Posted: August 11, 2023
South Africa, through the Department of Trade, Industry and Competition (the dtic), together with the South African BRICS Business Council, will host the Inward Buying and Investment missions from Brazil, Russia, India and China to promote economic collaboration and attract foreign investment to South Africa. The missions, which form a crucial part of the BRICS Summit Business programme, will take place in Gauteng, Western Cape, KwaZulu-Natal, and Eastern Cape from 13-23 August 2023.
These missions will precede the 15th BRICS Summit that will take place at the Sandton Convention Centre in Johannesburg from 22-24 August 2023, under the theme: “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism” hosted by South Africa as the Chair of BRICS.
According to the Deputy Director-General of Exports at the dtic, Ms Lerato Mataboge, the missions will serve as a platform for facilitating meaningful connections between international buyers and relevant South African partners, fostering business partnerships and expanding market access. She adds that these missions also aim to promote value-added exports, strengthen the inflow of foreign direct investment, and showcase investment opportunities available in South Africa.
Notably, Mataboge says the mission is further expected to focus on a diverse range of industries and products, including key sectors such as manufacturing, agro-processing, pharmaceuticals and automotive, thereby further promoting the potential for mutually beneficial collaborations between local and international businesses.
“We expect these missions to contribute significantly to the economic growth and development of the participating provinces and the country as a whole. By attracting foreign investment and fostering trade partnerships, the missions aim to create employment opportunities, drive economic growth, and strengthen South Africa’s position in the global market. This initiative aligns with the broader objectives of the BRICS Summit Business programme, which aims to promote collaboration, attract investment, and showcase opportunities amongst BRICS members as well as with the African continent,” adds Mataboge.
South Africa became a member of BRICS in 2010 and attended its first Summit in 2011. BRICS established as a forum of like-minded, progressive emerging market and developing countries committed to the need to restructure the global political, economic and financial architecture to be more equitable, balanced and resting on the important pillars of multilateralism and international law.
Over time, BRICS has extended its cooperation to three pillars: political and security, economic and financial, and social/people-to-people. At the initiative of South Africa, BRICS also expanded its reach beyond the BRICS members through the BRICS Outreach and BRICS Plus initiatives.
Bongani Lukhele – Director: Media Relations
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E-mail: BLukhele@thedtic.gov.za or Mediarelations@thedtic.gov.za
Issued by: The Department of Trade, Industry and Competition (the dtic)
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