Oct 19, 2012
Brics should contribute to Africa development – DaviesBack
Beijing|JAKARTA|SHANGHAI|Africa|India|Industrial|Projects|Resources|Sustainable|Africa|Brazil|China|Indonesia|Russia|South Africa|Manufactured Products|Products|Infrastructure|Power|Rob Davies
© Reuse this
South Africa, which forms part of the Brics group of countries, which also includes Brazil, Russia, India and China, is increasingly turning towards economies of the South for economic growth and development, Trade and Industry Minister Dr Rob Davies said this week.
He pointed out that the expansion of South Africa’s trade and direct investment with Bric countries continued apace, with China and India at the forefront.
Speaking in Jakarta, Indonesia, Davies stressed that the Brics group should realise that it was not a “close shop” of existing members, and that the bloc should contribute to the development of Africa and other emerging economies and developing countries.
He said South Africa had a direct interest in extending Brics’ cooperation to support Africa’s economic development agenda.
“The Brics countries can contribute to Africa’s development by increasing financial aid to build infrastructure and industrial capacity, and increasing imports of value-added manufactured products from the continent.
“The abundant natural resources of Africa, the growing consumer power of Africa’s emerging middle class, and high growth rates offer an opportunity to build a more sustainable and mutually beneficial relationship with Africa in the next decades.”
Davies said the Brics-led development bank, which is being discussed, should mobilise resources for infrastructure and sustainable development projects in Brics countries, as well as other emerging economies and developing countries.
The Minister is leading a delegation of 68 companies to the South Africa China Expos 2012 taking place in Beijing and Shanghai, China next week.
The share of the other Brics countries in South Africa’s total trade has increased from 10%, in 2005, to 18.6% in 2011, while South Africa's share of trade with the European Union declined from 36% to 26.5% over the same period.
Edited by: Mariaan Webb© Reuse this Comment Guidelines (150 word limit)
Creamer Media Senior Researcher and Deputy Editor Online
Other Economy News
Recent Research Reports
Water 2015: A review of South Africa's water sector (PDF Report)
Creamer Media’s Water 2015 Report considers the aforementioned issues, not only in the South African context but also in the African and global context in terms of supply and demand, water stress and insecurity, and access to water and sanitation, besides others.
Input Sector Review: Pumps 2015 (PDF Report)
Creamer Media’s 2015 Input Sector Review on Pumps provides an overview of South Africa’s pumps industry with particular focus on pump manufacture and supply, aftermarket services, marketing strategies, local and export demand, imports, sector support, investment...
Liquid Fuels 2015: A review of South Africa's liquid fuels sector (PDF Report)
Creamer Media’s Liquid Fuels 2015 Report examines these issues in the context of South Africa’s business environment; oil and gas exploration; fuel pricing; the development of the country’s biofuels industry; the logistics of transporting liquid fuels; and...
Road and Rail 2015: A review of South Africa's road and rail sectors (PDF Report)
Creamer Media’s Road and Rail 2015 report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail infrastructure and network, the funding and maintenance of these respective networks, and...
Defence 2015: A review of South Africa's defence sector (PDF Report)
Creamer Media’s Coal 2015 report examines South Africa’s coal industry with regards to the business environment, the key participants in the sector, local demand, export sales and coal logistics, projects being undertaken by the large and smaller participants in the...
Real Economy Year Book 2015 (PDF Report)
There are very few beacons of hope on South Africa’s economic horizon. Economic growth is weak, unemployment is rising, electricity supply is insufficient to meet demand and/or spur growth, with poor prospects for many of the commodities mined and exported. However,...
This Week's Magazine
The BMW Group will invest R6-billion at BMW Group South Africa’s (BMW SA’s) Rosslyn plant to produce the next-generation X3 sports-activity vehicle (SAV) for the local and export markets. Rosslyn will continue production of the current 3 Series through its lifecycle,...
The lack of consequences for poor performance and transgressions on the part of contractors remains a significant hurdle to tackling South Africa’s service delivery challenges, delegates heard at the Consulting Engineers South Africa Infrastructure Indaba, on...
City of Ekurhuleni executive mayor Mondli Gungubele earlier this month officially named the city’s bus rapid transit (BRT) system, Harambee.
About 58% of unstructured data stored by companies is dark data, which means that the value or regulatory importance of the data has not been determined. Subsequently, most of the stored data add costs, rather than increasing revenue or reduce regulatory risks, says...
Effective logistics, import/export and manufacturing consulting services require detailed industry knowledge and experience, but can add significant value to these industries by providing expert advice on various technical elements in their value chains, says...