Johannesburg - South Africa's growth prospects increasingly
depend on economic links with countries like India and China, Trade and
Industry Minister Rob Davies said on Thursday.
While South Africa's links with traditional trading partners
remained important, the country's development depended increasingly on ties
with the economies of the South, and with Africa, he said in Jakarta,
Indonesia, according to a copy of his speech.
"The expansion of South Africa's trade and direct
investment with the countries of the South, notably the Bric (Brazil, Russia,
India, and China) countries, continues apace, with China and India at the
forefront."
The share of the European Union in South Africa's total
trade had declined from 36% in 2005 to 26.5% in 2011.
By contrast the Bric countries' share of South Africa's
total trade increased from 10% to 18.6% over the same period.
Davies said Bric could help Africa's development by
increasing financial aid for building infrastructure and industrial capacity,
and importing more manufactured products from the continent.
Africa's abundant natural resources, its growing middle class,
and high growth rates presented opportunities for mutually beneficial
relationships with Africa in the next decades.