Posted: August 18, 2023
The Brazil, Russia, India, China and South Africa (BRICS) summit is about trade and economic growth within and amongst the developing countries. This is according to the Deputy Minister of Trade, Industry and Competition, Ms Nomalungelo Gina. Gina was speaking at the BRICS KwaZulu-Natal Trade and Investment Seminar that took place in Durban yesterday.
The seminar was intended to promote economic collaboration and attract foreign investment to KwaZulu-Natal.
Gina, who also addressed the Western Cape leg of the mission in Cape Town on Tuesday, said it was exciting to observe that business leaders from other BRICS countries were asking representatives of the South African companies questions related to investment opportunities, especially in the area of renewable energy industries, and showed a willingness to invest.
“As the Department of Trade, Industry and Competition, we have coordinated the missions as a platform to bring businesses together across BRICS partners in an effort to enhance stronger economic co-operation, share corporate experiences and best practices within ourselves as a BRICS bloc of countries,” said Gina.
Gina added that the essence of the BRICS Summit to the dtic is business and commercial interests more than politics. She said efforts to highlight the role of business through the trade and investment missions to grow the economies of the BRICS countries must be enhanced.
“I emphasise that the BRICS Summit is about trade and economic growth within and amongst the developing countries, and therefore this platform is critical before the Heads of States Summit sitting from the 22 -24 August 2023,” said Gina.
Gina added that the South African government have extended invitations to 67 countries to attend the summit across Africa, Latin America, Asia and the Caribbean. This she said will be the biggest BRICS Summit ever to have sat. She said the country draws pride in the widening of participation of countries.
According to Gina, the improvement of the Africa’s exports to the BRICS bloc will improve the growth position of Africa, whilst providing a market as the net importer from the same countries. She said it is this mutually beneficial trade relationship that must be built and underpinned by openness and trust.
“I want to encourage businesses seeking funding for their major projects to take advantage of the New BRICS Development Bank, in making funding applications. For those seeking to export manufactured goods from the continent, Afreximbank is doing excellent work in funding these transactions. The bank was established to provide financial assistance to emerging economies for infrastructure and sustainable development projects. It has shown interest in financing projects in African countries, supporting their development efforts,” added Gina.
Gina also mentioned that BRICS countries have shown interest in investing in African infrastructure projects, such as transportation, energy, and telecommunications, to help boost economic growth and regional connectivity.
The Deputy Minister of Trade, Industry and Competition, Ms Nomalungelo Gina addressing the Trade and Investment Seminar in Durban, KwaZulu-Natal.
Bongani Lukhele – Director: Media Relations
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Issued by: The Department of Trade, Industry and Competition (the dtic)
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