Unlocking New Opportunities: BRICS Partnership and Its Implications for Economic Development in African Countries

Fikadie Damtie Yiblet

Journal of Entrepreneurship and Business Innovation, 2024, vol. 11, issue 1, 37

Abstract: The BRICS partnership comprising Brazil, Russia, India, China, and South Africa presents significant opportunities for economic development in African countries. This article investigates the evolving dynamics of BRICS and its pivotal role in shaping economic opportunities for African nations. Through thematic analysis of existing literature, it examines strategies for leveraging economic cooperation within BRICS to foster sustainable economic growth, address infrastructure development challenges, and navigate geopolitical implications. The study underscores the transformative potential of the BRICS partnership, particularly through initiatives like the New Development Bank and technology transfer collaborations. Challenges such as economic disparities and geopolitical tensions are addressed, offering insights into opportunities for enhanced cooperation. Case studies of specific joint ventures highlight lessons learned and best practices for future collaborations. The article concludes with policy recommendations aimed at maximizing the benefits of the BRICS-Africa partnership, emphasizing inclusive development, technology transfer, diplomatic engagement, and sustainable economic policies. Overall, the research contributes to understanding the multifaceted impacts of BRICS-Africa cooperation on economic development and geopolitical influence, while providing practical recommendations for policymakers and stakeholders.

Date: 2024
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