Zuma: Brics huge for business growth

Cape Town - Speaking at a summit in Fortaleza, Brazil, on Tuesday, President Jacob Zuma said he believed the agreements  signed between the Brics - Brazil, Russia, India, China and South Africa - nations would produce "tangible results" which would change the lives of people in the challenge to address inequality, poverty and unemployment.

"We have started the journey of forging strategic cooperation relations through embarking jointly on tangible projects with key deliverables that will impact positively on our growth and development," said Zuma.

Zuma said in a prepared speech the theme of the summit finds resonance in the National Development Plan Vision 2030, "which is based on our shared understanding that our economy needs to be more inclusive, more dynamic, with the fruits of growth shared equitably".

Turning to the Brics' New Development Bank, Zuma said it was agreed that all Brics members "will have equal equity at its launch".

Zuma also said the memorandum of understanding on cooperation among Brics export credit insurance agencies will improve the support environment for increasing trade opportunities among the Brics countries.

"We also recognised the huge potential for Brics insurance and reinsurance markets to break new ground and pool our capacities," said Zuma. "We have also agreed to explore avenues of cooperation in this regard as reflected in the Fortaleza Declaration and Action Plan."

The proposed Brics Africa Council could add a new dimension to augmenting trade and investment between the Brics and African countries, said Zuma.

"In light of Africa now featuring as the fastest growing region, there are many opportunities which the business sector within Brics should continue to explore. The future is filled with great promise for business to business linkages within the Brics family."