Pretoria – President Jacob Zuma has commended the progress made by the BRICS Business Council since its launch in South Africa in 2013.
“The establishment of the seven working groups and the various activities and initiatives undertaken clearly demonstrate the commitment by members of the council to cement business ties amongst our countries,” said President Zuma during the interaction with council members at the 8th BRICS Summit in Goa, India.
Council members met BRICS leaders during the two-day summit, which ended on Sunday. The council was created as a platform to strengthen and promote BRICS economic, trade and investment links, and to support regular dialogue between BRICS business communities and governments.
President Zuma said following on the interactions in previous summits, BRICS [Brazil, Russia, India, China and South Africa] leaders have noted the council’s recommendations towards further developing an enabling environment for expanded inter-BRICS trade and investment.
“A lot of progress has been made in recent times. This includes the implementation of the Strategy for the BRICS Economic Partnership, the operationalisation of the New Development Bank and the BRICS Contingent Reserve Arrangement, the BRICS Export Credit Agencies discussions on insurance and underwriting, the exploration of a BRICS Rating Agency, and the hosting of the first BRICS Trade Fair.”
He said the various BRICS undertakings need to result in growing investments and expanding value added trade within BRICS, which should also support integration into global value chains.
Key projects and areas identified for cooperation among BRICS partners include insurance and re-insurance cooperation; the BRICS Seed Bank; infrastructure, including electricity generation and transmission; the BRICS Cable Project; the African Union North-South Development Corridor; the ocean economy; cooperation in aviation and manufacturing.
“Furthermore, the NDB African Regional Centre, which is being established in South Africa, will pay particular attention to project preparation, funding and the implementation of continental projects,” said President Zuma.
Addressing the BRICS Leaders’ Plenary Session earlier, President Zuma said prudent cooperation was need in less explored areas.
“Our BRICS Think Tanks Council has recommended to us that we consider an innovative framework for the governance of new spaces and commons, notably outer space, the deep ocean and the internet.
“Given the contestations in these spaces, we appeal that enhanced functional cooperation becomes the motive and incentive for developing these spaces in order to serve humanity, especially its most deprived citizens.”
The President used the platform to highlight Africa’s potential as a high growth node.
“Significant opportunities on the continent present themselves. However, the continent’s full potential will remain unfulfilled unless we address the challenges related to inadequate infrastructure, small and fragmented markets, underdeveloped production structures and inadequate economic diversification.
“The establishment of the New Development Bank Africa Regional Centre in South Africa is welcomed and timely, as it will pay particular attention to Africa’s needs in respect of industrialisation and infrastructure as well as sustainable development.” – SAnews.gov.za
