In an address to the participants of the 15th BRICS Summit’s Business Forum Leaders’ Dialogue, South African President Cyril Ramaphosa emphasized the need for transparency, inclusiveness, and a multilateral trading system to foster global economic growth. Addressing the challenges posed by protectionism and unilateral measures, President Ramaphosa underlined the role of the BRICS economies as potent drivers of global growth over the past decade.
With a quarter of the world economy, a fifth of global trade, and a population exceeding 40 percent of the globe, the BRICS countries continue to reshape the contours of the international economic landscape. In 2022, the aggregate trade between these nations totaled an impressive $162 billion USD, indicating their profound influence in the global market. The president highlighted the pivotal role that foreign investment plays in propelling the growth trajectory of the BRICS economies.
President Ramaphosa’s message was unequivocal in calling for a reiteration of the commitment to economic growth through transparency and inclusivity. He underscored the necessity for adherence to the multilateral trading system that bolsters developmental agendas and the imperative to challenge the prevailing wave of protectionism that disregards World Trade Organization (WTO) principles.
In his address, the president also advocated for the transformation of global financial institutions, urging their enhanced agility and responsiveness to the developmental needs of emerging economies. Notably, he praised the New Development Bank, established by the BRICS countries in 2015, for its remarkable capability to mobilize resources sans conditionalities, thereby contributing to infrastructure development and sustainable progress in these burgeoning economies.
Recognizing the multifaceted challenges posed by rapid economic, technological, and social transformations, President Ramaphosa called upon the business community to collaborate in identifying solutions. He acknowledged the looming risks to employment, equality, and poverty, underscoring the need for concerted efforts to tackle these issues in BRICS countries.
In addition to his emphasis on global economic issues, President Ramaphosa extended an invitation to BRICS countries to invest in Africa. He depicted the continent as the next frontier of productivity and growth, citing its abundant critical minerals and untapped potential for investment in a gamut of sectors including infrastructure, agriculture, manufacturing, new energy, and the digital economy. Furthermore, he highlighted the avenues for investment in skills development, small and medium enterprises, and various other sectors, positioning Africa as an attractive prospect for future investments.
As the BRICS Summit continues, President Ramaphosa’s message resonates as a call to action for leaders, businesses, and nations to collectively navigate the evolving global economic landscape. With an emphasis on collaboration, transparency, and inclusivity, his vision aligns with the broader aspirations of fostering sustainable growth and development while ensuring equitable benefits for all.
