The BRICS (Brazil, Russia, India, China and South Africa) Business Forum has officially opened on the first day of the highly anticipated summit taking place in Sandton, Johannesburg.
Opening the days events, Phuthi Mahanyele-Dabengwa of the South African Chapter of the BRICS Business Council said this meeting of minds was not just a talk show but was a driving force in the global economy.
The BRICS Business Forum is a platform to promote and strengthen business, trade and investment ties amongst the business communities of the five BRICS countries. It ensures that there is regular dialogue between the business communities of the BRICS nations and the Governments of the BRICS countries; and identifies problems and bottlenecks to ensure greater economic, trade and investment ties amongst the BRICS countries and recommend solutions accordingly.
South Africa's Minister of Trade, Industry and Competition, Ebrahim Patel said when the Business Council met in South Africa five years ago, the world seemed much more friendlier. However, following the devastating Covid outbreak, and the vast shift of economic activity, the change created turmoil and bad tensions.
"We have seen a rise in unilaterism and push back on global rules. Major trends are disturbing, permanently, the old way of doing things. We must adapt to this new normal. We meet here on the grounds of optimism about the future and in spite of challenges," Patel said.
The BRICS nations represent 42% of the world's population, 30% of the global Growth Domestic Product (GDP) and 26% of the world's territory.
Speaking to the theme of the 15th BRICS Summit, BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism, Brazil's Minister of Finance, Fernando Haddad said they believed Africa and South America could be the platform for global world activities, win which the two nations can diversify and offer employment and opportunities in a more equitable manner.
He said that Brazil had it's eye on being a source of clean energy to export to the world.
Haddad said it was important to have a diversification of industrial activities for the security and development of the planet.
Minister of Commerce and Industry, Consumer Affairs in India, Piyush Goyal spoke of the Indian nations "substantial masterplan" of investing over a trillion dollars to infrastructure development.
He said India wanted to establish itself as the global manufacturing centre.
Goyal added that India was also on an ambitious pursuit to have 500 gigawatt of renewable energy capacity installed by 2030.
In 2023, India had already achieved a milestone of 125 gigawatt installed capacity in renewable energy.
"The world is actively seeking hubs for clean energy, and India offers immense potential for green hydrogen. We believe with collaboration with the BRICS nations will help in building India," he said.
Mahanyele-Dabengwa said the goal of creating the largest continental free trade area was within shot and by working together, "we can harness collective strengths, leverage our expertise and unlock new avenues".
She added that the needs of most vulnerable and most marginalized must be prioritized.
"Inclusive growth and sustainable growth must be at the core of our efforts.
"This is not just a talk show, this is work that is transitioning to the man on the street," Mahanyele-Dabengwa said.
kailene.pillay@inl.co.za
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