Deputy Director-General at the Department on International Relations and Cooperation, Professor Anil Sooklal , says South Africa will benefit immensely from hosting the 10th Brics summit.
Sooklal’s comments come as South Africa prepares to host the 10th Brics leaders summit later this year. Speaking at a Brics stakeholder meeting in Pretoria, Sooklal says Brics countries need to focus on growing their economies. ” South Africa has this opportunity to showcase the positive cooperation we enjoy with Brics and globally. We need to focus on growing our economies so that we generate mutual benefit for all of us,” he said.
Government is to engage various policy think-tanks, academic institutions and civil society organisations to solicit input on how to maximise South Africa’s socio-economic gains during the July Brics leaders summit.
The gathering, which will bring together leaders of Brazil, India, China, Russia and South Africa, will take place in Sandton, north of Johannesburg in July.
Brics is a term coined by economists working for the US investment bank Goldman Sachs in 2001, and the five member economic grouping has evolved into one of the most influential players in world affairs.
Brics countries account for 40% of the world’s population and an estimated 25% of its GDP. Significantly, China, the largest Brics member by population and GDP, has foreign reserves which was approaching R28 trillion. For instance, Brazil has the largest economy in Latin America and is a large contributor of energy whereas India is a global leader in manufacturing. South Africa is the least developed country amongst the Brics economic grouping.
The decline in business and consumer confidence continues to hamper the country’s economic growth.
