Ambassador Magdy Amer | Former Assistant Foreign Minister, Egypt |
Egypt officially joined the Enlarged BRICS bloc in January 2024, aiming to strengthen political relations, economic and tourism ties, diversify partnerships, and reduce its dependency on the US dollar. As a member of the bloc, Egypt focuses on attracting more investment and tourism from member nations, increasing financial cooperation, securing strategic commodities, and enhancing trade. Egypt also officially joined the New Development Bank (NDB), the BRICS-affiliated bank, in 2021 to secure and diversify infrastructure financing, improve its economic standing among emerging markets, and foster sustainable development. In June 2024, Egypt convened the NDB Conference titled “Navigating New Horizons,” focusing on strengthening partnerships between the bank and the Egyptian public and private sectors. The NDB aims to bolster Egypt’s role as a regional hub for energy and trade while facilitating sustainable development through Egypt’s membership in the Enlarged BRICS bloc.
This geopolitical and economic alignment is expected to bring various benefits to Egypt. While there is a strong theoretical belief that this accession should positively impact various sectors in Egypt, the actual measurable impact on the Egyptian economy remains largely unquantified for obvious reasons, namely because the bloc is new and lacks collective agreements or arrangements to facilitate the movement of trade or investment among its members.
Attracting new investment from the Enlarged BRICS members is a key Egyptian objective. Data reveal that investments from the bloc’s members into Egypt have recently surged, but analysis shows that this increase is primarily the result of bilateral relations and agreements—first with the UAE, then with China (Egypt’s first trade partner and a major investment partner), followed by India. The total value of UAE investments in Egypt has surpassed $45 billion, Chinese investments amount to around $13 billion, and Indian investments about $5 billion. Investments from these BRICS countries into Egypt have almost doubled over the past three years.
Boosting mutual trade is another priority for Egypt. The country has a considerable volume of trade with the Enlarged BRICS members, especially China, India, Russia, and the UAE. With its developing economy, Egypt is expanding its exports to these countries, capitalizing on bilateral trade agreements.
Another important target for Egypt is securing strategic commodities such as wheat and edible oils. India is becoming an important partner in supplying Egypt with these commodities, especially after the outbreak of the Ukraine war and the suspension of trade between Egypt and both Russia and Ukraine, traditionally Egypt’s main suppliers of these goods. Even after resuming imports from Russia, India remains a reliable partner in meeting part of Egypt’s demand, in addition to China and Brazil in this sector.
Naturally, the gradual de-dollarization of the Egyptian economy has been among the highest priorities of the Egyptian government. However, in the absence of a common arrangement within the Enlarged BRICS to this effect, such efforts depend entirely on bilateral agreements between Egypt and China, India, and Russia (with the possibility of including other countries). Egypt has already begun this process, but the results remain modest. At the same time, Egypt believes that creating an alternative currency for the bloc is unrealistic and merely theoretical.
When it comes to tourism, Egypt has been recognized as one of the most promising global tourism destinations for 2026. This reflects rising international demand and increasing confidence in the country’s tourism offerings, particularly from Asian countries. The award was presented during a tourism event recently held in Shanghai, China, where Egypt was honored with the title “Most Promising Destination 2026.” Tourism from Russia, China, and India (among others) to Egypt has been gradually increasing in recent years. For example, the number of Russian tourists visiting Egypt in 2025 surpassed 2 million; from China, it exceeded 400,000 (with around 35 direct flights between the two countries per week); and from India, around 150,000. In 2025, more than 19 million tourists visited Egypt, and the number is expected to surpass 21 million in 2026, with a considerable increase from the Enlarged BRICS members as well.
To conclude, Egypt believes that, at a time when the effectiveness of the international system is declining and developing countries are facing rising debt burdens, inflation, and difficulties in accessing concessional financing for development projects, enhancing joint cooperation with Enlarged BRICS members (and other Global South countries) is crucial to achieving common goals. Egypt’s accession to the Enlarged BRICS promises, in the long run, to strengthen its political and economic relations with the bloc’s members in a manner that serves Egypt’s priorities as well as the bloc’s broader objectives.
[ Ambassador Magdy Amer is former Assistant Foreign Minister of Egypt and currently Chairman of Track3 Consulting , Cairo . ]
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