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)
Other Economy News
Recent Research Reports
Defence 2014: A review of South Africa's defence industry (PDF Report)
Creamer Media’s Defence 2014 report examines South Africa’s defence industry, with particular focus on the key participants in the sector, the innovations that have come out of the sector, local and export demand, South Africa’s controversial multibillion-rand...
Road and Rail 2014: A review of South Africa's road and rail infrastructure (PDF report)
Creamer Media’s Road and Rail 2014 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 network, the funding and maintenance of these respective networks, and the push to move road...
Real Economy Year Book 2014 (PDF Report)
This edition drills down into the performance and outlook for a variety of sectors, including automotive, construction, electricity, transport, steel, water, coal, gold, iron-ore and platinum.
Real Economy Insight: Automotive 2014 (PDF Report)
This four-page brief covers key developments in the automotive industry over the past 12 months, including an overview of South Africa’s automotive market, trade figures, production and the policies influencing the sector.
Real Economy Insight: Construction 2014 (PDF Report)
This five-page brief covers key developments in the construction industry over the past 12 months. It provides an overview of the sector and includes details of employment in the sector, infrastructure and municipal spending, as well as insight into companies’...
Real Economy Insight: Electricity 2014 (PDF Report)
This five-page brief covers key developments in the electricity industry over the past 12 months, including details of State-owned power utility Eskom’s generation activities, funding and tariffs, independent power producers and prospects for the sector.
This Week's Magazine
JSE-listed real estate investment trust (REIT) Rebosis Property Fund achieved a distribution growth of 8.1% to 99.45c per linked unit in the financial year ended August 31, despite volatile market conditions.
A low-cost, inflatable incubator won this year’s international James Dyson design award, which aims to encourage and inspire the next generation of design engineers.
The World Bank released its ‘Doing Business 2015: Going Beyond Efficiency’ report last month and ranked South Africa 43 out of 189 global economies for its ease of doing business, with Singapore topping the rankings.
Air Products South Africa officially launched its R300-million Eastern Cape air- separation unit (ASU), at its new manufacturing facility in the Coega Industrial Development Zone (IDZ), earlier this month. It is the second facility that Air Products launched in South...
BMW South Africa (SA) has signed a power purchasing agreement with energy company Bio2Watt. The offtake partnership will bring renewable energy to the carmaker’s Rosslyn plant, north of Pretoria.