BRICS business forum to discuss strategic matters

SOUTH African Minister of Trade and Industry Rob Davies said that delegates at the BRICS Business Forum, which opened yesterday in Johannesburg, will deliberate on strategic economic matters affecting the future of BRICS at the event.

“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 BRICAfrica partnerships,” Davies said in a statement.

About 1,000 delegates from Brazil, Russia, India, China and South Africa will gather at the Sandton Convention Center.

Over the past 10 years, the BRICS countries have carried out substantial cooperation in an array of areas, laying a firm foundation for the bloc to play a larger role on the world stage, including in the global efforts to tackle climate change and promote sustainable development.

The New Development Bank, the bloc’s financial arm, offers a glimpse. Since its launch in July 2015, the Shanghai-headquartered bank has approved 21 projects worth US$5.1 billion.

This year, the bank will be opening its Americas regional office in Sao Paulo, Brazil; its Johannesburg-based African center began operations in 2017. This latest move will further extend and facilitate the bank’s financial services, making it a major player in South-South cooperation.

The bank focuses particularly on infrastructure and sustainable development. It funded four renewable energy projects in 2016 with its first batch of loans in an attempt to reduce carbon dioxide emissions.

With similar business decisions, the bank has helped BRICS to honor its commitment to the Paris climate deal and the 2030 Agenda for Sustainable Development, promote common development, and build its leadership in South-South cooperation.

Over the years, the BRICS have increased people-to-people ties, including through museum exhibitions, film festivals and educational programs, in order to boost understanding and trust between member states and consolidate the foundation for closer partnerships.

The organization has also established mechanisms for consultations at different levels and in various fields, seeking to speak in one strong voice on major regional and global issues of common concern.