Delegates from BRICS member states (Brazil, Russia, India, and China) are meeting in South Africa for the BRICS Inward Buying and Investment Business Forum- which is a precursor of the main BRICS leaders’ summit set for late August.
The forum seeks to promote value added exports and showcasing investment opportunities in South Africa as part of the efforts to redefine the country’s trade relationship with the BRICS community.
Moreover, the forum running between August 13 to August 23 will take place in four provinces in the country namely; Gauteng, Western Cape, Eastern Cape and KwaZulu-Natal.
Under the auspices of the gathering, local business delegates will have an opportunity to connect with their counterparts from the bloc hence unlocking chances for transformation.
South Africa will look to leverage the summit to grow exports and expose the economic potential in he country.
Opportunities and linkages
On Monday, August 14, the Province of Gauteng hosted 100 companies from Brazil, Russia, India, China and the African continent as part of the forum- with the goal of providing the region’s businesses with a platform to interact with buyers from the powerful bloc.
Mr Fikile Majola, the Deputy Minister of the DTIC, delivered a keynote address to the gathering noting that such activities would help to realize inclusive multilateralism for mutual benefit.
Majola further stated that the forum will help to foster collaborative economic ties between the BRICS nations and Africa.
“This gathering and all other pre-BRICS Summit activities that are taking place across the country, bring together collective expertise to drive positive change,” stated Majola.
“The envisaged outcomes of the Inward Buying and Investment Mission (IBIM) are intricately aligned with the overarching theme of “BRICS and Africa: Partnerships for mutually accelerated growth, sustainable development, and inclusive multilateralism.”
BRICS Trade Fair
Besides the Inward Buying and Investment Mission (IBIM), South Africa will also be hosting the BRICS Trade Fair from August 19 at the Gallagher Convention Centre.
The Trade Fair will set the stage for participants from BRICS countries to showcase products and services as business-to-business interaction aimed at increasing intra-BRICS trade and investment in the run-up to the main summit.
In addition, the Fair will feature include a series of sectoral sessions that will allow discussions on topics including energy cooperation, accelerating infrastructure, and Importance of Skills for Emerging and Future Jobs.