President welcomes BRICS commitment to multilateralism
President Cyril Ramaphosa has concluded a working visit to Brasilia in the Federative Republic of Brazil where he participated in the 11th BRICS Summit on 13 and 14 November 2019.
At the conclusion of his visit, the President drew particular attention to the reconfirmation by leaders of Brazil, Russia, India, China and South Africa of their shared commitment to a strong multilateral system that is properly governed.
The President said this commitment, along with BRICS’ stated intent to promote trade among member states and play a key role in the growth of the world economy, constituted a notable positive outcome for the Summit which was themed BRICS: Economic Growth for an Innovative Future.
BRICS is an association of five major emerging countries – Brazil, Russia, India, China and South Africa – which together represent about 42% of the global population, 23% of global GDP, 30% of the planet’s territory and 18% of global trade.
President Ramaphosa said benefits arising from BRICS membership were evident across all partner countries with South Africa playing host to Brazilian bus manufacturers, Russian train manufacturers, Indian automotive companies and Chinese machinery producers.
Each of the BRICS countries has South African fruit and vegetables on their tables, buildings constructed from South African metals and factories fitted with South African machinery and electronics, said President Ramaphosa.
President Ramaphosa attributed these benefits to the BRICS strategy for economic partnership and the work of the BRICS Business Council.
The President said the Council promoted economic growth, especially through intra-BRICS trade and was able to identify nodes of economic growth.
In this regard the President stated the Council had already identified a number of projects in infrastructure development, agriculture, renewable energy, agro processing, mining and a range of other projects that would positively influence the economies of BRICS countries.
The President said that the Council would ensure the New Development Bank or financial institutions financed these projects.
The President tabled the formation of the New Development Bank as another notable positive outcome of the BRICS association, as demonstrated by the bank’s strong capital base and projects already underway in all member states, with South Africa allocated $2. 5 billion.
President Ramaphosa was accompanied by First Lady Dr Tshepo Motsepe, Minister of International Relations and Cooperation Dr Naledi Pandor, Minister of Trade and Industry Mr Ebrahim Patel, Minister of Health Dr Zwelini Mkhize and Minister of State Security Ms Ayanda Dlodlo.
Source: Government of South Africa