Fin24

Brics holds opportunities for SA

2012-10-25 12:33

Johannesburg - Being part of the largest developing economies group could benefit South Africa's own development, Deputy International Relations Minister Ebrahim Ebrahim said on Thursday.

"Our Brics partners understand and also share our own developmental aspirations as well as those of Africa," he said in a lecture in Johannesburg ahead of the fifth Brics summit in Durban next year.

Brics comprises Brazil, Russia, India, China and South Africa.

Together, these countries represent 40% of the world's population and around a fifth of global gross domestic product (GDP).

They also account for 11% of global foreign direct investment flows this year, and for 17% of world trade.

Ebrahim said Brics countries already shared best practices and development models.

They were concerned with job creation, skills, energy, food and water security, trade, urbanisation, and the impact of geo-politics.

Ebrahim said: "You could easily mistake this inventory for a South African list, but this is, indeed, a shared Brics narrative."

South Africa's Brics partners viewed the country as a springboard into Africa, and as a partner in economic development.

Brics leaders attached the highest importance to economic growth that supported development and stability in Africa, as many countries in the region had not yet realised their full potential, Ebrahim said.

They had pledged to accelerate infrastructure development, knowledge exchange, and support increased access to technology, capacity building, and human capital investment.

He said South Africa's national interests were safeguarded by a focus on the interests of the region and of the continent.

For this reason, South Africa aimed to link regional groups in Southern and East Africa to form one large free trade area.

"This initiative will provide economies of scale, larger markets and position us to better compete in the global economy," Ebrahim said.

The Brics economies would link a large part of Africa with the fastest growing economies in the world.

Bilateral trade between South Africa and the Brics countries had already increased substantially in 2011, rising by 32% in the case of South Africa and China.

Trade with India had increased by 25% over the same period, and trade with Brazil by 20%, Ebrahim said.

Comments
  • mzondistanley - 2012-10-25 13:08

    Its True the Best Global development Models and concepts for World can only be tracked through BRICS to which South Africa belongs

      odupreez - 2012-10-25 13:51

      Yes they all have super rich Government officials and a poor illiterate public that "vote" for them.

      moriri.mosweu - 2012-10-25 14:03

      And the clever ones do not vote at all,odu.

  • cyril.laubscher - 2012-10-25 13:08

    Maybe all the strikers in this country just had the wrong impression about this group and thought that holding and throwing Bricks was the answer for opportunities?

  • ray.molekoa.5 - 2012-10-25 13:09

    Opportunities for corrupt ANC cadres and their families ! A prospering South Africa means good business for corrupt government officials ...and a Struggling South Africa means the poor carries the burden !

  • Maxodin - 2012-10-25 13:14

    One doesn't even have to make an argument against what ebrahim ebrahim had to say. Never trust a guy who's name and surname are the same. On a serious note just look at the track records of Russia India and china. Widespread poverty but the governments are rich.

  • winifred.watson.9 - 2012-10-25 13:24

    Hmmm and I read the one Mine has been bought out by the Chinese and a Chinese Company won a very big tender, the Gupta's are creaming it and south africans are getting poorer.

  • Andrea - 2012-10-25 13:42

    I'm not sure SA can be compared to any of those countries, except maybe 1. India, we have the same level of filth on the street corners begging and polluting. 2. Brazil, HIV/AIDS. We can HARDLY be compared with the likes of China!

      odupreez - 2012-10-25 13:49

      Good one - made my day !

      moriri.mosweu - 2012-10-25 14:05

      YOU forgot no3. Anrea the filth on the internet...

      Andrea - 2012-10-25 14:20

      Apologies!

  • J.Stephen.Whiteley - 2012-10-25 13:53

    Mzimba, I shall be glad if you could be specific. The members of BRIC differ widely in culture and resources. If it is a free trade area it is good, because each country exports its best suit. If is a common bureacracy imposing identical interpretation of human rights, or a common currency, we may be dropped like a cold potato. We must not think Russia and China will be Communist for much longer. When they become capitalist, the economic colonising of the southern hemisphere by China will be unstoppable. This may be no bad thing, but we must know what it will mean for our national sovereignty.

  • pages:
  • 1