BRIC called participate in Africa's infrastructure development program
Tag: Africa infrastructure, Africa infrastructure development
Summary: called for the BRICS group to participate in the African infrastructure development program, financing and potentially even technology sharing opportunities.
On Wednesday, the BRICS group will open the 2012 annual summit in India, under the theme "BRICS Partnership for Global Stability, Security and Prosperity."
called for the BRICS group to participate in the African infrastructure development program, financing and potentially even technology sharing opportunities.
The BRICS countries must not only focus on South Africa, its only formal member in Africa, Miller Matola, CEO of Brand South Africa, said In Johannesburg.
Brand South Africa is a government agency set in August 2002 by the Presidency to promote the development between South Africa and the African region as well as international community.
The BRICS consisting of Brazil, Russia, India, China and South Africa are among the emerging economic entities in the world.
"South Africa does not participate as a member of the BRICS group just in our own interests, but as an integral part of the African continent, and this is important because Africa countries holds so much potential for the BRICS," Matola said.
"We would urge them to look at the African continent as more than just a source for natural resources, but also as a destination for industrialization, and as an exciting consumer market," Matola said.
The agency predicted that by June 2014, nearly 60 percent of the African economy will be a single free trade area covering Southern, Eastern and Central Africa, and this will enable an easier and more efficient flow of goods, people and investments.
This pending 1 trillion U.S. dollars free trade area and enabling infrastructure will effectively expand South Africa's market, placing it in the same ball park as its BRICS partners in terms of market size and access.
The CEO said more "broadly, closer" cooperation between the BRICS nations promises enormous opportunities for trade and investment within and through all five member countries.
For instance, China is South Africa's biggest single-nation export market while South Africa is China's biggest trade partner on the continent.