Addis Ababa, October 23, 2024 (FBC) – In a recent interview with Fana Broadcasting Corporate (FBC), Professor Costantinos Berhutesfa, a Public Policy expert at Addis Ababa University, shed light on the advancements and potential of the BRICS+ community.
According to Professor Costantinos, the BRICS economies—comprising China, India, Brazil, Russia, and South Africa, Ethiopia, Iran, Egypt and United Arab Emirates —collectively account for over one-third of the global economy. This substantial representation positions BRICS+ as a significant player in shaping economic dynamics worldwide.
Ethiopia’s inclusion in the BRICS+ framework opens a bunch of opportunities for enhancing economic collaboration with member states, particularly in agriculture and industry. He pointed out that countries like Brazil, China, India, and Russia possess vast agricultural lands and utilize advanced technologies that Ethiopia could adopt to harness its own rich resources more effectively.
Moreover, many BRICS+ nations are recognized for their mineral production, which is crucial for energy transitions. Professor Costantinos emphasized that Ethiopia could learn valuable lessons on resource exploitation through its participation in BRICS+.
He further noted that the BRICS+ platform presents financial opportunities for developing countries, including Ethiopia, to advance their development initiatives. “The New Development Bank can provide Ethiopia with the necessary resources for infrastructure projects, mineral development, and optimizing its water resources.”
Professor Costantinos envisions that BRICS+ member countries can contribute to redefining the global financial landscape, especially as the global economy faces challenges that disproportionately affect African and other developing economies. He mentioned that these countries will create mechanisms aimed at addressing global financial disparities.
He highlighted the prospect of fast-growing economies like China playing a vital role in the new development bank, facilitating financing for BRICS member nations.
With the Ethiopian government implementing significant macroeconomic reforms to integrate more effectively into the global economy, Professor Costantinos expressed optimism that it will attract investments from BRICS countries.
Finally, he noted that BRICS+ offers a unique platform for cultural exchange, enabling member countries, including Ethiopia, to share their diverse cultural heritages and foster public diplomacy.
By Wondesen Aregahegn
Source link : https://www.fanabc.com/english/brics-opens-new-avenues-for-ethiopias-economic-growth-says-expert/
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Publish date : 2024-10-24 12:17:33
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