South African business needs to take advantage of the commercial opportunities offered by Brazil, Russia, India, China and South Africa (BRICS), Business Unity SA (Busa) said on Sunday.<\/p>\n
The inaugural BRICS Business Forum in China had established a solid foundation for enhanced business ties amongst the biggest and fastest growing economies in the world, said Busa CEO Nomaxabiso Majokweni.<\/p>\n
“Africa’s economic expansion of plus five percent over the past decade has been a direct product of its strategic ties to the emerging world, where BRIC [excluding SA] countries serve as the growth engine,” she said ahead of the second BRICS business forum in India.<\/p>\n
Busa will lead a South African business delegation of over 50 companies to the forum in New Delhi, on Wednesday and Thursday.<\/p>\n
Majokweni said South Africa’s trade with the other BRICS economies had increased by 108 percent from 2007 to 2011<\/p>\n
“This is in stark contrast to South Africa’s trade relationship with the EU [European Union], which saw growth of 12 percent in the same period.”<\/p>\n
She said the comparison was not to diminish South Africa’s commercial relationship with Europe, but to emphasise where global growth was emanating.<\/p>\n
“Business expects further positive outcomes at the upcoming BRICS summit, particularly in the areas of agriculture and food security, information communication technology, energy and finance.”<\/p>\n
She said South African business was also to discussion about the merits of a BRICS development bank, which could positively impact the financing of infrastructure and facilitate trade within the BRICS bloc.<\/p>\n
“Discussions on mechanisms for currency convertibility among the BRICS are also welcomed, but with a caution on pegging the rand to any other currency.”<\/p>\n","protected":false},"excerpt":{"rendered":"
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