Ahead of what is its most important gathering, the BRICS nations are ramping up their lateral investments ahead of their annual summit, which will take place in August. Moreover, the nations of Brazil, Russia, India, China, and South Africa have been working to increase their investment opportunities as the vital gathering approaches.
The summit is poised to see the bloc set a trajectory for its short- and long-term, future. Specifically, the gathering should be dominated by discussions surrounding both expansions and an alternative trade currency. Both ideas have dominated discourse surrounding the bloc in recent months and should come to fruition at the summit.
BRICS Focused on Lateral Investment Ahead of Summit
The year so far has certainly been dominated by the growth of the BRICS economic bloc. The collective has seen its economic stance continue to shift the global power balance. Moreover, the bloc is approaching a gathering that could see it grow its member states.
Now, the BRICS countries have placed a renewed focus on lateral investments ahead of their annual summit. Indeed, the bloc is fortifying its position in reliance on one another. Likely ahead of any decision made regarding expansionary plans, or a newly developing currency.
China and Brazil remain at the forefront of lateral investments. Representing a clear strength for the bloc, China has committed 4.5 billion yuan (or $625.9 million) to an EV facility to be placed in Camacari. Nevertheless, Investment Monitor notes that the relationship has continued to strengthen over the course of Brazilian President Luiz Inacio Lula Da Silva’s tenure.
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Moreover, it has recently been announced that the three nations of Russia, China, and Indonesia are prepared to increase their trilateral participation. Specifically, Russian Foreign Minister Sergei Lavrov has been present at meetings with Chinese Foreign Affairs Director, Wang Yi. Specifically, this has continued to discuss the growing cooperation between the two BRICS countries and the one BRICS hopeful.
Finally, other reports have noted that South Africa is seeking continued investment from China. Specifically, it is seeking out infrastructure aid from the country as it has struggled with unemployment. Ultimately, South Africa has sought investment in energy sectors from China, as the summit nears.