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Chinese President Xi calls on China, South Africa to strengthen four partnerships in golden era

Location: News

The State Council Information Office: The People's Republic of China
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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.

Read moreChinese President Xi calls on China, South Africa to strengthen four partnerships in golden era

Chinese President Xi says China – South Africa ties surpass bilateral scope

Location: News

The State Council Information Office: The People's Republic of China
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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.

Read moreChinese President Xi says China – South Africa ties surpass bilateral scope

AfriSupply: The Ultimate Destination for Safety and Spill Solutions

Location: MyPR

In the realm of safety and spill management, AfriSupply has emerged as a beacon of quality and reliability. Their comprehensive range of products ensures that businesses can maintain the highest standards of safety and cleanliness.   Starting with their absorbents, AfriSupply offers a variety of solutions tailored to specific needs. Whether one is looking for …

Read moreAfriSupply: The Ultimate Destination for Safety and Spill Solutions

President Ramaphosa calls for investment in Africa

Location: News

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

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Call to accelerate implementation of AfCFTA

Location: News

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

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Shaping inclusive spaces through the power of collective design

Location: MyPR

More than 40 years ago, American urbanist and pioneering public space advocate Fred Kent called it “placemaking”, defining it as a “multifaceted approach to the planning, design, and management of public spaces.” Placemaking allows people to reimagine and reinvent public spaces as the heart of every community – strengthening the connection between people and the …

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Russia willing to cooperate in developing Africa

Location: News

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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Developing and BRICS economies acquire opportunity to forge recent paths

Location: News

Developing and BRICS economies have opportunity to forge new paths

Mutual cooperation and trust are the key pillars that will thrust the BRICS group of countries as well as the global south towards development and economic growth.

This is the sentiment shared by the Prime Minister of India, Narendra Modi and the President of Brazil, Lula da Silva.

The two world leaders were addressing the BRICS Business Forum Leaders' Dialogue at the 15th BRICS Summit held in Johannesburg on Tuesday.

Prime Minister Modi said the COVID-19 pandemic, which ravaged the global economy and destroyed livelihoods, brought into sharp focus the importance of “resilience and inclusive supply chains”.

“For this, mutual trust and transparency are extremely important. By bringing our strengths together, we can make significant contributions to the welfare of the world, especially the global south.

“In 2009, when the first BRICS summit was held, the world was just coming out of a massive financial crisis. At that time, BRICS emerged as a ray of hope for the global economy. In the present times also – amongst the COVID pandemic, tensions, disputes… [and] economic challenges – in such times, once again, the role of BRICS countries is important,” said Modi.

This as his Brazilian counterpart, President da Silva, concurred – adding that the BRICS (Brazil, Russia, India, China, and South Africa) countries and developing countries have an opportunity to forge the way forward in development.

“Since the first summit of heads of state and government, our share in the global economy has been increasing. We have surpassed the G7 already accounting for 32% of the world GDP [gross domestic product] in purchasing power parity and forecasting indicates that emerging and developing markets are the ones that will show the highest growth…in the coming years.

“BRICS has a unique chance of shaping the global development path. Together, our countries make up a third of the global economy. This relevance will grow with the admission of new full members and dialogue partners. Collaboration between the public and private sector is vital for harnessing this potential and achieving lasting results,” President da Silva said. – SAnews.gov.za

 

NeoB
Tue, 08/22/2023 - 19:11

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President Tinubu very Passionate About Empowering Micro, Small and Medium Enterprises (MSMEs), Says Vice President Shettima

Location: News

The State House, Abuja
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President Bola Tinubu is very passionate about empowering Micro, Small and Medium Enterprises (MSMEs) for the development of the nation's economy, says Vice President, Sen. Kashim Shettima. 

According to the Vice President, “It is a known fact that the empowerment of the MSMEs is key to empowering our youth and women towards contributing to the nation's economic development.” 

The Vice President stated this today when he spoke with journalists during his tour of exhibition stands at the BRICS Trade Fair.

Speaking further about the commitment of President Tinubu towards empowering the MSMEs, he said “ the President is a very compassionate leader and in the coming months, there will be changes in the fortunes of Nigeria.”

Explaining the economic impact of the growth of MSMEs on the economy, VP Shettima said “this will have positive impacts which will enable them to support their families and add value to the nation.”

The Vice President commended the organizer's of the trade fair which had about 180 exhibitors from various sectors of the economy. He stressed that the exhibitions will in the long run serve the purpose of galvanising investment and trade in the continent.

Vice President Shettima who took time to inspect Nigeria's exhibitions lauded the investments of Nigerians in South Africa. 

He said “I am quite impressed by the investment Nigerians are making in South Africa. This is the harbinger of greater things to come. I can say that Nigerians are active in digital economy, they are active in fashion, they are equally active in mining.

“I am quite glad that quite a number of our country men are doing well and are willing to partner with the home nation for the greater glory of the African continent.”

While praising Rose Bank, a Nigerian investment outfit in South Africa for the funding of a cassava project worth 40 billion Naira, the Vice President affirmed that “it is game a changer with the cassava value chain with its huge economic benefits. We hope that it will be reflected in other parts of the country.”

The Trade Fair is being organised by the BRIC South Africa & The SA BRICS Business Council (SABBC) in collaboration with the Department of Trade Industry and Competition, on the sidelines of the on-going 15th BRICS Summit.

The exhibition is expected to serves as a platform for showcasing products and services from the BRICS countries as well as business-to-business interaction aimed at increasing intra-BRICS trade and investments.

The Vice President was accompanied to the Trade Fair by Nigeria's High Commissioner to South Africa, Amb. Muhammad Haruna Manta, the Consul-General, Amb. Andrew Idi and other senior government officials.

Distributed by APO Group on behalf of The State House, Abuja.

Read morePresident Tinubu very Passionate About Empowering Micro, Small and Medium Enterprises (MSMEs), Says Vice President Shettima

Port Shepstone Intermodal Facility increases accessibility and retail opportunities for this business hub

Location: MyPR

Port Shepstone continues to drive business and investment on the KZN South Coast with the latest development – the Port Shepstone Intermodal Facility – further entrenching this coastal town’s status as a business hub. The estimated R550-million facility will increase accessibility to this key financial destination while opening up investment opportunities in the retail sector. …

Read morePort Shepstone Intermodal Facility increases accessibility and retail opportunities for this business hub

Call to support farmers

Location: News

Call to support farmers

BRICS countries have been challenged to take the lead and develop a system that can create a resilient farming community. 

The call was made during panel discussions focusing on agriculture, held on Tuesday at the Sandton Convention Centre.

The discussions were held at the BRICS (Brazil, India, China, South Africa and Russia) Business Forum, which looked at sustainable development in agriculture across BRICS nations and the promotion of trade and investment in the sector across the bloc of nations.

Emphasising the need for the creation of a reward system, the Indian chapter of the BRICS Business Council chair, Jai Shroff, said food security is a big issue, while climate change has a huge impact on farmers. 

“Soil is the biggest thing for government and we need to create a reward system for farmers to sustain agriculture. 

“If BRICS can take a lead, we can see a massive change that will really help improve soil and also create a revenue system,” he noted. 

He said leaders should also reward farmers for sustaining the environment. 

Bruno Ferla, who chairs the Brazil chapter of the BRICS Business Council, said his home country, which is currently one of the powerhouses of agriculture, managed to achieve this with technology to produce food.

Meanwhile, Chief Economist of the Agricultural Business Chamber, Wandile Sihlobo, noted a current change in temperature of certain chemicals and seeds, which are so critical for agricultural productivity. 

“BRICS countries have to take [a] particular view on how they think about that,” he said, adding that improving intra-trade is very important, especially for South Africa.

Agreement to export avocados to China

Meanwhile, Agriculture, Land Reform and Rural Development Minister, Thoko Didiza, today signed an agreement with Chinese Minister of Foreign Affairs Wang Yi for the export of agricultural products to China.

Didiza expressed excitement on the signing of the agreement with China.

“Gaining access to China is a vital step in driving an export led growth for the South African avocado, which is a commitment the government has made under the Agriculture and Agro-Processing Master Plan. 

“In recent years, the avocado industry has expanded by 4 750 hectares increasing the total hectares to over 18 000,” Didiza said.

Didiza added that China is likely to become one of the world’s major consumers of avocados and thus offers an immense opportunity to expand avocado production in South Africa.

The agreement comes as Chinese President Xi Jinping is on a State Visit to South Africa. Xi is also attending the 15th BRICS Summit which is being held at the Sandton Convention Centre. – SAnews.gov.za

GabiK
Tue, 08/22/2023 - 15:55

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Next wave of global economic growth will advance from Africa

Location: News

Next wave of global economic growth will come from Africa

The next wave of global growth will emerge from Africa, as the continent rises as a bigger player in emerging markets. 

This is according to Busi Mabuza, who chairs the South Africa chapter of the BRICS Business Council.

Mabuza was speaking on Tuesday during a panel discussion on unlocking BRICS trade and investment opportunities.

She told delegates that intra-BRICS trade has grown by an average annual rate of 7% in the past 10 years.

“These are very compelling numbers. However, the success of the BRICS formation, especially in the past 10 years is that we have now created a model for the world that moves away from the extractive approach in terms of economic engagement towards a collaborative approach where we can all benefit,” she said. 

The BRICS grouping of major emerging economies – Brazil, India, China, South Africa and Russia (BRICS), is holding its summit in Johannesburg from 22-24 August 2023 under the Chairship of South Africa.

In addition, she said the continent still boasts abundant resources, including human capital, especially the youth, mineral resources and others. 

“The next wave of global growth will come from this continent,” she stressed. 

“It is important that we are sitting here today inviting our BRICS partners because we see that they accept and understand the multilateral approach where there’s mutual respect and all working for a win-win outcome.” 

Mabuza has called on the bloc partners to participate in the industrialisation of the African continent. 

“This is because this is where the world needs to see the next wave of global growth.”

She also stressed the importance of Africa-intra trade and tangible cooperation and coordination.

“We need to focus on the infrastructure. We need to trade with ourselves in the continent and get services from each other,” she said, adding that people-to-people interaction was also crucial. 

The chair also touched on policies such as visa agreements, which has the potential to unlock more opportunities.  

The BRICS Business Council is a platform that promotes and strengthens business, trade and investment ties among the business communities of the five countries.

It also fosters regular dialogue between the business communities of the nations and governments of BRICS countries to ensure greater economic, trade and investment ties.

Chair of Brazil’s BRICS Business Council, José Serrador Neto, has described the platform as a strong organisation that has identified intra-trade sector networks, promoted trade missions and displayed successful projects within the bloc.

“It’s important that when you see the BRICS Business Council work that you not only see bold free trade statements but we go into supply chains and identify specific opportunities for integration.”

Serrador Neto emphasised that the intra-BRICS trade includes Africa as a whole. 

He announced that they have recommended a connection between the bloc countries through the air to promote more trade and interconnectivity. 

Meanwhile, the Russian counterpart, Sergey Katyrin, said he hopes that trade between the bloc will reach 30%. – SAnews.gov.za

Gabisile
Tue, 08/22/2023 - 14:07

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Patel reflects on global challenges as he welcomes BRICS delegates

Location: News

Patel reflects on global challenges as he welcomes BRICS delegates

Trade, Industry and Competition Minister, Ebrahim Patel, has reflected on the issues facing global economies as he welcomed all delegates at the 15th BRICS Summit, which officially kicked off in Johannesburg on Tuesday morning. 

The Sandton Convention Centre has been a hive of activity as delegates from across the globe congregate to take part in the first in-person summit since the COVID-19 outbreak. 

“A special welcome to all of you to the province of Gauteng, the economic powerhouse of the African continent, where 35% of South Africa’s wealth is generated. This small but very productive province accounts for 5% of Africa’s GDP [Gross Domestic Product],” said Patel.

The BRICS grouping of major emerging economies – Brazil, India, China, South Africa and Russia - is holding their summit in Johannesburg from 22-24 August 2023 under the chairship of South Africa.

Patel told the room full of delegates that the world looks different from five years ago when the country hosted the 10th BRICS Summit in 2018. 

“Today, the world is more polarised, climate change is more pressing and the speed of technological innovation is rapidly increasing. These trends are in turn reshaping our economies and societies in more profound ways than more of us can project,” he said.

The Minister noted that change across the globe has created turmoil and tension. 

“As the world changes, we have seen a rise of unilateralism and a pushback on the global rule-based system.” 

Patel, however, believes that it cannot be business as usual for the private sector, governments and other role players. He has called on leaders to adapt to the “new normal” and often volatile, uncertain and complex world. 

“It’s in this context that the BRICS Business Council meets here today,” Patel said.

Towards a better future

Despite challenges, he said the council is optimistic about the future. 

The Minister reflected on some of the institutions that were built by the bloc, such as the New Development Bank, which drives investment and infrastructure, and supports economies and societies. 

Patel said the power of science, technology and innovation must be harnessed to solve some of the world’s problems, from developing lifesaving vaccines to green technologies that can decarbonise the energy mix. 

Other developments such as the African Continental Free Trade Area (AfCFTA), which has the potential to bring together a market of 1.3 billion people and provide a much-needed boost to African industrialisation, must be actively pursued.

“We’re no longer just a raw material supplier. Africa is taking its place in the world as an innovator and industrialiser -- the Africa of people, young people, rapidly urbanising, digitally connected and energetic Africa.

“We’re pushing back against the toxic legacy of 55 States divided by borders from a continent of 1.3 billion people united in our resolve, connected in a unified manner.” 

Meanwhile, Brazil’s Finance Minister, Fernando Haddad, said his country always strives to facilitate investment in the interest of his country. He described BRICS’ contribution as “enormous”. 

“In Brazil, we believe in multilateralism and cultural and social diversity, and that we equitably distribute the opportunities.” 

Haddad said it was important for BRICS to be unified.

India’s Minister of Commerce and Industry, Piyush Goyal, commended businesses for organising centres for them to discuss the BRICS economies. 

He said India, which grew its GDP grew by 7.2% last year, is one of the world’s fastest growing economies.  

Goyal said India is also transforming its infrastructure, and that it boasts more than 800 million internet users and an increase in online services.

In addition, the country is also growing its renewable energy sources. 

Goyal also reflected on the important partnership between the BRICS countries and the global south based on mutual respect. – SAnews.gov.za

 

Gabisile
Tue, 08/22/2023 - 11:54

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Mergers and Acquisitions: The Benefit of Legal Services in facilitating propitious transactions

Location: MyPR

What is meant by ‘mergers and acquisitions’? The term refers to that category of transactions which come about where one company wants to buy, or make a significant investment in, another company’s business. Whether you are considering selling your business, or whether you are looking to acquire an existing business, the stages through which the …

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Equity Financing vs. Debt Financing: What’s the Contrast?

Location: MyPR

Financing your business There are many reasons why your business might need external funding –  whether to cover initial expenses such as equipment, inventory, marketing, and hiring employees or for expansion further down the road. This might take the form of opening new locations, introducing new products or services, or investing in research and development. …

Read moreEquity Financing vs. Debt Financing: What’s the Contrast?

The Ultimate Guide to the Disagreement Between Bookkeeping and Accounting

Location: MyPR

What is bookkeeping and what is accounting?   Bookkeeping and accounting are two closely related concepts that both deal with the financial aspects of a business or organisation. While they are related, they have distinct roles and functions. Bookkeeping refers to the systematic process of recording and organising the financial transactions of a business. It …

Read moreThe Ultimate Guide to the Disagreement Between Bookkeeping and Accounting

Africa’s 25 Under 40 Energy Women Rising Stars

Location: News
African Energy Chamber

The African energy sector serves as a catalyst for global development, and in this dynamic industry that powers the modern world, a select group of remarkable women have emerged as trailblazers. The African Energy Chamber (AEC) (www.EnergyChamber.org) is proud to announce the “25 Under 40 Energy Women Rising Stars' - individuals whose dedication, ingenuity and unwavering commitment serve as beacons of hope and pillars of inspiration. These women are redefining the possibilities within a traditionally male-dominated field, and the AEC proudly celebrates the rising stars who are leading the way towards making energy poverty history by 2030.

In no particular order:

Gbemisola Adeyemi Afolabi, Junior Geoscientist, AMNI International

Adeyemi Afolabi, a budding Junior Geoscientist at AMNI International, is an emerging force in the energy sector. With a Masters' Degree in Energy Geosciences from Rice University, she brings a fresh perspective to her role. Adeyemi's educational background, combined with her passion for geoscience, underscores her dedication to exploring and understanding the Earth's resources. Afolabi's commitment to harnessing scientific knowledge for practical energy solutions sets her apart as a promising talent within AMNI International.

Ibilola Akinnola, LNG Shipbroker, Maersk

Ibilola Akinnola has a wealth of experience across the legal and logistics fields, and represents an individual whose creativity, commitment and drive has advanced the global energy industry. A qualified Solicitor and Barrister of the Supreme Court of Nigeria, Akinnola went on to complete her Masters' degree in International Shipping Law at Queen Mary University of London. Now, she works at integrated logistics company Maersk as the LNG Shipbroker, and continues to make a lasting impact in the industry.

Rekik Bekele, CEO and Founder, Green Scene Energy

Rekik Bekele is a seasoned professional with over 10 years of experience in renewable energy. With a BSc in Electrical Engineering, she leads Green Scene Energy PLC as its CEO, providing affordable solar solutions in Ethiopia. Bekele also serves as a board member at Ethiopian Solar Energy Development Association, an Acumen fellow, and founder of PurposeBlack ETH and Run Africa. Her diverse initiatives drive positive change in energy and social development.

Sarah Bouzid, Technical Sales Lead: Production Systems Division, Schlumberger

Sarah Bouzid is a Chemical Engineer and Technical Sales Lead for Schlumberger's Production Systems Division – representing the only woman in this role in MENA region. Her expertise lies in the Audit to Optimize program, where she engages with clients to enhance process equipment performance. After completing an engineering degree from Bourmerdes University, she worked in various roles at Sonatrach. Navigating the largely male-dominated sector, Bouzid serves as a beacon of hope for women in science and engineering.  

Sandra Chukwudozie, CEO, Salpha Energy

Sandra Chukwudozie is the Founder & CEO of Salpha Energy, a company dedicated to providing clean, affordable and innovative energy solutions for a carbon-neutral future. She is also Executive Director of Dozzy, one of Africa's largest petroleum storage facilities. After completing her studies at the University of Dundee in 2015, Chukwudozie dedicated her professional life to supporting economic growth through energy development, gaining experience in international management, industrial relations and economics. Her innovation, resilience and ability to embrace change has made her a leader in her field and an inspiration to many across the industry.

Nadia Simao da Costa, HR People Analytics Supervisor, Chevron

Nadia Simao da Costa is the People Analytics Supervisor at Chevron and represents the youngest person to be selected for Human Resource leadership at the company in Angola. Leveraging analytics and evidence to develop strategies to manage the current and future workforce needs, Simao da Costa is a strong advocate for inclusivity and human capital development. As the African energy sector grows and more people enter the workforce, professionals such as Simao da Costa serve as valuable role models.

Eghosa Ebube, Portfolio Analyst, Chevron Nigeria

Eghosa Ebube, initially Project Engineer and now Portfolio Analyst at global energy powerhouse Chevron, brings a wealth of expertise to the table. Having honed her skills in various roles including Onshore Construction Engineer, she has emerged as a force to be reckoned with in the energy sector. Her adeptness in engineering and her dedication to innovation shine through in her work, making her a pivotal contributor to Chevron's and Nigeria's energy success.

Katuiscia Laurence Ewane, General Field Engineer, SLB

With a Masters in Industrial Engineering from Ecole Nationale Supérieure Polytechnique, Katuiscia Laurence Ewane has spent several years working for global energy services company SLB. She currently serves as a General Field Engineer for the company and has pioneered several successful initiatives, including a new approach for the integration of Drilling Fluids and Cementing Fluids; completing a complex cementing operation on Mt Cameroon; and spearheading community outreach under the SLB Excellence in Educational Development program. Ewane is a testament to the important role female engineers play in Africa.

Taimi Itembu, Public and Government Affairs, ExxonMobil

A Harvard Kennedy School graduate with over 14 years' experience in leadership, energy and policy, Taimi Itembu represents an inspirational leader in Namibia's energy sector. She has served in various roles in the Namibian Government, showcasing her aptitude for policy dialogue and partnership building to drive transformation across the region. Her leadership in energy and exploration includes advocating for Africa strategy, investment protection, and a favorable operational environment, and as an industry expert, she represents a beacon of impactful leadership.

Anine Kilian: Managing Editor, Energy Capital & Power

Anine Kilian is a strong advocate for Africa's energy development. Currently serving as the Managing Editor for Africa-focused investment platform Energy Capital & Power, Kilian's journey began as a dedicated journalist and editor after studying at the Tshwane University of Technology in South Africa. Her career has taken her worldwide, and her expertise led her to become a pivotal writer at Creamer Media before joining Energy Capital & Power in 2018. Recognizing her talent and passion, Kilian was swiftly promoted to Managing Editor in 2021. Her journey epitomizes resilience, growth and a commitment to driving Africa's energy narrative at a time when the continent needs it most. Kilian represents a standout figure in the landscape of energy journalism and advocacy.  

Ubuhle Noluti Mtetwa, National Manager, Secondary Logistics, bp Southern Africa

Armed with a degree in Transport Economics and Logistics Management, Ubuhle Noluti Mtetwa spearheads innovative projects in a traditionally male-dominated industry. In a relatively short period of time, Mtetwa climbed the ranks at bp from Logistics Intern to National Manager of Secondary Distribution. Now, she supports diversity efforts, using her platform to not only advance logistics in Africa's energy industry but support the progression of others.

Faith Musimenta, Senior Petroleum Economic and Financial Analyst, Petroleum Authority of Uganda

Faith Musimenta is currently the Senior Petroleum Economic and Financial Analyst at the Petroleum Authority of Uganda (PAU), where she leverages her skills in investment analysis to develop oil and gas financial models for billion-dollar projects. After competing her studies at the University of Dundee, Musimenta worked for various financial institutions including Citi Bank, Diamond Trust Bank and DFCU Bank. She represents an inspiration for women across the African financial sector, and continues to advocate for both inclusivity, sustainability and development of Uganda's oil and gas industry. 

Nancy Asantewah Nkansah, Resource Manager: Planning and Supply Chain for West Africa, SLB

Nancy Asantewah Nkansah, a Resource Coordinator at SLB with 8+ years' experience, excels in planning chemical requirements and workforce coordination for efficient operations. With a BA in Political Science and a Geography minor, she spearheads resource management, enhances supply chain efficiency and facilitates environmentally responsible practices. From groundbreaking innovations to resilient problem-solving, Nkansah is redefining the energy industry in Africa.

Ezinne Nnachetta, Development Geologist, Chevron

Following the completion of her MSc in Petroleum Geoscience at Imperial College London, Ezinne Nnachetta has gained significant experience as a leading geoscientist for global energy major Chevron. Her 10-year commitment to the company demonstrates her dedication to opening up new hydrocarbon basins, integrating innovation with petroleum and forging new paths for women in energy. Nnachetta represents a role model for aspiring women in the field. 

Teresa Isabel Nnang Avomo, CEO, GEPetrol

Teresa Isabel Nnang Ovomo, accomplished CEO of Equatorial Guinea's national oil company GEPetrol, ascended to the position after working in various positions at the company, including Deputy Director of Operations where she streamlined and optimized the NOC's upstream operations. Armed with a Masters from Heriot-Watt University, her journey includes various pivotal roles at Repsol. Avomo's leadership exemplifies operational acumen, innovation and drive, and she serves as an inspirational figurehead, both in Namibia's and Africa's energy sectors.

Monique Ntumngia, CEO, Green Girls Project

Monique Ntumngia is a sustainability entrepreneur and advocate for climate-gender justice. Founding Green Girls Organization, a Pan-African energy social enterprise, she leverages AI to pinpoint clean energy challenges faced by women in African rural communities. She is also the Founder of Monafrik Energy, whereby Monique measures and compares environmental impacts in supply chains, advancing clean energy initiatives. Her impactful work exemplifies her dedication to providing clean, affordable energy solutions not just in Cameroon but across Africa and beyond.

Lynette Nyagah, Project Lead, Bentworth Energy

As Project Lead at East Africa's pioneer oil and gas service company, Lynette Nyagah plays a pivotal role in establishing robust operational and quality systems. A graduate from the University of Cape Town, Nyagah gained experience in the sector as a Field Engineer for Baker Hughes. Now, she plays an instrumental part in positioning Bentworth as a globally recognized and competitive firm. Advocating for innovation in carbon footprint reduction, automation for enhanced efficiency, and the increase in participation by local African companies, Nyagha is an inspiration to many in the industry.

Oneyka Cindy Ojogbo, Partner, Centurion Law Group

Oneyka Cindy Ojogbo has a proven track record of providing strategic counsel to clients in complex energy transactions and projects. A graduate of Columbia Law School, Ojogbo currently serves as a Partner of Centurion Law Group, a pan-African legal and business advisory group. Throughout her career, Ojogbo has counselled clients across power, energy and infrastructure sectors. Her work has covered multiple sectors and tackled transactions of varying complexity, with her determination, passion and vision serving as an inspiration for many.

Isioma Okolo, Reservoir Engineer, Shell

Isioma Okolo is a Reservoir Engineer with the Shell Petroleum Development Company in Nigeria. She holds a Bachelor of Engineering Degree in Petroleum Engineering from The Federal University of Technology Owerri and an MBA from the Edinburgh Business School, Heriot-Watt University. Having worked as a Consultant in Pricewaterhouse Coopers and as a Society of Petroleum Engineering Certified Engineer, Okolo is paving the way for a prosperous future for Africa and beyond.

Uzochukwu Ozoh, Legal Advisor, Chevron

With a LLM from the University of Dundee and an MBA from Imperial College Business School, Uzochukwu Ozoh has emerged as an accomplished transactional lawyer who merges business acumen, legal prowess and risk analysis within the energy sector. Currently serving as Legal Advisor at Chevron, Ozoh guides a team of legal experts facilitating intricate gas, commercial, and supply chain transactions exceeding US$1 billion. Her mastery of stakeholder relations, leadership and organizational development makes her a force to be reckoned with.

Lecticia Sepulvede, Public and Government Affairs Advisor, ExxonMobil

Lecticia Sepulvede has a Masters in Petroleum, Energy, Economics and Finance from the University of Aberdeen and currently serves as the Public and Government Affairs Advisor for global energy major ExxonMobil. Her vision is to support Mozambicans achieve their full potential, and she works closely with stakeholders to facilitate safety and security efforts in the Cabo Delgado province of the country. Her commitment to people, her focus on the energy sector, and her ability to manage stressful environments makes her a highly valuable and admirable energy professional.

Eman S Shahin, Performance Lead and Senior Petroleum Engineer, Dragon Oil Egypt

Eman Shahin is a proficient Performance Lead and Senior Petroleum Engineer (SPE) at Dragon Oil Egypt, and boasts over 9 years' experience in reservoir, petroleum and production engineering. Her prowess spans budgeting, production forecasting, reservoir development planning and optimizing waterflood management. As a leader and coach at SPE Egypt, her commitment to mentorship shines. With roots at Cairo University and experience at GUPCO, Shahin's journey embodies expertise, leadership and fostering an inclusive energy landscape.

Mwanyengwa Ndapewoshali Shapwanale, Director: Communications and Stakeholders Relations, ReconEnergy Namibia

Mwanyengwa Ndapewoshali Shapwanale is the Director of Communication and Stakeholder Relations at Recon Energy Namibia. With a degree in Communication and Media Studies from the University of Cape Town and 10 years' experience in journalism and communication, she brings valuable compliance and ESG skills to her role in the energy sector. As the youngest member of Recon's management, she plays a pivotal role in shaping the organization's communication landscape.

Natznet Tesfay, VP Economics & Country Risk, S&P Global

Natznet Tesfay is Vice President of Economics & Country Risk at S&P Global Market Intelligence. Leading a global team of 150+ experts, she forecasts economic and country risk outlooks. With a rich background at IHS Markit and Exclusive Analysis, her expertise spans geopolitical analysis, energy transition and supply chain alignment. With degrees from Harvard University, The London School of Economics, and SOAS University of London, she has emerged as a trailblazer and advocate for Africa's economic future.

Nidra Araba Yebuah, Digital and Integration Account Manager for Ghana and Equatorial Guinea, SLB

Nidra Araba Yebuah is an accomplished Senior Geologist and Account Manager with over a decade of experience in the oil and gas service industry. She blends technical proficiency with business acumen to excel in her role. Her expertise spans data interpretation, geological environments and technical sales support. Yebuah has significantly contributed to sub-Saharan African operations, demonstrating innovation and leadership in the dynamic industry.

Call for Nominations

If you were not chosen this year, or if you nominated someone who was not selected, please understand that the process is highly selective, and we encourage you to re-submit updated information in 2024. We welcome suggestions of well-deserving candidates throughout the year. Simply email awben@energychamber.org. We look forward to honoring outstanding 25 Under 40 Energy Women Rising Stars again in 2024.

Distributed by APO Group on behalf of African Energy Chamber.

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Caveat Legal Provides Modern Africa-Focussed Data Compliance Programmes for Companies

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Cape Town, South Africa – Specialist Commercial Legal consultancy Caveat Legal has announced a new programme to help African companies comply with the myriad different Data Protection Laws across the multiple jurisdictions on the African continent. The last two years have seen a massive uptake in data protection laws and regulations in Africa with South …

Read moreCaveat Legal Provides Modern Africa-Focussed Data Compliance Programmes for Companies

SA pulls out red carpet for BRICS

Location: News

SA pulls out red carpet for BRICS

South Africa will put its best foot forward at the upcoming 15th BRICS (Brazil, Russia, India, China and South Africa) Summit to be held in Johannesburg.

With a few hours to go before the start of the three-day summit that will get underway tomorrow, government has indicated that all is in place for the all-important gathering that will be held at the Sandton Convention Centre.

This year’s summit is the first to be held in person since the emergence of the COVID-19 pandemic and its subsequent global restrictions.

While the summit brings a level of frustration for motorists who find themselves in traffic in the Sandton central business district and related routes, the all- important gathering will show that South Africa is an important voice internationally.

“The fact that there’s more engagements with the BRICS countries helps contribute to more business and more trade between South Africa and the other BRICS countries. Those other countries see South Africa potentially as the gateway to at least southern Africa, if not the whole continent,” said Professor Daniel Bradlow of the Centre for Advancement of Scholarship at the University of Pretoria.

Bradlow points out that it is important that the meeting goes well “because then people can say that South Africa is a country we can do business with and rely on.”

The country on the southernmost tip of the African continent, was invited to join the bloc in 2010 and in 2011, South Africa attended its first summit of the group of leading emerging markets and developing countries.

Having been part of the bloc for over a decade, South Africa assumed the chair of the BRICS in January 2023. This year’s summit will be the third one that South Africa hosts as chair.

“We’re a member of an exclusive club in which the leading voices in the global South are also members,” Bradlow said of South Africa’s membership to the bloc.

South Africa has also benefited from loans obtained from the BRICS New Development Bank which was set up by the five founding countries of BRICS in 2015.

In April 2021, the Board of Directors of the New Development Bank (NDB) approved a USD 1 billion COVID-19 Emergency Program Loan to the South African government. The loan was to support government in its efforts to contain the COVID-19 pandemic.

The loan was part of the second batch of COVID-19 Emergency Program Loans to NDB’s member countries focusing on economic recovery.

At a recent media briefing, International Relations and Cooperation Minister, Dr Naledi Pandor said that the bank had to date approved 12 projects in South Africa, valued at around $5.4 billion, to improve service delivery in critical areas.

The NDB was established to mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries, complementing the efforts of multilateral and regional financial institutions for global growth and development.

In 2021, the bank initiated a membership expansion exercise and admitted Bangladesh, Egypt, the United Arab Emirates and Uruguay as new member countries.

Expansion and other matters

Among the range of issues to be discussed at the summit, is that of the possible expansion of the BRICS footprint.

“The big issue in a sense will be [on whether] should the BRICS expand and take in new members or not and there’s differences of opinion among the five [member countries] on what the criteria should be for doing this and who should be admitted; so that will be a big issue, not the only one but that will be a big issue,” said Bradlow.

In what can be described as a “special” televised address to the nation on Sunday night, President Cyril Ramaphosa said South Africa supports the expansion of the membership of the bloc saying the “value of BRICS extends beyond the interests of its current members.”

This is also the sentiment of Chinese Ambassador to South Africa, Chen Xiaodong who said that the body is “a big family of good partners, based on mutual assistance for a win-win cooperation”.

This as over 30 Heads of State and Government from across Africa will be attending the summit. Furthermore, over 20 countries have formally applied to join BRICS and several others have expressed an interest in becoming part of the BRICS family.

The summit has to some extent been eclipsed by whether Russian President Vladimir Putin would be attending the gathering in person. This is after the International Criminal Court (ICC) issued arrest warrants against President Putin and Maria Alekseyevna Lvova-Belova in March for allegedly being responsible for the war crime of unlawful deportation and transfer of children from Ukraine to Russia.

In July, the Presidency announced that the Russian President would not be attending the summit “by mutual agreement” but that he would be attending it virtually adding that Russian Foreign Minister Sergei Lavrov would lead the Russian delegation. 

At a recent state of readiness media briefing, International Relations and Cooperation Minister Naledi Pandor said South Africa chairs the BRICS in a “dynamic global environment where developments in the ICC were the sole topic of discussion around the summit for most of the year.” 

At the time she said that the country was aware of “our domestic and international legal obligations.”

Reflecting on the President Putin matter, Bradlow said:  “If he had come, it would have been terrible because South Africa would have been damned if we do and damned if we don’t.”

“We’ve been spared that. But the Ukraine war and Russia’s situation is definitely going to have an impact on the summit but it won’t be as bad as it would have been had Putin come,” said the professor.

Bradlow said the expansion of the bloc will be a big issue at the Summit.

“The big issue in sense will be should the BRICS expand and take in new members or not.  There’s differences of opinion among the five on what the criteria should be for doing this and who should be admitted. So that will be a big issue, not the only one but will be a big issue.”

Bradlow said he would like to see the interests of the African continent being promoted.

“The ones that makes sense here is food and fertilizer with Russia. I know it was raised in a meeting when Ramaphosa was there but that it gets raised in this context again.  

This as the Leaders of the African Peace Initiative issued a joint statement “called for specific steps to remove obstacles to Russian grain and fertilizer exports, thus allowing the resumption of the full implementation of the Black Sea package initiative of the United Nations Secretary-General.”

The leaders further called upon the United Nations to take necessary action in order to release 200 000 tons of Russian fertilizer blocked in European Union seaports for immediate and free delivery to African countries.

“The issues of global governance reform and around sovereign debt issues is important and also because climate is such an important issue.”

Wish list

On the professor’s wish list is the campaign for a third African chair on the Board of Directors of the International Monetary Fund (IMF).

“The one that which is the most realistic that you can get action on is to campaign for a third African chair on the Board of Directors of the IMF. Africa’s voice is so weak from a voting point of view in the IMF and the two executive directors out of 24 that represent sub-Saharan Africa basically… and they each represent about 22 or 23 countries. So it would be good to have a third person who could take on some of that burden and be another voice for Africa,” said Bradlow.

No doubt being a member of BRICS has enhanced South Africa’s position and influence as an important emerging economy. It also has given the country access to policy and technical expertise of larger and established economies.

The red carpet has been rolled out; let us heed the President’s call to extend a warm South African Ubuntu to all our visitors. - SAnews.gov.za

Neo
Mon, 08/21/2023 - 16:57

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Unmanaged Consumer Debt Is Affecting Every Corner Of South Africa Debunking Myths And Embracing Solutions

Location: MyPR

As inflation and the cost of living continue to rise, a growing number of households in South Africa are struggling to meet their financial obligations. In many instances, despite various avenues available to the consumer to seek assistance, households avoid it, leaving debt to spiral out of control. Marius Jonker, CEO of the Association of …

Read moreUnmanaged Consumer Debt Is Affecting Every Corner Of South Africa Debunking Myths And Embracing Solutions