Durban – Professor Anil Sooklal, Ambassador-at-Large for Asia and BRICS during an online engagement with business during the BRICS economic indaba on Thursday, said the purpose of the gathering was to solicit the support of, and galvanise, South African business behind the BRICS Programme of Work.
South Africa took over as chair of BRICS on January 1 under the theme “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism”, in what was described as a difficult national and global economic environment.
Durban is set to host the leaders of Brazil, Russia, India and China at the 15th BRICS Summit from August 22 to 24.
South Africa’s overall trade with its BRICS partners has increased by an average growth of 10% between 2017 and 2021. BRICS now accounts for 21% of South Africa’s global trade in 2022, with trade with China accounting for about 15% of South Africa’s global trade with a total trade of R556 billion.
India now accounts for 6% of the total trade, increasing from R140bn in 2021 to R225bn in 2022.
“It is crucial to inspire and cement the participation of all sectors of business behind our 2023 Agenda. SA BRICS chairship provides business with the unique and valuable opportunity to sustainably advance the economic and developmental needs of both our economy and that of the rest of the African continent,” Sooklal said.
He said the council and working group chairs would be joined by key stakeholders such as the apex business associations, government and civil society to bolster the call to action.
“The platform will also serve as an opportunity for partners such as the NDB (New Development Bank) and other BRICS structures, including the Women’s Business Alliance and BRICS Think Tank, to provide a short overview of their respective programmes for the year.
“In this way, we aim to provide business with a broad understanding of the multitude of platforms and projects that they may be able to participate in during this chairship.”
Sooklal said the BRICS Business Council was crucial to identify problems and bottlenecks and recommend practical solutions to BRICS leaders.
“This 10-year anniversary is a good moment for reflection on how this feedback mechanism works and how we can increase synergies between government and business in BRICS co-operation so that we deliver tangible benefits to South Africa and South Africans.
“There is no question: BRICS also has the political will to engage constructively with the global community, but with South Africa and Africa in particular, to achieve economic stability and sustainable growth that will also deliver benefits to the global South,” he told business leaders.
Sooklal said the conflict in Ukraine and the West’s unilateral sanctions had battered economies that were struggling to recover from the Covid pandemic.
“With Russia being the world’s third-largest oil producer, second-largest natural gas producer and a top producer of steel and wheat, the conflict has led to substantial increases in food and energy prices that have disproportionately impacted us in the global South.
“Nationally, load shedding is worsening the situation with devastating impact on the economy, closing many businesses and worsening disruptions to our rail and logistics networks.”
He said BRICS partners had responded with enthusiasm to the country’s theme and priorities and had expressed their commitment to support South Africa during 2023.
THE MERCURY
