Fin24

Davies: SA needs to look south

2012-10-19 07:58

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.

 

Comments
  • valkyriaza - 2012-10-19 10:00

    Does this guy have a single original thought in his body? The benefits and dangers of doing business with BRIC countries had been well documented for the past decade. What a moron!

      claudia.meads - 2012-10-19 12:51

      You should rather ask if he possesses a single functioning cognitive faculty. Davies is the 'traitorist' white ultra-leftist Europhobic buffoon that the Soviets used to call a "USEFUL IDIOT". http://en.wikipedia.org/wiki/Useful_idiot

      christo.krause - 2012-10-19 16:31

      Surely calling China and India "economies of the South" must be an original idea. I've always considered them (and Russia) to be in the northern hemisphere.

  • wendy.ferguson.7792 - 2012-10-19 16:01

    I agree with your sentiments Mr. Davies, but we need a credible government to deal fairly with all our wonderful natural resources. P L E A S E lets get a leader for our country that thinks of the people first, the country first and the country's economy first instead of himself first. Our President forgets he is a PUBLIC SERVANT paid by us, not for us to serve him and his unbelievably extravagant lifestyle and his enormous household. Lets look home first, get it right, then go forth and slay the world! Wendy.

  • jo.vankatwijk - 2012-10-19 16:13

    All I see when I look south is water, water, everywhere up to the South Pole. India, Russia and China are to the north-west of us and Brazil to the east.

      bruckner.villiers - 2012-10-20 15:38

      You mean Russia & China are north-east of us and Brazil due west, surely?

      stefan.vanderspuy - 2012-10-22 08:35

      LOL Twolips getting tied up in directional knots!

  • john.morreira.9 - 2012-10-21 14:09

    India and China? Really Mr Davies ?How many South African jobs have been lost due to cheap imports from China,where workers are happy to work long,long hours for minimum wage in appalling conditions.

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