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Cape Town - SA's invitation to join the Bric group of countries (Brazil, Russia, India, China) is an affirmation of its role in the world economy and will boost trade and investment, the International Marketing Council (IMC) said on Monday.
"It can expect to boost investment and trade opportunities for the country, as it has done for the other four states comprising the informal grouping," the council said.
According to the International Monetary Fund, the Brics will account for 61% of global growth in three years.
The council said the fact that South Africa had the opportunity to be affiliated to the group recognised SA as a developing economy of significance and that it was the gateway to Africa.
"A new world order is unfolding where economic clout and thus political power is shifting from West to East, with the Bric countries as the visible face of this movement," the council said.
The invitation to join Bric, combined with its renewed membership of the United Nations Security Council, would enhance South Africa's influence.
"Huge new opportunities will open up for South Africa on the investment and trade front. Private companies may also find market access into the Bric countries easier, and partnerships with companies from this grouping might evolve," it said.
South Africa must use the opportunity to increase its competitive edge, it added.
"South Africa will play in a different league and as such, will have to improve its delivery and performance," said Miller Matola, the IMC's chief executive.
"To draw South Africa into this powerful club underlines the country's growing international role and its future significance for those who want to make use of the expanding African opportunities.
"It is, in fact, an association that does not only benefit the group, but the emerging world as a whole and Africa, in particular."
"It can expect to boost investment and trade opportunities for the country, as it has done for the other four states comprising the informal grouping," the council said.
According to the International Monetary Fund, the Brics will account for 61% of global growth in three years.
The council said the fact that South Africa had the opportunity to be affiliated to the group recognised SA as a developing economy of significance and that it was the gateway to Africa.
"A new world order is unfolding where economic clout and thus political power is shifting from West to East, with the Bric countries as the visible face of this movement," the council said.
The invitation to join Bric, combined with its renewed membership of the United Nations Security Council, would enhance South Africa's influence.
"Huge new opportunities will open up for South Africa on the investment and trade front. Private companies may also find market access into the Bric countries easier, and partnerships with companies from this grouping might evolve," it said.
South Africa must use the opportunity to increase its competitive edge, it added.
"South Africa will play in a different league and as such, will have to improve its delivery and performance," said Miller Matola, the IMC's chief executive.
"To draw South Africa into this powerful club underlines the country's growing international role and its future significance for those who want to make use of the expanding African opportunities.
"It is, in fact, an association that does not only benefit the group, but the emerging world as a whole and Africa, in particular."
