South Africa has sent a high-powered delegation to the eighth Brics Business Forum, which is being hosted by India, which started on Monday and will conclude on Wednesday. Brics is the acronym for the Brazil, Russia, India, China and South Africa alignment, created 13 years ago. The South African delegation is seeking to strengthen confidence in the country’s economy as well as encourage investment.
The Brics Business Forum was set up at the fifth Brics Summit, which was held in Durban. The intent of the Forum is to encourage and strengthen trade, investment and business ties between the five member States’ business communities.
“We intend to use the opportunity presented by the Brics Business Forum to showcase new possibilities and opportunities within our regions,” affirmed Brics Business Council South Africa chairperson Busi Mabuza. “In an environment where sentiment globally is bearish, when the pause button is pressed by many investors, we want to make sure that opportunities in Brics stand out.”
The forum also serves to identify challenges to, and opportunities for, increased trade, investment and general economic relations between the Brics countries. To these ends, it further provides a platform for regular discussions between the Brics business communities and the Brics governments.
“There is a consensus amongst our partners that there are opportunities in our economies to unlock growth and allow for development,” she highlighted. “Our conviction is that we have to massively mobilise all the resources at our disposal and accelerate economic activities that will put the Brics economies on a journey towards a sustainable recovery trajectory.”
Mabuza is the leader of the South African delegation to the Brics Business Forum 2021. Other prominent members include AV Group CEO Lebogang Zulu, Naspers South Africa CEO Phuthi Mahanyele-Dabengwa, Rito Group CEO Bertha Dlamini, Transnet chief business development officer Yolisa Kani, 27Four Investment Managers CEO Fatima Vawda, and Aspen Pharmacare Group senior executive Dr Stavros Nicolaou.