BRICS+ a catalyst for economic development: Economists

• By Martha Nangombe

ECONOMISTS have urged the government to prioritise joining the BRICS+ block as a matter of urgency for the country to secure its place and entrench its commitment to global South-South cooperation.

Former Bank of Namibia economist Mally Likukela said there are executable benefits for Namibia if it becomes a member of the BRICS+ block.

“Namibia benefits from a larger market for its exports and skills from the BRICS. In addition, the country will also gain a stronger voice on global governance issues. 

“The benefits will accrue immediately because Namibia already has trade and political ties with all BRICS member countries. This will be just a continuous effort to deepen and strengthen these ties.

“Namibia already has low-hanging fruits to bring to the BRICS+ table. As a major commodity exporter, Namibia has a competitive advantage over the export segment of the BRICS market. Also, politically, Namibia already has a strong historical background to which it can ride along and deepen further.

“The country can also rip a significant demographic dividend by opening up and exposing the youthful populace to the BRICS+ market. Namibia is ripe for a technological and innovation economy. This membership is a great opportunity for that,” he said.

Meanwhile, economist, Joseph Sheehama said Namibia should find articulate ways of ensuring that it is enlisted into the BRICS bloc, as soon as possible.

“It is beyond any doubt that the introduction of the BRICS implied a very important step forward in the long process towards African integration, not only when seen from an economic point of view, but also politically.

“Forming of economic, social, and political blocs of nations is a way of fast-tracking the achievement of national development of the nations involved. Based on 2023 population estimates, BRICS+ countries account for 46 per cent of the global population. The International Monetary Fund forecasts show that BRICS+ will account for 38 per cent while the G7 will account for 29 per cent of global gross domestic product by 2026,” he said.

For more on this & other stories: Grab a copy of the Newspaper