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Reserve Bank on BRICS joint Ministers of Finance and Central Bank Governors statement
On 15 August 2023, the Finance Ministers and Central Bank Governors of Brazil, Russia, India, China and South Africa (BRICS) endorsed the BRICS Joint Ministers of Finance and Central Bank Governors Statement (Joint Finance Statement) under South Africa's Chairship of BRICS.
The Joint Finance Statement articulates consensus on South Africa's priorities during the 2023 BRICS Presidency, including the Global Economic Outlook and Multilateral Cooperation; BRICS Task Force on Public-Private Partnerships and Infrastructure; Mutual Cooperation on Customs and Tax; and BRICS Think Tank Network for Finance. The Joint Finance Statement further highlights the test run of the BRICS Contingent Reserve Arrangement (CRA) as well as amendments to the Inter-Central Bank Agreement. The BRICS central banks collaborated on key topics such as sustainable finance, payments and information security, and will build on the work undertaken to strengthen their resilience and cooperation.
The statement issued today highlights (i) consensus on global economic and financial risks that need to be addressed by both advanced, emerging and developing countries; (ii) the successful adoption of a programmatic approach and guiding principles in infrastructure development and delivery in BRICS countries; (iii) progress on finalising text for the BRICS Mutual Recognition Arrangement (MRA) of the Authorised Economic Operator Programme before the end of 2023; (iv) the endorsement of the operational guidelines for the BRICS Think Tank Network for Finance; (v) the sixth CRA Test-Run and amendments to the Inter-Central Bank Agreement to improve the operational readiness and credibility of the CRA mechanism; and (vi) the sharing of information on cyberattacks and experiences under the BRICS Payment Task Force on the implementation of selected elements of the G20 Cross-Border Payments Roadmap.
On the same day, a key partner of the BRICS grouping, the New Development Bank (NDB), successfully issued a ZAR bond in the South African bond market, becoming the highest-rated issuer in this market since 2015. The proceeds will be used to fund infrastructure and sustainable development projects in South Africa. The NDB is seeking to increase its presence in the local capital markets of its member countries to fund its robust portfolio of local currency loans.
South Africa would like to express its heartfelt appreciation for the support received from the BRICS member countries during its tenure as Chair and would encourage that the same spirit be carried forward to the next Chair in 2024.
Distributed by APO Group on behalf of South African Government.
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Government mourns the passing of Derek Watts
Government mourns the passing of one of the nation's most esteemed and respected journalists, Derek Watts. The iconic presenter's demise leaves a big void in the realm of journalism, where his dedication, integrity, and storytelling skills have left an enduring mark on the hearts and minds of South Africans and beyond.
The GCIS Acting Director General, Nomonde Mnukwa said: “Derek Watts was more than just a journalist; he was a voice of reason and an advocate for transparency and accountability. His dedication to journalistic ethics, courage in uncovering hidden truths, and commitment to holding those in power accountable, are values that will continue to inspire generations to come.”
Among other things, Watts will be remembered for his interviews that were marked by a unique blend of empathy and straightforwardness, which allowed him to delve into the core of issues while maintaining the respect and dignity of all involved.
Government extends its heartfelt condolences to Derek Watts' family, friends, colleagues, and all those whose lives he touched through his work. Government also recognises the profound loss that his passing presents to the media fraternity and to the nation as a whole.
May his soul rest in peace.
Distributed by APO Group on behalf of Republic of South Africa: Department of Government Communication and Information System.
Chinese President Xi calls on China, South Africa to strengthen four partnerships in golden era
Chinese President Xi Jinping on Tuesday called on China and South Africa to strengthen their partnerships in four dimensions during his state visit to the African nation.
Xi made the remarks during his meeting with his South African counterpart, Cyril Ramaphosa, here in the country's administrative capital.
Ahead of his arrival, Xi said in his signed article published in South African media that the blossoming China-South Africa relationship "has entered a 'golden era,' enjoying broad prospects and a promising future."
While meeting with Ramaphosa, the Chinese leader called on both sides to be strategic partners of high-level mutual trust, adding that "camaraderie and brotherhood" are the true quality of bilateral ties.
The two sides should strengthen exchanges and cooperation between their legislatures, political parties, militaries and localities, and continue to support each other on issues concerning each other's core interests and major concerns, said Xi.
The Chinese side is willing to strengthen inter-party exchanges and training cooperation with South Africa, and help the African National Congress (ANC) with building the African Leadership Institute, he added.
China and South Africa, said Xi, should be development partners for common progress.
He described mutual benefit and win-win results as the hallmark of China-South Africa cooperation, saying that the two sides should focus on advancing the Belt and Road Initiative, implementing the nine programs on China-Africa cooperation, as well as the 10-Year Strategic Programme on Cooperation between the two countries, consolidating cooperation in areas of strength and fostering new growth points for cooperation.
Over the years, bilateral ties have experienced what Xi described as "leapfrog development," from a partnership to a strategic partnership, and then to a comprehensive strategic partnership.
Official statistics showed that bilateral trade in 2022 reached 56.74 billion U.S. dollars, accounting for 20.1 percent of China-Africa trade. And in the first half of the year, bilateral trade topped 28.25 billion dollars, up 11.7 percent year-on-year.
China has remained South Africa's largest trading partner for 14 consecutive years, while South Africa has been China's biggest trading partner in Africa for 13 years in a row.
Meanwhile, South Africa has been one of the African countries with the largest stock of Chinese investment, which has risen to 10 billion dollars. More than 200 Chinese companies in South Africa have created over 400,000 local jobs and South African companies are also racing to invest in the Chinese market to seize its abundant business opportunities.
Notably, South Africa was the first African country to join the Belt and Road cooperation. The pie of bilateral cooperation is getting bigger as South Africa's wines, rooibos tea, and aloe vera gels are trending in the Chinese market while automobiles and home appliances with Chinese brands gain increasing popularity among South African households.
And in a joint statement between the two countries issued on Tuesday after the meeting of the two presidents, both sides will consider working towards bilateral cooperation and synergy within the Belt and Road Initiative and the Economic Reconstruction and Recovery Plan frameworks.
Both sides also pledged to continue to seek the strengthening of cooperation in key areas such as infrastructure and logistics, trade and investment, manufacturing, agro-processing, energy and resources, the financial sector, the digital economy, science and technology, and green development, according to the statement.
During the talks, Xi said China will expand imports of South African products and encourage more Chinese enterprises to invest in South Africa.
Noting that poverty reduction, agricultural development programs and rural revitalization are important components of Chinese modernization, he said Beijing is willing to strengthen experience exchange with South Africa and help the country carry out the poverty reduction demonstration village project.
Xi also elaborated on the necessity for the two countries to be friendly partners of deep mutual understanding and goodwill, saying that closer people-to-people bonds can best testify to the friendship between the two countries.
China is ready to make good use of such mechanisms as the China-South Africa vocational education alliance to strengthen vocational education of the two countries, promote exchanges and cooperation in youth employment, and help South Africa train more talents urgently needed for economic and social development, he said.
The two sides should strengthen tourism cooperation, and support scientific research institutions and enterprises to step up technological cooperation and joint research, so as to bring more benefits to the two peoples, Xi added.
South Africa in the joint statement further welcomed the identification of South Africa amongst the top 20 countries for group tourism promotion by Chinese tourists. The African country supports the increase in the frequency of direct flights between South Africa and China.
The fourth partnership the Chinese leader called on the two sides to enhance concerns global peace and stability.
This year's BRICS summit comes at a time when the world is facing rising uncertainties and accelerating changes unseen in a century.
Xi urged China and South Africa to be global partners that uphold justice, saying that independence is a principle both sides adhere to.
The Chinese side, Xi said, supports South Africa in playing a bigger role in international and regional affairs, and stands ready to work with South Africa and other developing countries to implement the Global Development Initiative, the Global Security Initiative, and the Global Civilization Initiative.
He also said that Beijing is also ready to join the developing world in practicing true multilateralism, increasing the representation and voice of the Global South countries in global governance, and strengthening collaboration on issues such as climate change, food security and the UN 2030 Agenda for Sustainable Development, so as to safeguard the common interests and development space of developing countries, Xi added.
China and Africa, in the eyes of Xi, have always belonged to a community with a shared future. He told Ramaphosa that in a world which is undergoing transformation and turbulence, both sides need more than ever stronger solidarity and cooperation.
And in their joint statement, the two sides reiterated their resolve to further strengthen cooperation in terms of African affairs and to support the African Union in resolving African conflicts peacefully.
China expressed in the document its support for the efforts of African countries and regional organizations under the auspices of the African Union (AU) to provide African solutions to African problems, including to support the AU's early accession to membership of the Group of 20.
Ramaphosa described China as a sincere brother, friend and partner of his country, saying that China has provided valuable support to South Africa in its struggle for national independence and liberation as well as its national development. He also mentioned China's timely support for his country during the COVID pandemic.
Since the establishment of diplomatic ties 25 years ago, South Africa has firmly adhered to the one-China principle, he said, adding that both nations share the same or similar positions on many major international affairs.
Ramaphosa also said that in today's world that is facing multiple severe and complex challenges, South Africa and other Global South countries hope to strengthen unity and cooperation with China, so as to better meet challenges together, and push for a more equal, just and rational international order.
In South Africa, Xi will also attend the BRICS summit scheduled from Tuesday to Thursday, and co-chair with Ramaphosa the China-Africa Leaders' Dialogue on the sidelines of the summit.
Distributed by APO Group on behalf of The State Council Information Office: The People's Republic of China.
Chinese President Xi says China – South Africa ties surpass bilateral scope
Chinese President Xi Jinping said on Tuesday that China-South Africa ties have gone beyond the bilateral scope and carried global sway.
Xi made the remarks when jointly meeting the press on Tuesday noon with his South African counterpart, Cyril Ramaphosa, after their talks.
Xi said he was delighted to accept the invitation of President Ramaphosa to pay a state visit again to South Africa, the beautiful "rainbow nation," adding that this is his fourth state visit to South Africa as the Chinese president.
This year marks the 25th anniversary of China-South Africa diplomatic ties, Xi said, noting that during the past 25 years, China-South Africa ties have achieved leapfrog development, with strategic mutual trust reaching a new height, cooperation in various fields moving forward in a comprehensive manner, and multilateral coordination becoming even closer.
Currently, the Communist Party of China is uniting and leading the Chinese people to push forward the great rejuvenation of the Chinese nation on all fronts with Chinese modernization, and South Africa is actively and independently exploring a development path suited to its national conditions as well, Xi said, adding China-South Africa relationship faces new development opportunities.
Recalling the fruitful meeting he just held with Ramaphosa, Xi said they exchanged views on the development of bilateral ties in the new era as well as the international and regional issues of common concern, reaching important consensus.
They also witnessed the signing of a series of important bilateral cooperation documents, he said, expressing full confidence on the future prospects of friendly cooperative relations between the two countries.
Xi said he and Ramaphosa agreed that China and South Africa should be strategic partners with high mutual trust, urging the two sides to keep the good momentum of high-level exchanges, strengthen communication and cooperation in various fields, continue to deepen political mutual trust, enhance communication in the experience of state governance, and continue to support each other on issues of core interests and major concern.
They agreed that the mutually beneficial and pragmatic cooperation between China and South Africa has achieved fruitful results, and both sides should be development partners for common progress, he noted.
Xi said the two sides need to strengthen the alignment of development strategies, implement the nine programs put forward at the China-Africa Cooperation Forum and the 10 Years Strategic Programme on Cooperation between China and South Africa (2020-2029), solidify the cooperation in areas of strength, and foster new growth points for cooperation.
China is ready to import more quality products from South Africa and will continue to encourage Chinese enterprises to invest and do business in South Africa, he noted, adding that the two sides will deepen bilateral cooperation in such areas as electric power, new energy as well as scientific and technological innovation.
Both sides highly value the empathy between the two peoples, and pledge to be friendly partners with mutual understanding and affection, Xi said, adding that the two countries must insist on putting people at the center of their cooperation, and let the cooperative results better benefit their people.
The Chinese side supports the South African government's efforts in strengthening vocational education and promoting youth employment, Xi noted, adding that both sides agreed to enhance exchanges and cooperation in areas such as education, science and technology, culture and tourism.
Xi said the two leaders agreed that as major developing countries and emerging economies with important influence, China and South Africa need to be global partners in safeguarding justice.
He urged the two sides to strengthen strategic coordination, practice true multilateralism and work to increase the representation and voice of the Global South countries in global governance.
China firmly supports African integration, backs the African Union to make substantial progress this year in joining the Group of 20, and encourages South Africa to play a bigger role in international and regional affairs.
Noting that the BRICS summit is about to open, Xi pointed out that under the current circumstance, this summit bears great significance for BRICS countries to solidify unity and cooperation, and promote the BRICS cooperative mechanism to develop and grow further.
As the rotating chair of BRICS, South Africa has made great preparation for the summit, which is highly appreciated by the Chinese side, Xi said, stressing that with the joint efforts of relevant parties, this year's BRICS summit is bound to be successful.
Xi said that he will co-chair with Ramaphosa the China-Africa Leaders' Dialogue on Thursday, which is the first face-to-face group meeting between Chinese and African leaders since the COVID-19 pandemic, expressing his expectation to draw a new blueprint for China-Africa unity and cooperation with other African leaders, and inject fresh and strong vitality into the development of the China-Africa comprehensive strategic cooperative partnership.
For his part, Ramaphosa said he is delighted to receive Xi to pay his fourth state visit to South Africa at the time of the 25th anniversary of bilateral diplomatic ties.
The South African people are sincerely grateful to the Chinese government and the people for their valuable support to South Africa's anti-apartheid movement and national development, as well as the large amount of medical supplies assistance to South Africa in its fight against the COVID-19 pandemic, he added.
Ramaphosa said he reiterated with Xi that the two countries will continue to firmly support each other on issues of core interests and major concern.
The two leaders agreed to deepen bilateral cooperation in trade and investment, further expand the mutually beneficial cooperation in such areas as infrastructure, tourism, education and digital economy, and enhance international coordination on major international and regional affairs.
Ramaphosa thanked the Chinese side for its committed support to South Africa in successfully holding the 15th BRICS Summit, saying that he looks forward to working with Xi and other BRICS leaders to increase the voice of BRICS and the Global South countries in global governance, and promote the construction of a more just and rational international order.
He also expressed his expectation to co-chair the China-Africa Leaders' Dialogue with Xi, and to discuss the deepening of Africa-China cooperation, which, the South African president believes, will definitely boost Africa's industrialization and integration processes, and help the Global South countries to achieve common development and prosperity.
Distributed by APO Group on behalf of The State Council Information Office: The People's Republic of China.
Empowering Healthcare: The Evolution and Impact of Medical Equipment Innovation
The medical equipment industry stands as a testament to human innovation and the relentless pursuit of better healthcare. It’s an ever-evolving field, driven by the dual engines of technological advancement and the ever-present need to improve patient outcomes. As the global population grows and ages, the demand for cutting-edge medical tools and devices has never …
AfriSupply: The Ultimate Destination for Safety and Spill Solutions
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Three dynamic women shaking up the SA bar industry
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Celebrate women’s month with a splash of pink
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Truckers – The Backbone Of Logisitics In South Africa
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Madibeng protesters travel 60km to complain to mayor
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SA and China strengthen political, trade relations
SA and China strengthen political, trade relations
South Africa and the People’s Republic of China have reaffirmed political support for each other’s core interests during a State Visit at the Union Buildings in Tshwane.
President Cyril Ramaphosa hosted his Chinese counterpart President Xi Jinping on Tuesday.
Delivering his remarks during a media briefing, President Ramaphosa said South Africa was honoured to receive President Xi on his fourth State Visit to South Africa ahead of the 15th BRICS Summit which both leaders look forward to.
President Xi’s visit coincides with 25 years of diplomatic relations between South Africa and the People’s Republic of China, while historic ties date back to the Bandung conference of 1955.
“During this State Visit, South Africa and China have reaffirmed political support for each other’s core interests.
“We also agreed to deepen bilateral cooperation in trade, investment, infrastructure development, energy, tourism, education and training, and digital technologies. President Xi and I look forward to the upcoming BRICS Summit, and have agreed that BRICS must play an expanded role in global affairs,” said President Ramaphosa.
The President highlighted that China is South Africa’s largest trading partner and South Africa is China’s biggest trading partner in Africa.
The two leaders discussed the need to narrow the trade deficit between South Africa and China, and that one of the ways to do this is by ensuring greater market access for value-added South African export goods into the Chinese market.
On multilateral cooperation, the two leaders agreed to consult closely on issues of common concern, including in the context of BRICS, the Forum on China-Africa Cooperation (FOCAC), the G77 plus China, and the G20.
“We have discussed areas of synergy in line with the call by South Africa and other African countries for the reform of institutions of global governance, notably the United Nations Security Council. We agree that the interests of the Global South must be fairly represented on all multilateral fora,” he said.
Russia-Ukraine conflict
The Heads of State further discussed the ongoing conflict between Russia and Ukraine and its significant impact on developing economies in Africa and elsewhere.
“We both agreed on the importance of dialogue and negotiation between the two sides. As South Africa, we are encouraged that President Xi has welcomed the peace mission to Russia and Ukraine initiated by African leaders.
Friendship
President Ramaphosa, along with President Xi will be co-chairing a China-Africa Leaders’ Roundtable on the sidelines of the State Visit.
The purpose of the roundtable is to further deepen cooperation between China and the African continent on the development, industrialisation and integration of African economies.
President Ramaphosa said they are gratified that the friendship between the People’s Republic of China and South Africa has endured.
“The friendship that exists between South Africa and the People’s Republic of China is living proof of what is set out in the Freedom Charter, which is the forerunner of the South African Constitution, which declared that: “There shall be Peace and Friendship.”
“We look forward to a new era of even stronger ties, underpinned by our commitment to achieving common prosperity for our respective peoples and the Global South in general,” he said. –SAnews.gov.za
DikelediM
Tue, 08/22/2023 - 15:03
654 views
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President Ramaphosa calls for investment in Africa
President Ramaphosa calls for investment in Africa
President Cyril Ramaphosa has called on the business community to invest in the continent and identify solutions to the rapid economic, technological and social changes underway.
Addressing the 15th BRICS Summit in Johannesburg, during the BRICS Business Forum Leaders' Dialogue, the President said these changes create new risks for employment, equality and poverty in many BRICS (Brazil, Russia, India, China, and South Africa) countries.
“From a South African perspective, there is massive untapped potential for investment in our country and on the African continent. Africa is a continent of great opportunity in the industrialisation process in a variety of sectors.
“Africa is a continent rich in the critical minerals that will drive business success in the 21st Century. The continent has resources of lithium, vanadium, cobalt, platinum, palladium, nickel, copper, rare earth minerals, rhodium and many others," the President said.
He emphasised that African countries made it clear that the investors of choice are those who will process the resources here, close to source.
"We are developing stronger regional value-chains that will connect a number of African countries, providing investors with diversity, strength and resilience,” President Ramaphosa said.
Taking place under the theme: "BRICS and Africa: Partnership for mutually accelerated growth, sustainable development and inclusive multilateralism,” the summit is being attended by the leaders of Brazil, India, China, as well as South Africa, as the host.
The President said the success of the African Continental Free Trade Area (AfCFTA) will require a massive investment in infrastructure.
AfCFTA intends to create a single market for goods, services, facilitated by movement of persons in order to deepen the economic integration of the African continent.
“The African Continental Free Trade Area creates a single market that is expected to grow to 1.7 billion people and nearly $7 trillion in consumer and business spending by 2030. We need to mobilise the substantial financing needed to build the roads, ports, rail, energy and telecommunications networks that will enable industrialisation and trade.
“Growth in African economies will be driven in the main by small and medium enterprises. This requires focused and effective support to these businesses. It is important that specific financing be directed to women-owned businesses so that they can harness the benefits of the continental free trade area,” the President said.
He said the investment in skills development is growing as Africa has a young, digitally connected and urbanising population, which provides a stable workforce for companies in future.
“These factors all position Africa as the next frontier of productivity and growth. BRICS countries have an opportunity to contribute to and participate in Africa’s growth story. This can be achieved through greater cooperation in areas such as infrastructure, agriculture, manufacturing, new energy and the digital economy.
“South Africa has an important position in this growing African market, facilitated by the African Continental Free Trade Area and other free trade agreements. South Africa's industrial strength, our mineral endowments and our large market opportunities provide a compelling value-proposition for companies wanting to establish their businesses here,” the President said.
President Ramaphosa said South Africa has significant industrial capacity, with Africa’s most advanced industrial innovation and fabrication base.
“Firms that have invested here recognise that South Africa has deep local capital markets and strong financial systems. We have a diverse and sophisticated economy. South Africa possesses world-class infrastructure, skills, abundant natural resources, industrial clusters and a host of incentives to support investment.
“Many investment and partnership opportunities exist in renewable energy, infrastructure, aquaculture, information and communications technology (ICT), automotives, pharmaceuticals and advanced manufacturing, among others,” the President said.
He explained that the BRICS group of countries exists not only to strengthen government-to-government relations, but also to forge stronger ties between the peoples of the five nations.
“It is for this reason that several bodies have been established to enable cooperation across society. The BRICS Business Council is a vital and vibrant platform for strengthening economic ties between our respective countries and in forging common perspectives on inclusive economic growth and development.
“The changes that have taken place in BRICS economies over the past decade have done much to transform the shape of the global economy. Together, the BRICS countries make up a quarter of the global economy, they account for a fifth of global trade and are home to more than 40 percent of the world’s population,” the President said.
As BRICS countries celebrate its 15th anniversary, trade between BRICS countries totalled some $162 billion last year.
“Foreign investment has played an important role in the growth of BRICS economies. Total annual foreign direct investment into BRICS countries is four times greater than it was 20 years ago,” the President said.
With the establishment of the New Development Bank by BRICS countries in 2015, the President said its formation has demonstrated its ability to mobilise resources for infrastructure and sustainable development in emerging economies without conditionalities.
“BRICS economies have emerged as powerful engines of global growth. Yet the rapid economic, technological and social changes underway create new risks for employment, equality and poverty in many BRICS countries. We therefore call on the business community to join hands with us to identify solutions to these and other challenges affecting our respective economies,” the President said. – SAnews.gov.za
nosihle
Tue, 08/22/2023 - 18:42
595 views
Call to accelerate implementation of AfCFTA
Call to accelerate implementation of AfCFTA
BRICS Business Council Chairperson, Patrice Motsepe, has emphasised the importance of accelerating the implementation and advancement of the African Continental Free Trade Area (AfCFTA).
The AfCFTA intends to create a single market for goods and services, facilitated by movement of persons in order to deepen the economic integration of the African continent. The single market is expected to grow to 1.7 billion people and nearly $7 trillion in consumer and business spending by 2030.
Addressing the 15th BRICS Summit in Johannesburg, Motsepe called for a sense of urgency to make sure that trade barriers - both tariff and non-tariff - are significantly diminished and eliminated.
“South African companies are the largest trading partners on the African continent. They are world class with many of them being as good as the best in the world.
“The key issue is that the governments have to increase their partnerships with the private sector and these discussions between the private sector and governments must increase significantly.
“Part of these discussions is for the private sector to indicate to government what impediment and barriers are there to the free trade of goods and services on the Africa continent,” Motsepe said on Tuesday.
Taking place under the theme: "BRICS and Africa: Partnership for mutually accelerated growth, sustainable development and inclusive multilateralism,” the summit is being attended by the leaders of Brazil, India, China, as well as South Africa, as the host.
Motsepe stressed that the future of African business depends on its capacity and ability to prove to the rest of the world that it can conduct partnerships, trade, investments as well as the ability to have business relationships that are mutually beneficial.
“The key issue for us is that we have to consistently produce results and indicate that the standards of living of our people are improving because at the heart of these trade ties is the poor, the unemployed and the marginalised,” he said.
Motsepe expressed confidence in the continent’s ability to grow its economies.
“We have a clear understanding of the challenges that confront us but we are equally confident based on the facts that the time for Africa has come. We will do well because seven of the fastest growing economies in the world are on the African continent.
“The amount of intra African trade is increasing significantly and the partnership with BRICS countries is very important and the relationships of doing business with the rest of the world is also important,” he said.
In an effort for BRICS countries to have greater access to markets, Motsepe called for the fast tracking of priority visas for entrepreneurs who are looking for opportunities.
“We understand that there are legitimate concerns about making sure that governments maintain their sovereign control of who comes and who goes out. We agree with that and support it as well but these are some of the low hanging fruits [that can be addressed].
“We can immediately give preferential access to businessman from BRICS countries. Give them visas, allow them to come and look at opportunities in South Africa as well as on the continent. What we spoke about was reciprocity,” he said.
Motsepe said BRICS has enormous potential and intends to significantly increase trade, investment and partnership relationships between South Africa, Africa and the BRICS countries.
Last year, trade between BRICS countries totalled some $162 billion.
“The potential is enormous but again the sense of urgency is what we need to translate the good ideas that we have; these big plans into effective, legislative policy instruments that allows for effective free flow of goods and services. When we started, we wanted to increase the trade between the African continent and BRICS countries.
“The commitment and the will is there. A market is an opportunity until you invest and sometimes your investment takes five to seven years before you realise value. There is opportunities in terms of what we can do, the magnitude of how we can grow and the magnitude of how we can grow the trade investment and business ties between South Africa, Africa and BRICS countries,” Motsepe said.
With South Africa’s history with the BRICS countries, which emanates during the years of the country’s fight for democracy, Motsepe said South Africa is building on those partnerships and they are important.
“We are building on that historical support that they have given to initiatives and the struggle towards democracy. We are using the history that we have with them to build very strong, beneficial business, investment ties and economic growth.
“This BRICS partnership has to translate into assessable, quantifiable investment and trade ties and it is doing that. That partnership has resulted in benefits but in relation to where we should be, there is still a long way to go," he said. – SAnews.gov.za
nosihle
Tue, 08/22/2023 - 19:00
400 views
Shaping inclusive spaces through the power of collective design
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Russia willing to cooperate in developing Africa
Russia willing to cooperate in developing Africa
Russian President Vladimir Putin says his country is willing to cooperate in the development of the African continent.
“Russia is part of the five most economically powerful countries in the world despite pessimistic outlooks from Western experts,” he said.
Putin, who participated in the 15th BRICS Summit virtually, said his country has had more than 6% growth and an increase in its economy over a three-year basis.
“There is volatility in the financial, energy and other markets, and that state and private debts are rising. Russia remains and will be a reliable food supplier to Africa,” Putin said.
Putin called on the BRICS Summit partners to cooperate on equal terms and also offer an update on his offer of free grain for African countries.
President Cyril Ramaphosa recently visited Russia, where he reiterated South Africa’s stance that the conflict between Russia and the Ukraine must be resolved through negotiation and peaceful means.
“As a country, we are committed to the articles of the United Nations Charter, including the principle that all members shall settle their international disputes by peaceful means. We support the principle that members should refrain from the threat or use of force against the territorial integrity or political independence of other States.
“Our position seeks to contribute to the creation of conditions that make the achievement of a durable resolution of the conflict possible. The reality is that the Russia-Ukraine conflict – and the tensions that underlie it – will not be resolved through military means. It needs to be resolved politically,” President Ramaphosa had said in one of his weekly newsletters, earlier this year.
China to forge stronger BRICS partnerships
Presenting the remarks of Chinese President Xi Jinping at the BRICS Business Forum Leaders' Dialogue, Chinese Minister Wang Wentao said whatever resistance there may be, BRICS - a positive and stable force for good will continue to grow.
“We will forge stronger BRICS strategic partnerships, expand a BRICS plus model, actively advance membership expansion, deepen solidarity and co-operation with other emerging markets and developing countries, promote global multi polarity and greater democracy in international relations and help make the international order more just and equitable,” he said.
The BRICS Business Leaders' Forum is one of the key events organised by the BRICS Business Council, traditionally taking place on the eve of the BRICS Summit. This year it is convened under the theme: “Making Accelerated Growth and Sustainable Development a Reality".
South Africa and China enjoy vibrant economic relations. Relations between South Africa and the People’s Republic of China are governed by a Comprehensive Strategic Partnership (CSP), whose programme of action is set out in a Ten-Year Strategic Programme of Cooperation (2020–2029).
The relations between South Africa and China over the last quarter of a century are founded on South Africa’s commitment to the One China Policy.
China has been a valued friend and developmental partner of South Africa throughout the course of rebuilding the country after apartheid.
During a State Visit earlier in the day, South Africa and China reaffirmed political support for each other’s core interests.
Chinese President Xi pledged his support to South Africa’s energy challenges.
This included the donation of emergency power equipment worth R167 million and availing a grant of approximately R500 million as development assistance.
“Energy cooperation with China is a recent development that we look to deepen, particularly in line with our respective commitments to low-carbon, climate-resilient development,” President Ramaphosa said during the State Visit.
China is South Africa’s largest trading partner and South Africa is China’s biggest trading partner in Africa. – SAnews.gov.za
Edwin
Tue, 08/22/2023 - 20:00
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