The 2023 BRICS Business Forum opens on August 22, 2023 (Photo: africanews.com)

In his opening speech at a business forum of the 2023 BRICS Business Forum, South African President Cyril Ramaphosa stressed the need for fundamental reforms within global institutions to be able to deal with different challenges, and he called for more investment in Africa in various fields, including infrastructure and transportation.

While addressing the 2023 BRICS Business Forum via video link on Tuesday, Russian President Vladimir Putin noted the introduction of sanctions has had an overall negative impact on the global economy. He also confirmed beside cooperation within the BRICS based on principles of equality and mutual respect, the process of de-dollarization has gained momentum.

The 15th summit of the BRICS group (Brazil, Russia, India, China, South Africa) drew the participation of representatives from 70 countries. The summit focused on measures to enhance connection and cooperation between BRICS and African economies.