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BRICS group has a strong synergy


10-16-2016 05:21 BJT

Full coverage: Xi Visits Cambodia, Bangladesh, Attends BRICS summit

Economic cooperation within the BRICS group has seen a significant increase. Total trade volume among the BRICS countries was 350 billion US dollars in 2014 -- that was a 17-percent rise on the previous year.

By then, China had invested more than 35 billion dollars in the four other BRICS countries, turning over nearly 67 billion dollars in profit.

Many Chinese enterprises have had great success operating in the bloc.

Take the electronics firm XiaoMi for example: its newly-released RedMi Note 3 has managed to take an eight-percent share of India's smartphone market, following South Korea's Samsung and Micromax.

And India has been a priority market for another Chinese ICT brand: Huawei opened its largest global service center there in August, and it serves more than 350 million users globally.

Meanwhile, the other BRICS countries have also benefited from Chinese investment.

For instance, in South Africa, Chinese enterprises have been able to add value to some of the country's natural resources, such as diamonds, which are then exported with a higher value.

More cooperation like this between the BRICS members is expected in the future.

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