“Few will be surprised that South Africa is the nation expanding the BRIC group into BRICS - Brazil, Russia, India, China, South Africa,” Ichikowitz stated.

“South Africa’s strategic position as the gateway to Africa, with the continent emerging as the global powerhouse of the future, makes BRICS membership good business sense for all concerned.

“South Africa is a strong emerging economy in its own right. And it is Africa’s biggest - expected to be among the world’s top seven fastest growing economies by 2040. That pedigree gives South Africa the lead role in extending BRICS' reach to four continents for the first time.”

He added: “The BRICS summit in China will see the world’s attention - led by the far-sighted BRIC nations - turn to Africa as the next global growth engine.

“South Africa’s formal membership of BRICS will give African companies - particularly in high growth technology sectors such as defence and aerospace - access to new economies of scale. BRICS membership will see an opening of new doors to technology, investment and markets.

“As South Africa joins this important grouping of emerging economies there is huge potential for collaboration, helping to diversify economies and stimulate regional economic integration.

“Poised to take advantage is a new breed of fast growing, high tech, mid-cap African businesses which are driving innovation and economic integration across the continent. Businesses like these have a great deal to gain from BRICS, and a great deal to offer. South Africa sits in the driving seat to promote economic integration across Africa. BRICS membership can only serve to boost that.”

Ichikowitz said the membership also serves as a platform to harness the technology sector as well as enhance human resources skills among others.

“BRICS membership will also bring a welcome expansion in cooperative initiatives - technology sharing; joint manufacturing and marketing; exchange programmes for skills training; combined research projects - which South Africa and Africa have fostered with the BRIC nations.

“That closeness, not just of economic and political ties but of global ambitions for the future, has led to South Africa joining BRIC. This is an historic development for South Africa and for Africa as a whole,” he added.