Fin24

SA gets formal invite to elite club

2010-12-24 12:38

Johannesburg - South Africa has been proffered a place among the elite of emerging market economies: the
Bric club comprising Brazil, Russia, India and China.

Bloomberg on Friday reported that South Africa had been formally invited to join the group, quoting Chinese Foreign Minister Yang Jiechi.

The report said that Chinese President Hu Jintao wrote a letter to President Jacob Zuma, inviting him to the Bric nations' third heads of state meeting in China next year.

South Africa was not invited to a similar meeting last year in Russia.

"We believe that South Africa will be beneficial to the development of Bric cooperation and the facilitation of cooperation among emerging market nations," Bloomberg quoted the ministry as saying.

Although the size of South Africa's economy pales in comparison to the other Bric countries, it alone accounts for a significant proportion of sub-Saharan Africa's gross domestic product.

SA has sought membership of Bric because of its influence in the rest of the continent.

According to Bloomberg, Yang spoke to Foreign Minister Maite Nkoana- Mashabane by phone on Thursday to inform her of the decision.

Goldman Sachs economist Jim O'Neill coined the Bric term in 2001 to describe the four emerging market
giants.

Comments
  • Gnambeni - 2010-12-24 12:57

    This is very good news for South Africa for the today and the tomorrow, as BRICS is holding for nearly 49% of the world’s economy. Actually i had expected South Africa to be on the list right from the beginning as Mbeki had smartly lied the foundation for the relation; however the limited competence of Zuma wiped-out that foundation and cause the delays. The Zuma guy came in with the fancy narrow mind of only focusing with the inside of politics of the country while in today’s world the foreigners affairs of a country is extremely impotent particularly for country like South Africa, and i guess it take a time for Zuma to recognize that, and wasted time BRIC started the more without Zuma inside eish. But anyways now we are in so thanks god.

  • Randy Cents - 2010-12-24 13:07

    BRICS. I like it.

  • will - 2010-12-24 15:06

    I generally can not believe this. All the other BRIC nations are making a huge dent on the world economy...we are big in Africa....but thats not saying much......oh well. it is very good news for SA.

  • Batman - 2010-12-24 15:08

    Another hand out for Africa! What does China want in return? Zuma such an idiot!

  • HOPE - 2010-12-24 16:35

    LETS HOPE THAT SA ADOPTS SOME OF THE GROWTH STRATEGIES OF BRIC NOW TOO, AND STOPS THIS COMMUNIST NONSENSE.

  • so obvious - 2010-12-24 17:10

    And the topic of conversation will be... To plan which wildlife specie to start poaching next, once they are done with the Rhino. South Africa is moving further and further away from ALL the countries who we really need to be on good terms with for the future. We are now an almost complete communist country, like our Chinese counterparts. Not good!

  • Joe - 2010-12-24 18:39

    All part of the bigger plan: brown-nosing South Africa so China will have a bigger landfill to dump their 'Made in China' TRASH in. And watch: China will use its ties with SA as leverage against other African countries, just wait and see...

  • mzansi 4 sure - 2010-12-25 10:32

    AS BRITAIN BEING HOPELESSLY BANKRUPT THERE'S NO FUTURE LOOKING FOR PARTNERS ABROAD.BRAZIL'S BANKING IS TATTERS,INFLUENCED BY SPAIN PROBLEMS THAT COULD TRIGGER A CHAIN REACTION OF MARKET CRUNCH GLOBALLY.FIXED RATES AND CAPITAL CONTROLS'D BE EMPLOYED TO REV UP GLOBAL ECONOMY!!!!

  • Nasdaq7 - 2010-12-25 13:45

    This is really good news. Now we need to focus on economic growth. 5%, 6% per year, China is going at 10% to 11% per year. We need to show we are part of BRICS.

  • peter - 2010-12-26 10:47

    Oh well, better start practicing my Mandarin!

  • Gary Sachs - 2010-12-26 14:39

    They can rename the group to the brics group :)

  • Gerrit - 2010-12-28 05:43

    BRISC or BRICS, What should it be?

  • Realist - 2010-12-28 09:29

    Notice the invitation it is from communist countries. Most communist countries are run by some form of Mafia for the Elite. SA should fit in well.

  • James Peterson - 2010-12-28 12:04

    The GDP per capita for China has gone up a lot in the last few years as they grew, and also put restraints on the number of children. This means that the cheap labor that China has leveraged off to boost it's economy is dwindling, people there are demanding more money for their services. China needs a new source for cheap labor if it wishes to remain competitive, in the form of Africa. Here in Africa we have millions of people sitting around that can learn to sow and knit, and China will be using that as leverage to maintain their labor fueled economy. Americans will soon be buying products from China made in Africa. The US knows this, hence the big guns like Walmart buying African companies to keep their paw in the market and not being too reliant on Chinese products. Zuma want's to capitalize, he needs to retire. This move from China / Zuma is happening for a reason, it's a good thing as long as they leave capitalism as is. The new economic war will be in Africa as they fight to exploit the cheap labor that's underutilized. The poor will still be poor, just overworked. We will see child labor soon. Africans will be exploited like they've never seen before. However on paper, the economy will grow at a crazy rate. "Jobs" will be created. They just need to get by the greedy Unions, but money will solve that one. Besides there's little unions in most other African countries. Their interest in SA is merely to get a foot in the door. Also, as someone else said, China has been slapped on the hand for their huge environmental impact since their massive growth spurt. No better place to open factories than in the jungles of Africa where no one sees what's going on. Beijing will never be cleaner as they move all the dirty work to Africa. Unfortunately African greed will not prevent this from happening, until it's too late as we start to see articles on the pollution levels in Kinshasa and Lagos reaching stupid levels.

  • afrooptimist - 2010-12-30 22:24

    Batman you are you a complete racist, by the way ,do you live in Africa? if you you do please get out.

  • Nasdaq7 - 2010-12-31 10:02

    James Peterson that's quite a revelation. I guess there are many dictatorships in Africa that don't care about their people and human rights ... only profits.

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