BRICS Business Council promotes economic growth

Friday, November 15, 2019

President Cyril Ramaphosa says the BRICS Business Council promotes economic growth, especially through intra-BRICS trade.

The President said the council has identified a number of projects in infrastructure development, agriculture, renewable energy, agro processing, mining and a range of other projects that would positively influence the economies of BRICS countries.

President Ramaphosa has concluded his working visit to Brasilia in the Federative Republic of Brazil, where he participated in the 11th BRICS Summit on Wednesday and Thursday.

“At the conclusion of his visit, the President drew particular attention to the reconfirmation by leaders of Brazil, Russia, India, China and South Africa of their shared commitment to a strong multilateral system that is properly governed,” the Presidency said on Friday.

The President said this commitment to multilateralism, along with BRICS’ stated intent to promote trade among member States and play a key role in the growth of the world economy, is one of the positive outcomes of the Summit.

President Ramaphosa said the benefits arising from BRICS membership were evident across all partner countries, with South Africa playing host to Brazilian bus manufacturers, Russian train manufacturers, Indian automotive companies and Chinese machinery producers.

“Each of the BRICS countries has South African fruit and vegetables on their tables, buildings constructed from South African metals and factories fitted with South African machinery and electronics,” said President Ramaphosa.

He attributed these benefits to the BRICS strategy for economic partnership and the work of the BRICS Business Council.

BRICS is an association of five major emerging countries - Brazil, Russia, India, China and South Africa - which together represent about 42% of the global population, 23% of global GDP, 30% of the planet’s territory and 18% of global trade.

The 11th BRICS Summit took place under the theme: “BRICS: Economic Growth for an Innovative Future”. –