Oct 19, 2012
Brics should contribute to Africa development – DaviesBack
Beijing|JAKARTA|SHANGHAI|Africa|Industrial|Projects|Resources|Sustainable|Africa|Brazil|China|India|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)
Updated 1 hour 44 minutes ago Despite a record year, Tongaat Hulett’s starch and cellulose division was impacted by load-shedding during the year ended March 31, CEO Peter Staude said in a telephone interview on Monday. “The starch and glucose operation, which is the only wet-miller in...
Updated 2 hours 16 minutes ago The Competition Commission has referred a case of alleged collusion against JSE-listed construction materials company Dawn, along with its subsidiaries DPI Plastics, Ubuntu Plastics and Sangio Pipes, to the Competition Tribunal for prosecution. The commission alleged...
Updated 3 hours ago JSE-listed Rhodes Food Group grew its turnover 12.4% to R1.3-billion for the six months ended March 29, while normalised operating profit was up 17.3% to R126-million, the company reported at its interim results presentation on Monday. The company’s normalised...
Recent Research Reports
Steel 2015: A review of South Africa's steel sector (PDF Report)
Creamer Media’s Steel 2015 report provides an overview of the key developments in the global steel industry and particularly of South Africa’s steel sector over the past year, including details of production and consumption, as well as the country's primary carbon...
Projects in Progress 2015 - First Edition (PDF Report)
In fact, this edition of Creamer Media’s Projects in Progress 2015 supplement tracks developments taking place under the Renewable Energy Independent Power Producer Procurement Programme, which has had four bidding rounds. It appears to remain a shining light on the...
Electricity 2015: A review of South Africa's electricity sector (PDF Report)
Creamer Media’s Electricity 2015 report provides an overview of State-owned power utility Eskom and independent power producers, as well as electricity planning, transmission, distribution and the theft thereof, besides other issues.
Construction 2015: A review of South Africa’s construction sector (PDF Report)
Creamer Media’s Construction 2015 Report examines South Africa’s construction industry over the past 12 months. The report provides insight into the business environment; the key participants in the sector; local construction demand; geographic diversification;...
Liquid Fuels 2014 - A review of South Africa's Liquid Fuels sector (PDF Report)
Creamer Media’s Liquid Fuels 2014 Report examines these issues, focusing on the business environment, oil and gas exploration, the country’s feedstock supplies, the development of South Africa’s biofuels industry, fuel pricing, competition in the sector, the...
Water 2014: A review of South Africa's water sector (PDF Report)
Creamer Media’s Water 2014 report considers the aforementioned issues, not only in the South African context, but also in the African and global context, and examines the issues of water and sanitation, water quality and the demand for water, among others.
This Week's Magazine
While economic forecasts for the African continent are most favourable, African airlines may not be able to benefit from the expected growth in the region’s gross domestic product (GDP), International Air Transport Association VP: Africa Raphael Kuuchi has warned....
The Automotive Production and Development Programme (APDP) will need to change substantially post 2020, says Metair Investments South African operations COO Ken Lello. “We must not make tweaks. We have to change. What we are doing is not sustainable.”
Banking group Absa’s forecast is for the rand to end the year at around R13 against the dollar, weakening further to R13.50 by 2016, says Absa sectoral analyst Jacques du Toit. He warns that possible interest rate hikes in the US may see capital being pulled from...
The Dispute Resolution Centre at the Bargaining Council for the Civil Engineering Industry (BCCEI) is now open to handle party-to-party disputes. The BCCEI represents the interests of all level four to nine Construction Industry Development Board companies.
Communications technology firm Ericsson sub-Saharan Africa head Fredrik Jejdling says the company’s commitment to sustainability and corporate responsibility has been integrated into all facets of its operations, which has provided it with sustainable revenue...