The South African National Advisory Group on the new development bank will meet in the South africas membership with brics future to prepare South Africa's technical input hereto.
Many of its major corporations are spending a great deal in banking, retail and other business to capture a sizeable share of the African consumer market, and South Africa has increased its dependence on continental oil and gas given recent troubles in the Middle East.
When the global economic sun is setting down in many parts of the world, in Africa, it will be shining for continental regeneration, and South Africa will be there when it happens!
But the Brics are increasingly venturing into politics, a potential challenge to western dominance. Our continued excellence in science, technology and innovation is also recognised by many of our partners, e.
Programme Director; At this stage, please allow me to turn to Africa's promising growth and demographic dividends, as also encapsulated in the National Planning Commission's Vision South Africa is also cognisant that the African "demographic dividend" is already recognized by economists as the future locus for growth.
In this regard, the more we contribute financial resources to such institutions, the better the chance and prospects for us as a country to influence decisions.
Brazil and China are the most active in exploring and exploiting gas, oil and minerals resources in Africa. This will address the connectivity challenges which have featured as impediments to intra-BRICS trade. Another separate, but strategically important, agreement was the announcement to put in place a swap arrangement, allowing central banks to lend to each other if needed to maintain market liquidity and a mechanism for pooling foreign exchange reserves.
Brazil is ranked 48th, South Africa 52nd, India 59th and Russia 67th.
The BRICS pledges were contingent on the completion of the quota review to, among other things; better reflect the relative weights of IMF members in the world economy, which have changed substantially in view of strong GDP growth in dynamic emerging markets and developing countries.
A second way to explain South African presence also has to do with something else, very strategic and of importance to trade and military. We have to take them on board, work with them in order to realise the measurable benefits of this partnership. There is therefore a need for more thinking — especially from experts in the BRICS countries — on how to ensure that ideas and criteria shifting investments toward low-carbon technologies and clean infrastructure projects can be embedded in NDB funding allocation.
However, the country is far from representing the complexity of African political economy. Over the years, the BRICS countries have accumulated large amounts of reserves which have been invested mainly in the developed world.
Companies are therefore encouraged to facilitate engagement with their counterparts in BRICS countries. Ladies and Gentlemen; These measures are intended to increase commercial transactions, since currently, business people have to convert local currencies into dollars before reconverting them into the currency of the trade partner, and this escalates transaction costs.
Therefore, the potential for growing our own trade and investment, as well as intra-African trade and investment must be further maximised. South Africa is a systemically important economy, which is diversified and includes a sophisticated services sector and well developed infrastructure comparable with developed countries.
And while South Africa per se is not a tax-haven, its financial infrastructure and various competencies make it an attractive base and partner to support a wider gambit of trade and other deals.
The group, which includes Brazil, China, India, Russia and South Africa, could emerge as a strong power counteracting western hegemony. South Africa has many geostrategic and related structural advantages which make it an excellent investment destination and ideal "gateway" partner in the African growth story.
Brazil, which is a leading global player in trading agricultural commodities, can be a model for African countries regarding agricultural development and can assist Africa in enhancing agricultural productivity and reducing the impact of food insecurity.
They directed the BRICS finance ministers to examine the feasibility and viability of such an initiative, set up a joint working group for further study and report back at the next summit. The IMF also conducted a study, which indicated that the trade and investment from BRICS to low-income countries was deemed as a critical factor to protect them from the shock of the global recession.
Finally, cooperation on another crucial infrastructure project is underway, requiring our collective involvement — the proposed high-capacity marine cable system linking the BRICS countries.
Only 10 per cent and 26 per cent of the number and the value of projects, respectively, are in the natural resources and agricultural sectors. China could also become an exporter of affordable green technologies for South Africa as China positions itself as a leading global manufacturer and exporter of clean technology in the future.
I doubt it will last a decade. Programme Director; Please allow me to remind our honourable audience here this morning that South Africa is the only African country represented in the G Such a new development bank could complement existing institutions and address gaps and challenges in critical sectors.
Another exciting initiative that has been launched is the Alliance of Exchanges, which will entail cross-listing of equity index derivatives and trading in the local currency.BRICS – Emerging Power” BRICS is an acronym for the group of emerging market countries including Brazil, Russia, India, People’s Republic of China and South Africa.
Earlier the group consisted of only four countries, namely Brazil, Russia, India and People’s Republic of China and was named as BRIC.
South Africa in GDP and demographic terms doesn't stack up but there isn't a single criterion for Brics membership." South Africa is not alone in its troubles, with other Brics members suffering.
South Africa is set to participate in the 4th BRICS Summit in New Delhi, its 2nd since its membership last year.
What does this mean for newest member of the group? Alisha Pinto, Researcher at Gateway House, interviewed Renu Modi, Senior Lecturer at the Department of African Studies, Mumbai.
BRICS – Emerging Power” BRICS is an acronym for the group of emerging market countries including Brazil, Russia, India, People’s Republic of China and South Africa. Earlier the group consisted of only four countries, namely Brazil, Russia, India and People’s Republic of China and was named as BRIC.
South Africa is set to participate in the 4th BRICS Summit in New Delhi, its 2nd since its membership last year. What does this mean for newest member of the group? Alisha Pinto, Researcher at Gateway House, interviewed Renu Modi, Senior Lecturer at the Department of African Studies, Mumbai.
BRICS is an acronym for the powerful grouping of the world’s leading emerging market economies, namely Brazil, Russia, India, China and South Africa. The BRICS mechanism aims to achieve peace, security, development and cooperation.Download