More than 1000 delegates from Brazil, Russia, India, China and South Africa (BRICS) will gather at the Sandton Convention Centre in Johannesburg tomorrow, Wednesday, 25 July 2018 for the BRICS Business Forum which will take place as part of the 10th BRICS Summit. The Heads of State of the BRICS countries will preside over the afternoon session of the Business Forum and provide direction on strategic issues under discussion.
According to the Minister of Trade and Industry, Dr Rob Davies, the delegates who will comprise of captains of industry, heads of state-owned entities and government leaders will deliberate on strategic economic matters affecting the future of BRICS.
“In line with the BRICS Summit theme, BRICS in Africa: Collaboration for Inclusive Growth and Shared Prosperity in The Fourth Industrial Revolution, the Business Forum will deliberate on the current global political economy and its implications for BRICS member countries, the implications of the 4th Industrial Revolution on inclusive growth and transformation, facilitating Intra-BRICS trade, as well as fostering BRIC-Africa partnerships,” says Minister Davies.
Minister Davies added that the business forum will provide a platform to showcase the economic prowess of the African continent with a particular focus on advanced manufacturing, energy, technology,rail, aviation, information and communication technology, financial services and beneficiation (agro-processing and mining), as well as to enhance the flow of foreign direct investments from the BRICS bloc into the continent.
The five emerging economies, namely Brazil, Russia, Indian, China and South Africa have enjoyed steady growth. Statistics show that the five BRICS countries have about 41 percent of the world population,while their combined nominal GDP has increased from 12 percent to 23.3 percent of the gross world product and their share of trade volumes have increased from 11 percent to 16 percent of the world’s total. In 2017, the BRICS countries enjoyed a growth rate of 5.3 percent, contributing more than half of the world economic growth.
The 10th BRICS Summit is expected to discuss concrete measures to strengthen BRICS’s role in the South-South cooperation as a mean to promote multilateral cooperation and boost the global economy.