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Those commitments will help ease worries about the health of the South African economy, which has performed poorly despite investor optimism when Ramaphosa replaced scandal-plagued Jacob Zuma in February.

"We have signed several agreements and memorandums of understanding that are meant to further deepen our relations, including investment commitments that have been struck to the value of U.S.$14.7 billion", Ramaphosa said.

PM Modi arrives in Johannesburg on Wednesday for a three-day BRICS meeting to discuss U.S. trade war.

"A trade war should be rejected because there will be no victor", he said.

The Brics bloc includes Brazil, Russia, India, China and South Africa.

China's President Xi Jinping on Wednesday (Jul 25) said that there would be "no winner" in any global trade war, in a direct warning to US President Donald Trump who has threatened to slap levies on all Chinese imports.

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The BRICS countries comprise more than 40% of the global population but have never worked as a co-ordinated economic bloc.

Standard Bank Group Ltd. has allocated 10 billion rand ($751 million) to fund energy projects in South Africa as the continent's largest lender by assets grows more confident in its home market and invests in riskier ventures.

"It is hard to deny that the global market sentiment continues to be manipulated in large extents by the trade war uncertainties, which many think represent the largest risk to the world economy since the global financial crisis", Global Head of Currency Strategy and Market Research at FXTM Jameel Ahmad told AFP. "The same is what we are looking for from our BRICS partners".

"They have a collective interest in promoting intra-BRICS trade".

Analysts say United States trade policy could give the group renewed goal. He cited the country's ranking at 21 on the World Bank's Doing Business 2018 report and Transparency International's Corruption Perception Index 2016, on which the UAE is ranked as the 24th least corrupt out of 176 assessed economies, as potential reasons.

The two leaders took the opportunity to "strengthen the comprehensive strategic partnership" between the two Brics nations as they signed several agreements and memorandums of understanding "intended to deepen relations". Turkey's president, Recep Tayyip Erdogan, has also been invited.