The growing cooperation between BRICS and the African Continental Free Trade Area (AfCFTA) is set to enhance economic integration and attract investment, Uganda’s Minister of State for Finance, Planning, and Economic Development Amos Lugoloobi told Sputnik Africa.
Speaking on the sidelines of the COM2025, he emphasized that deeper integration expands market opportunities, drawing foreign direct investment and private capital to the continent.
“When you integrate, you broaden the market. Therefore, it means that you are going to attract more and more investment, more inward and foreign direct investment getting into your territory, being attracted by the market akin to what we saw in China,” Lugoloobi explained.
He pointed to China’s economic rise as an example of how a large market can drive investor interest and industrial growth.
With Ethiopia, Egypt, and South Africa joining BRICS as full members and Uganda securing partner status, Lugoloobi believes the collaboration will help African nations secure much-needed capital.
"They will attract capital from non-member countries to come into the territory to produce and market within that region, and by doing so, they are creating jobs, and they are stimulating growth in that particular territory," he concluded.