South Africa, through the Trade, Industry and Competition (the dtic) minister, together with the South African BRICS (Brazil, Russia, India, China, and South Africa) Business Council, will host inward buying and investment missions from Brazil, Russia, India and China to promote economic collaboration and attract foreign investment to South Africa. The missions, which form a crucial part of the BRICS Summit Business programme, are taking place in Gauteng, Western Cape, KwaZulu-Natal (KZN), and Eastern Cape from 13 to 23 August 2023.
These missions will precede the 15th BRICS Summit that will take place at the Sandton Convention Centre in Johannesburg from 22 to 24 August 2023, under the theme: “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism” hosted by South Africa as the Chair of BRICS.
According to the dtic deputy director-general of exports, the missions will serve as a platform for facilitating meaningful connections between international buyers and relevant South African partners, fostering business partnerships and expanding market access. The DDG added that these missions also aimed to promote value-added exports, strengthen the inflow of foreign direct investment, and showcase investment opportunities available in South Africa.
The DDG said that the mission was further expected to focus on a diverse range of industries and products, including key sectors such as manufacturing, agro-processing, pharmaceuticals and automotive, thereby further promoting the potential for mutually beneficial collaboration between local and international businesses.
The DDG added that the dtic expected these missions to contribute significantly to the economic growth and development of the participating provinces and the country as a whole. By attracting foreign investment and fostering trade partnerships, the missions aim to create employment opportunities, drive economic growth, and strengthen South Africa’s position in the global market. This initiative aligns with the broader objectives of the BRICS Summit Business programme, which aims to promote collaboration, attract investment, and showcase opportunities amongst BRICS members as well as with the African continent.
South Africa became a member of BRICS in 2010 and attended its first Summit in 2011. BRICS was established as a forum of like-minded, progressive emerging market and developing countries committed to the need to restructure the global political, economic and financial architecture to be more equitable, balanced and resting on the important pillars of multilateralism and international law.
Over time, BRICS has extended its cooperation to three pillars: political and security, economic and financial, and social/people-to-people. At the initiative of South Africa, BRICS has also expanded its reach beyond the BRICS members through the BRICS Outreach and BRICS Plus initiatives.