How BRICS creates new development opportunities for Global South

In the past two decades, BRICS has brought tangible benefits to the Global South with a series of mechanisms that introduce alternative financial resources, foster industrial and technological innovation and amplify its voice in global governance.

Economic gain is one of the major ways in which Global South countries benefit from the BRICS mechanism, and a number of African countries that are part of the "greater BRICS" have already witnessed what the platform can bring.

Ethiopia, who officially joined BRICS as a member state in 2024, has experienced how the platform enhances prospects for its financial growth and benefits the overall development of the country.

In an interview with CGTN, former Minister of Finance of Ethiopia Sufian Ahmed Beker said BRICS is a significant group of major economies which brings a pool of investment for Ethiopia from countries including China, India and the Gulf countries.

Beker said economic exchanges not only attract investment but also expand Ethiopia's export markets across other emerging economies within the group.

He also highlighted the opportunities for Ethiopia to tap alternative sources of financing for infrastructure development, which he can provide significant support for the country's growth.

Acting as a unity that enhances mutual growth, BRICS becomes a catalyst for trade and an accelerator of development.

Joseph Upile Matola, head of the Economic Resilience and Inclusive Program at the South African Institute of International Affairs, said through the economic relationships under BRICS, Africa is looking to improve its value addition and value chains so that it can sell secondary commodities, or processed raw products to other African countries.

Beyond trade and investment benefits, BRICS also empowers the Global South by boosting its industrial transformation.

To this end, China proposed five initiatives that cover AI, trade and investment, digital industry, smart manufacturing and science and technology talent, which together work to cement the foundations of "greater BRICS" cooperation and unlock the potential of the Global South countries in key industries that shape the future.

Wang Xinsong, associate professor at the School of Government of Beijing Normal University said these five initiatives are well-targeted aspects that will boost the development of Global South.

Taking AI as an example, Wang noted that AI is widely considered as a dominant force in the global economy and development in the foreseeable future, and Global South countries are aspiring to join the movement to take advantage of AI for their development.