The Automotive Business Council’s (Namsa) BRICS+ Research Report 2024 noted that China and Russia want further BRICS expansion this year to “make the group financially stronger”.

Naamsa stated some of the prospective new members were “significant automotive countries from a South African automotive industry perspective”.

Advantages could include improved access to finance, as well as collaboration across the member countries in developing infrastructure and industrialisation, it said. This is reported by
Pretoria News, a partner of TV BRICS.

“Ultimately, the socio-economic benefits of job creation, economic growth and skills development can contribute to the overall prosperity of member countries,” it said.

“The need, therefore, exists for BRICS nations to identify complementarities, share experiences and promote capacity building in automotive trade and investment-related issues,” Naamsa said.

Photo:
iStock