More opportunities for growth after pandemic says BRICS Business Council

By Lerato Mawela
Category: Business

Closer cooperation between government, business and civil society is required to ensure communities are not left behind in the economic recovery that follows the global pandemic.

This was the consensus opinion of high-level representatives from South Africa, China, India, Russia, and Brazil who attended the BRICS Business Forum, hosted by the BRICS Business Council, over the past 10 days. The meeting was hosted in Russia, but delegates participated in a virtual forum.

Ms Busi Mabuza, the chairperson of the South African Chapter of the BRICS Business Council says the participants shared issues and lessons from their experiences towards a common vision for sustainable inclusive development. This will be converted into tangible initiatives which will benefit South Africa and the African continent.

“We have agreed on the importance of a shared and common vision for sustainable inclusive development,” says Ms Mabuza. “The meeting took place at a time of great economic uncertainty that is aggravated by the Covid-19 pandemic.

“However, we are encouraged by the promising signs of recovery emerging in our respective economies.”

Throughout the ten sessions over the last ten days, the South African delegation gave emphasis to the benefits that will flow from the African Continental Free Trade Area which offers a market of more than 1.3 billion people with the majority of the population under the age of 25. This offers the prospects of an emergent young middle class that will create a dynamic environment for entrepreneurship – especially within the digital economy.

The council identified the need to improve digital literacy and access to affordable digital infrastructure. “This must be extended to our entire population, both young and old, and living in both urban and rural communities,” says Ms Mabuza.

The high-level South African delegation who participated in the Forum consisted of leaders from government, business, and the emerging business sector. Topics covered in the discussions included the role of public-private partnerships, healthcare challenges, food security, responsible development finance institution (DFI) funding, digital and green economies and female entrepreneurship.

The Economic Reconstruction and Recovery Plan recently announced by President Cyril Ramaphosa was presented as an example of what should be achieved in future through investments in cross-border corridor developments, digital infrastructure, and renewable energy.

The business sectors in the BRICS alliance were encouraged to study the plan and grab opportunities to invest in key future projects in South Africa, says Ms Mabuza.

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