Two African Countries Now Part Of The Group

The BRICS group, which was created in 2009, is made up of five emerging countries: Brazil, Russia, India, China and South Africa. This economic bloc represents almost 40% of the world’s population and more than 25% of the world’s GDP.

However, recently two African countries have been added to this list, expanding the power and influence of the group. These are Egypt and Algeria, two North African countries that have experienced remarkable economic growth in recent years.

Egypt, with a population of over 100 million, is the most populous country in the Arab world. It also has a strategic geographical location, connecting Africa, the Middle East and Europe. The Egyptian economy has grown rapidly in recent years, with annual growth of around 5%.

For its part, Algeria is the largest country in Africa and the Arab world. It has large oil and natural gas reserves, making it one of the major energy exporters. Algeria’s economy has seen solid growth thanks to the oil and gas industry, but the country is now looking to diversify its economy to reduce its dependence on hydrocarbons.

The addition of Egypt and Algeria to the BRICS group strengthens Africa’s position in the global economy. These two countries already have strong trade relations with current BRICS members, and joining the group is expected to further boost trade and investment.

Moreover, it also offers new opportunities for African countries to strengthen their regional cooperation and promote economic development. Egypt and Algeria can share their experiences and good practices with other African countries that are members of the African Union (AU), thus contributing to the achievement of the Sustainable Development Goals set by the AU for 2030.

However, joining BRICS does not come without challenges. The Egyptian economy faces the challenge of creating jobs for a young and growing population, as well as reducing economic and social inequalities. For its part, Algeria must face up to the need to diversify its economy and promote a more attractive business environment for foreign investors.

Despite these challenges, joining BRICS offers many positive prospects for Egypt and Algeria. It will enable them to strengthen their economic position on the world stage, attract new investments and benefit from cooperation with the five other members of the group. This decision also marks a recognition of the economic growth and growing influence of African countries on the world stage.

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