Phuti Mosomane
President Cyril Ramaphosa has called for changes to global financial institutions in the new wave of protectionism that are undermining global economic growth and development.
Ramaphosa delivered closing remarks at the Brics Business Council in Sandton on Tuesday and said economic growth must be underpinned by transparency and inclusiveness.
“It must be compatible with a multilateral trading system that supports a developmental agenda.
“We require a fundamental reform of the global financial institutions so that they can be more agile and responsive to the challenges facing developing economies.”
The New Development Bank, established by BRICS countries in 2015, is leading the way, Ramaphosa said.
Since its formation, the Bank has demonstrated its ability to mobilise resources for infrastructure and sustainable development in emerging economies without conditionalities.
BRICS economies have emerged as powerful engines of global growth.
Yet the rapid economic, technological and social changes underway, Ramaphosa said, are creating new risks for employment, equality and poverty in many BRICS countries.
“We therefore call on the business community to join hands with us to identify solutions to these and other challenges affecting our respective economies.
“From a South African perspective, there is massive untapped potential for investment in our country and on the African continent,” he said.
He told delegates that the BRICS group of countries exists not only to strengthen government-to-government relations, but also to forge stronger ties between the peoples of the five nations.
Ramaphosa said the BRICS Business Council is a vital and vibrant platform for strengthening economic ties between the respective countries and in forging common perspectives on inclusive economic growth and development.
The changes that have taken place in BRICS economies over the past decade have done much to transform the shape of the global economy. And together, the BRICS countries make up a quarter of the global economy, they account for a fifth of global trade and are home to more than 40% of the world’s population.
Reports show that trade between BRICS countries totaled some $162 billion last year and foreign investment has played an important role in the growth of BRICS economies.
It is also estimated that total annual foreign direct investment into BRICS countries is four times greater than it was 20 years ago.
Africa is a continent of great opportunity in the industrialisation process in a variety of sectors and it is rich in the critical minerals that will drive business success in the 21st Century.
The continent has resources of lithium, vanadium, cobalt, platinum, palladium, nickel, copper, rare earth minerals, rhodium and many others and African countries have made it clear that the investors of choice are those who will process the resources here, close to source.
The African Continental Free Trade Area creates a single market that is expected to grow to 1.7 billion people and nearly $7 trillion in consumer and business spending by 2030.
Brazilian President Luiz Inácio Lula da Silva, Indian Prime Minister Narendra Modi and Russian President Vladimir Putin participated in the session.
Putin addressed the plenary via video and said the exchanges of the Forum enhances exchanges and sustainable development between Brics countries.
“More and more joint projects are launched and mutual trade is growing and industry contracts expanding.
“Mutual investments among BRICS states have increased six fold and their total exports have reached 20% of the world exports. For Russia, the trade volume with BRICS partners has increased and grown by 35.6% in the first half of this year,” he said.
President of Brazil Lula da Silva said over 400 companies from BRICS are operating in Brazil.
“We have immense potential to produce green hydrogen. In order for investment to grow again we need to ensure more predictability, stability and legal certainty.
“It is unacceptable that in 2022 Brazil’s trade with Africa dropped by one third compared to previous years. In my first two terms, Africa was a priority for Brazil. Brazil is back on the continent where it should never have left,” Da Silva said.
On the other hand, Modi of the Republic of India addressing the BRICS Business Forum said that BRICS nations have a significant role to play in addressing contemporary global challenges.
“Through the use of tech, India has made significant leaps in finance, including where rural women in India have benefitted the most,” he said.
Trade between BRICS countries totaled some $162 billion in 2022.
Ramaphosa calls for fundamental reform of the global financial institutions
President Cyril Ramaphosa has called for changes to global financial institutions in the new wave of protectionism that are undermining global economic growth and development.
Ramaphosa delivered closing remarks at the Brics Business Council in Sandton on Tuesday and said economic growth must be underpinned by transparency and inclusiveness.
“It must be compatible with a multilateral trading system that supports a developmental agenda.
“We require a fundamental reform of the global financial institutions so that they can be more agile and responsive to the challenges facing developing economies.”
The New Development Bank, established by BRICS countries in 2015, is leading the way, Ramaphosa said.
Since its formation, the Bank has demonstrated its ability to mobilise resources for infrastructure and sustainable development in emerging economies without conditionalities.
BRICS economies have emerged as powerful engines of global growth.
Yet the rapid economic, technological and social changes underway, Ramaphosa said, are creating new risks for employment, equality and poverty in many BRICS countries.
“We therefore call on the business community to join hands with us to identify solutions to these and other challenges affecting our respective economies.
“From a South African perspective, there is massive untapped potential for investment in our country and on the African continent,” he said.
He told delegates that the BRICS group of countries exists not only to strengthen government-to-government relations, but also to forge stronger ties between the peoples of the five nations.
Ramaphosa said the BRICS Business Council is a vital and vibrant platform for strengthening economic ties between the respective countries and in forging common perspectives on inclusive economic growth and development.
The changes that have taken place in BRICS economies over the past decade have done much to transform the shape of the global economy. And together, the BRICS countries make up a quarter of the global economy, they account for a fifth of global trade and are home to more than 40% of the world’s population.
Reports show that trade between BRICS countries totaled some $162 billion last year and foreign investment has played an important role in the growth of BRICS economies.
It is also estimated that total annual foreign direct investment into BRICS countries is four times greater than it was 20 years ago.
Africa is a continent of great opportunity in the industrialisation process in a variety of sectors and it is rich in the critical minerals that will drive business success in the 21st Century.
The continent has resources of lithium, vanadium, cobalt, platinum, palladium, nickel, copper, rare earth minerals, rhodium and many others and African countries have made it clear that the investors of choice are those who will process the resources here, close to source.
The African Continental Free Trade Area creates a single market that is expected to grow to 1.7 billion people and nearly $7 trillion in consumer and business spending by 2030.
Brazilian President Luiz Inácio Lula da Silva, Indian Prime Minister Narendra Modi and Russian President Vladimir Putin participated in the session.
Putin addressed the plenary via video and said the exchanges of the Forum enhances exchanges and sustainable development between Brics countries.
“More and more joint projects are launched and mutual trade is growing and industry contracts expanding.
“Mutual investments among BRICS states have increased six fold and their total exports have reached 20% of the world exports. For Russia, the trade volume with BRICS partners has increased and grown by 35.6% in the first half of this year,” he said.
President of Brazil Lula da Silva said over 400 companies from BRICS are operating in Brazil.
“We have immense potential to produce green hydrogen. In order for investment to grow again we need to ensure more predictability, stability and legal certainty.
“It is unacceptable that in 2022 Brazil’s trade with Africa dropped by one third compared to previous years. In my first two terms, Africa was a priority for Brazil. Brazil is back on the continent where it should never have left,” Da Silva said.
On the other hand, Modi of the Republic of India addressing the BRICS Business Forum said that BRICS nations have a significant role to play in addressing contemporary global challenges.
“Through the use of tech, India has made significant leaps in finance, including where rural women in India have benefitted the most,” he said.
Trade between BRICS countries totaled some $162 billion in 2022.
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