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

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  • Fikadie Damtie Yiblet

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.

Suggested Citation

  • Fikadie Damtie Yiblet, 2024. "Unlocking New Opportunities: BRICS Partnership and Its Implications for Economic Development in African Countries," Journal of Entrepreneurship and Business Innovation, Macrothink Institute, Journal of Entrepreneurship and Business Innovation, vol. 11(1), pages 1-37, December.
    • Handle: RePEc:mth:jebi88:v:11:y:2024:i:1:p:37
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    References listed on IDEAS

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    1. Israel Nyaburi Nyadera & Billy Agwanda & Murat Onder & Ibrahim Abdirahman Mukhtar, 2022. "Multilateralism, Developmental Regionalism, and the African Development Bank," Politics and Governance, Cogitatio Press, vol. 10(2), pages 82-94.
    2. Sergio Gusmão Suchodolski & Julien Marcel Demeulemeester, 2018. "The BRICS Coming of Age and the New Development Bank," Global Policy, London School of Economics and Political Science, vol. 9(4), pages 578-585, November.
    3. Spielman, David J. & Ekboir, Javier & Davis, Kristin & Ochieng, Cosmas M.O., 2008. "An innovation systems perspective on strengthening agricultural education and training in sub-Saharan Africa," Agricultural Systems, Elsevier, vol. 98(1), pages 1-9, July.
    4. Gnangnon, Sèna Kimm, 2023. "Aid for Trade flows, Patent Rights Protection and Total Factor Productivity," EconStor Preprints 274650, ZBW - Leibniz Information Centre for Economics.
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    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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