South Africa, represented by the Department of Trade, Industry, and Competition (the dtic) and the South African BRICS Business Council, is set to host Inward Buying and Investment missions from Brazil, Russia, India, and China. The initiative aims to foster economic collaboration and attract foreign investment to the country. The missions are scheduled to take place from August 13 to 23, 2023, in various South African provinces, as part of the BRICS Summit Business program.
Preparing for the 15th BRICS Summit
South Africa will host the 15th BRICS Summit from August 22 to 24, 2023, at the Sandton Convention Centre in Johannesburg. As the Chair of BRICS, South Africa will host the event under the theme “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism.”
Facilitating Economic Collaboration
Lerato Mataboge, Deputy Director-General of Exports at the dtic, emphasizes the mission’s role as a facilitator of meaningful connections between international buyers and relevant South African partners. This initiative will help cultivate business partnerships, expand market access, promote value-added exports, and showcase South Africa’s available investment opportunities.
Mataboge points out that the missions will prioritize various industries and products, such as manufacturing, agro-processing, pharmaceuticals, and automotive sectors. This approach enables mutually beneficial collaborations between local and international businesses.
Achieving Economic Growth and Development
The Inward Buying and Investment missions aim to attract foreign investments, foster trade partnerships, generate employment opportunities, and stimulate economic growth. Mataboge further explains that the initiative aligns with the broader objectives of the BRICS Summit Business program, which focuses on promoting collaboration, attracting investment, and showcasing opportunities among BRICS members and the African continent.
South Africa’s Role in BRICS
South Africa joined BRICS in 2010 and attended its first summit in 2011. Since then, South Africa has played a vital role in this forum of progressive emerging market and developing countries. BRICS seeks to restructure the global political, economic, and financial architecture to be more equitable, balanced, and based on multilateralism and international law.
Over the years, BRICS has expanded its cooperation to three distinct pillars: political and security, economic and financial, and social/people-to-people. South Africa pioneered the expansion of BRICS’ outreach through the BRICS Outreach and BRICS Plus initiatives, engaging partners beyond BRICS member nations.
Fostering Deeper Economic Ties
The anticipated Inward Buying and Investment missions in South Africa signal a significant step towards fostering deeper economic ties and collaborations between BRICS nations and their partners. By focusing on strategic sectors and providing a platform for businesses to connect and collaborate, these missions stand to contribute significantly to the country’s economic growth and development. The initiative highlights South Africa’s commitment to strengthening its global partnerships and positioning itself as a key player in the international market.
