, the BRICS bloc at the St. Petersburg Summit concluded that for investors to invest in Africa, the various African states must address insecurity in their individual countries. This is one of the prerequisites to investment.
“Russia is concerned and perturbed about Africa is neglected, is being exploited and we need to build Africa, build the capacity of Africans so that they take care of their own affairs and as such Russia is trying to move in and is encouraging us to take up our own affairs.”
On the sideline meetings with BRICS’ leaders and CEOs, South Sudan had successfully signed memorandum of understandings (MOUs) with some corporations.
The signed MOUs will help the Government of South Sudan to follow up with the implementation or operationalization of the signed MOUs. It can be stated without any contradictions whatsoever that President KIIR’s visit to BRICS SUMMIT at Johannesburg, South Sudan has put South Sudan to the center of global business conference on investment and development.
In conclusion, South Sudan will benefit from BRICS through foreign direct investment (FDI), economic cooperation and increasing multilateral relations at the global level. If the Government of South Sudan follows and implements the signed MOUs, therefore, Juba can market itself to the world as a favorable destination for FDI. This is realizable through stability and security.
Therefore, we call upon the people of South Sudan to appreciate and acknowledge, H. E, President Salva Kiir Mayardit who is tirelessly working days and nights to mobilize the developed and powerful economies to invest in South Sudan. Stable and secure is a favorable destination FDI. This would salvage and resuscitate South Sudan’s economy.
By Kocrup Makuach Aleu