Publications
Partners
WHEN actions contradict the promises made, words mean little.
However, I hope the promises of Finance Minister Pravin Gordhan’s budget speech are pursued during the upcoming Brics (Brazil, Russia, India, China, South Africa) summit in Durban.
Investment is pivotal to the promotion of trade and industry and was touched upon in the 2013 Budget Speech.
Gordhan highlighted a number of outward investment reforms as part of the "Gateway to Africa" reforms which aim to boost South Africa’s position as a base for investment into the rest of Africa and further afield.
The reforms have been broadly welcomed by the South African businesses community but if local businesses are to benefit, the promises must materialise.
One way of ensuring that they do is through the Brics Business Council. The council will be launched at the Brics Summit, to be held on March 26 and 27.
Each Brics country will nominate five members who are leaders of business organisations or sectors to make up the council.
This will constitute a platform to strengthen economic ties, trade and investment between the business communities of the five countries. It will also provide technical support and consultative advice as well as facilitating multilateral business projects.
Not only will the council focus on specific areas, but it will have regular dialogue between the business communities and Brics governments.
Moreover, the council will constitute sector working groups and submit an annual report to the Brics leaders during their annual summits.
South Africa’s nominations for the council are:
*Geoffrey Chapman is a guest columnist and trade policy expert at the SABS. Views expressed are his own.
However, I hope the promises of Finance Minister Pravin Gordhan’s budget speech are pursued during the upcoming Brics (Brazil, Russia, India, China, South Africa) summit in Durban.
Investment is pivotal to the promotion of trade and industry and was touched upon in the 2013 Budget Speech.
Gordhan highlighted a number of outward investment reforms as part of the "Gateway to Africa" reforms which aim to boost South Africa’s position as a base for investment into the rest of Africa and further afield.
The reforms have been broadly welcomed by the South African businesses community but if local businesses are to benefit, the promises must materialise.
One way of ensuring that they do is through the Brics Business Council. The council will be launched at the Brics Summit, to be held on March 26 and 27.
Each Brics country will nominate five members who are leaders of business organisations or sectors to make up the council.
This will constitute a platform to strengthen economic ties, trade and investment between the business communities of the five countries. It will also provide technical support and consultative advice as well as facilitating multilateral business projects.
Not only will the council focus on specific areas, but it will have regular dialogue between the business communities and Brics governments.
Moreover, the council will constitute sector working groups and submit an annual report to the Brics leaders during their annual summits.
South Africa’s nominations for the council are:
- Mining magnate Patrice Motsepe, who has been nominated as the chairperson,
- Nomaxabiso Majokweni, CEO of Business Unity South Africa,
- Sandile Zungu, executive chairperson of Zungu Investments Company Limited,
- Iqbal Surve, a medical doctor and executive chairperson of Sekunjalo Holdings, and
- Brian Molefe, group CEO of Transnet.
Stavros Nicolau, who is a senior executive at Aspen Pharmacare, will serve as an alternate representative.
Over the past 15 years, total trade as a proportion of gross domestic product (GDP) grew by over 50% in Russia, nearly doubled in China and more than doubled in Brazil and India.
Clearly our Bric partners are doing something right, so not only should we learn from them but we should push for their investment.
Hopefully the combined efforts of South Africa’s delegates, led by Motsepe, will make good on Gordhan’s promises and ensure our country's investment and export-led growth.
*Geoffrey Chapman is a guest columnist and trade policy expert at the SABS. Views expressed are his own.
