Remarks by President Cyril Ramaphosa on the occasion of the BRICS Business Forum meeting, Kazan

Sunday, 20 October 2024

Your Excellency, President Vladimir Putin,
Fellow BRICS Leaders,
Distinguished guests,
Ladies and gentlemen,

It is a great honour to address the BRICS Business Forum as it meets to expand and diversify trade and investment between our countries.

As a formation, BRICS has an important role in the world. It has the potential to drive significant change in the global economy and international relations.

The historic expansion of BRICS creates further opportunities to foster robust trade and development cooperation. The expanded BRICS group now covers 43 percent of the world's population.

The group together accounts for 27 percent of global GDP and a fifth of world exports. The opportunities for cooperation and economic progress are immense.

The BRICS Business Council has a crucial role in expanding trade between BRICS countries.

As governments, we are committed to support the work of business.

We look forward to the report of the BRICS Finance Ministers and Central Bank Governors to the BRICS Summit on the strengthening of correspondent banking networks between BRICS countries and enabling settlements in local currencies.

As the global economy undergoes far-reaching technological change, BRICS countries must create a collaborative environment for the advancement of digital technology.

E-commerce in particular has great potential to enhance market access and economic growth.

We support the call for international rules and standards on issues such as cross-border taxation and data privacy.

South Africa is ready to play its part in realising the economic potential of BRICS.

In the midst of an improved economic outlook for South Africa, growth forecasts for the next two years have been revised upwards.

Our newly-elected Government of National Unity has prioritised structural economic reform, massive investment in infrastructure and improving the business operating environment.

South Africa has a diverse economic base with developed industries in areas such as manufacturing and services.

We have sophisticated financial services, world class infrastructure and abundant natural resources.

We call on fellow BRICS countries to participate in the growth of South Africa and indeed the rest of the African continent.

The African Continental Free Trade Area is unlocking massive opportunities for trade, investment and industrial growth.

The African continent is looking for partnerships that will unlock the dynamism and potential of its 1.3 billion people.

Africa is home to a population that is young, digitally connected and increasingly urbanised.

Investment in skills development is growing a workforce that will make the African continent an engine of production and growth well into the future.

The success of the African Continental Free Trade Area requires a substantial investment in infrastructure.

We therefore call on fellow BRICS countries to partner with us to build the roads, ports for imports and exports, rail, energy and telecommunications networks that will enable Africa to industrialise and trade with other countries across the world.

To ensure that the benefits of the African Continental Free Trade Area are spread across African societies, we need to ensure that small and medium-sized enterprises and women-owned businesses receive focused support and financing.

I commend the BRICS Business Council, the respective Ministers who have worked very hard and their respective officials and all the business leaders for the excellent work to build an effective and dynamic economic network.

To all the delegates, I am certain that your participation in this BRICS Business Forum will in the end produce great results so that you will be able to move from contact to contract.

I am certain that this Business Forum will help catapult BRICS economies towards a much higher level of more equitable and accelerated growth.

And that it will further increase the standing of BRICS countries in the world's economy.

I wish you all the best with your deliberations.

I thank you.

Link: Video message by President Ramaphosa during the 2024 BRICS Business Forum, Kazan - https://we.tl/t-gU7H8XNDJg