Economic development: Zimbabwe wants to join Brics bank

Zimbabwe can’t wait to be a member of Brics to participate and benefit from its New Development Bank.

On the sidelines of the recent Brics Summit, The Citizen asked Zimbabwe’s Deputy Minister of Foreign Affairs and International Trade Dr David Musabayana why the group’s membership was important.

Dr David Musabayana (DM): Zimbabwe has not yet officially sent its request to join Brics (Brazil, Russia, India, China, South Africa), a global south economic bloc. Zimbabwe believes that joining Brics could provide expanded trade and investment opportunities, as well as potential economic development benefits. Instead, Harare has expressed its intention to join the New Development Bank (NDB), which was created by Brics members to expand sources of capital for infrastructure development. To this end, the government of Zimbabwe has made contact with the NDB management, including the current shareholders.

Eric Naki (EN): With Brics accounting for almost one-third of worldwide economic activity, what does Zimbabwe stand to benefit if accepted into the group?

DM: This engagement will expand the transactional levers of Harare with all Brics capitals. This offers preferential trade terms for Zimbabwe to the fledging markets of Russia, whose commitment to widening the sphere of capital growth (to Africa) was clearly demonstrated through the recent Russia-Africa Summit. Zimbabwe’s mineral endowment and high agricultural GDP dividend fertilises partnership with Russia.

With India, Zimbabwe is poised to benefit from increased interaction, given India’s pharmaceutical innovations which can benefit a great deal our health sector. China’s global investment footprint is another merit surety for Zimbabwe to be part of Brics. The geopolitical merit of re-deepening relations with our dear neighbour South Africa under the auspices of Brics needs no elaborate mention. Brics nations often contribute to large-scale projects such as transportation networks, energy facilities, and telecommunications infrastructure.

Participation and partnering in these projects could significantly enhance Zimbabwe’s economic growth and development. Additionally, Zimbabwe’s membership in Brics would allow the country to have a more influential role in shaping global policies and decision-making processes. It could also provide Zimbabwe with a platform to address its regional and international concerns and common areas of interest.

EN: Having faced years of public policy-induced economic decline, worsened by Western sanctions, will Brics membership eliminate relations with the West?

DM: We are a nation that supports the principle of reciprocal diplomacy. Therefore, we are open to interacting with nations who treat us as equal partners. Our relationship with each Brics member state attests to that principle. Likewise, our interaction with any state outside this multilateral grouping must be predicated on that principle.

EN: SA uses the Brics platform to pursue its foreign policy priorities, such as the African Agenda and South-South Cooperation. How will Zimbabwe utilise this platform?

DM: The South-South cooperation has been the bedrock of our foreign policy thrust. Zimbabwe has been a member of so many groups such as the Non-Aligned Movement that promotes South-South Cooperation. If admitted to the bloc, Zimbabwe will take advantage of the unlimited opportunities which the Brics platform provides towards our economic diplomacy agenda and political imperatives already outlined.