KAMPALA, Jan. 11 (Xinhua) -- Uganda's admission as a BRICS partner state presents an opportunity for the East African country to benefit from deeper ties with some of the world's largest emerging markets and to facilitate its own development, a senior official has said.

Starting Jan. 1, 2025, Uganda officially became a BRICS partner state, along with eight other countries.

"We have joined a platform or an association of countries that are highly industrialized, some of which have evolved from similar circumstances to where we are now," Minister of State for Foreign Affairs in charge of Regional Cooperation John Mulimba told Xinhua on Friday.

"BRICS offers a significant opportunity to learn from their technological advancements and innovations, including the use of information and communication technology as a tool for societal transformation," he added.

He said that within the BRICS framework, Uganda positions itself as an investment destination, offering abundant resources such as energy and mineral resources sought after by member states.

If Uganda or Africa's natural resources undergo just five percent value addition, more than five million jobs could be created for the region's youthful population, Mulimba emphasized.

He said that Uganda's admission as a BRICS partner state provides an opportunity to seek financing alternatives outside Western credit institutions, which often come with numerous conditions.

BRICS is an acronym for Brazil, Russia, India, China and South Africa, the five major emerging markets with significant economic potential. The bloc's membership has expanded since its first summit in 2009. In Africa, Egypt, Ethiopia and South Africa are the only full member states of the bloc. Enditem

Related

Go to Forum >>0 Comment(s)