He made the remarks during a question and answer session in the South African parliament Tuesday afternoon in Cape Town, the legislative capital of the country.

“South Africa has experienced significant benefits through its membership as well as its association with the BRICS grouping of countries,” Ramaphosa told members of the parliament

The BRICS membership, he said, has helped his country improve investment, trade, tourism, skills acquisition and technological capabilities.

“Strengthening economic as well as financial ties between BRICS member countries is one of the key pillars of this cooperation,” said the president.

He said in 2020, BRICS adopted the Strategy for BRICS Economic Partnership to promote mutual trade and investment, and create a business-friendly environment for investors in all BRICS countries.

As a result, “South Africa’s overall trade with its BRICS partners has increased by an average of 10 percent every year over the period 2017 to 2021,” Ramaphosa said.

To date, the New Development Bank has provided funding to 12 projects in South Africa worth over 100 billion rand (5.2 billion U.S. dollars), he added.

During the parliament session, the president also stressed that the inclusion of Argentina, Ethiopia, Egypt, Iran, Saudi Arabia and the United Arab Emirates as new members of the group will strengthen their beneficial cooperation with South Africa in political, economic and financial fields.

“These countries will enhance economic partnership in key sectors such as oil and energy, telecommunication and information technology, agriculture, textile, logistics, air transportation, tourism and medicine,” Ramaphosa said.

South Africa hosted the 15th BRICS Summit from Aug. 22 to 24 in Johannesburg. The summit wrapped up with several outcomes, including the membership of the six aforementioned countries.