New Delhi: Prime Minister Narendra Modi on Thursday accepted South African President Cyril Ramaphosa's invitation to participate in the BRICS Summit going to be held in Johannesburg.

PM Modi took to his official Twitter handle and stated, "Pleased to speak with President @CyrilRamaphosa. Reviewed progress in bilateral cooperation as we celebrate the 30th anniversary of our diplomatic relations. Look forward to participating in the BRICS Summit in Johannesburg later this month. @PresidencyZA."

PM Modi had a telephonic conversation with President Ramaphosa in which the South African President extended a cordial invitation to PM Modi for the BRICS Summit scheduled on August 22-24 and briefed him on the preparations for the same, the Ministry of External Affairs said in an official release.

PM Modi accepted the invitation and conveyed that he is looking forward to his visit to Johannesburg to participate in the summit.

Moreover, PM Modi assessed the progress in bilateral cooperation as we celebrate the 30th anniversary of the establishment of bilateral diplomatic relations with South Africa on Thursday.

"The two leaders positively assessed the progress in bilateral cooperation, including in the context of the 30th anniversary of the establishment of bilateral diplomatic relations being celebrated in 2023," the release stated.

Moreover, both leaders exchanged views on various regional and global issues of mutual interest, according to the official release.

President Ramaphosa later extended his support to India's initiatives as part of its ongoing G-20 presidency. He added that he is looking forward to visiting India to attend the G-20 Summit.

"The two leaders agreed to remain in touch," the release said.

South Africa is poised to host the prestigious 15th BRICS Summit in Johannesburg from 22nd to 24th August 2023 with great anticipation. Initially formed as BRIC, a visionary concept coined by Goldman Sachs economist Jim O’Neil in 2001.

The alliance was comprised of Brazil, Russia, India, and China - a collective representation of burgeoning emerging markets brimming with current and future economic prowess. In a momentous development in 2010, South Africa joined the ranks, bestowing the acronym BRICS upon this formidable bloc of nations.

Formed as BRIC and later joined by South Africa, BRICS stands as a beacon of economic optimism, presenting an alternative global order to challenge the dominance of traditional institutions.

BRICS economies represent 27 per cent of the global Gross Domestic Product (GDP) and over 18 per cent of global trade. These countries also register 50 per cent of the total global economic growth, making them the most significant countries propelling global growth.

Over the years, the BRICS has accomplished several achievements. The two notable ones are the New Development Bank and the Contingent Reserve Arrangement. The New Development Bank (NDB) was launched in 2014 with an initial capital of USD 50 billion, with member countries making an equal contribution of USD 10 billion each.