South Africa's business community expects BRICS summit to boost trade

The BRICS countries (Brazil, Russia, India, China and South Africa) are expected to discuss measures to increase trade among member countries and promote post-pandemic economic recovery. This was stated by Ayanda Ntsaluba, spokesperson from the South African Chapter of BRICS Business Council.

South Africa is engaging with the business councils of the other BRICS countries about these ideas, and leaders of the regional economic communities have been invited to meet with BRICS leaders to discuss business issues, said Ntsaluba in an interview to Xinhua News Agency, a partner of TV BRICS.

Bilateral trade between South Africa and China as well as between South Africa and India is showing impressive growth, he said, adding that South Africa is keen to further increase trade with Russia and Brazil.

Ntsaluba also mentioned that the country would like to explore opportunities to increase exports of South African beef and grapes to China and other BRICS states.

South Africa will host the BRICS summit on 22-24 August. According to an official from the South African chapter of the BRICS Business Council, the entire African continent will benefit from the event.

"We will be exploring ways to find synergies between BRICS and the African Continental Free Trade Area, as well as exploring ways to expand the exchange of skills between countries," said Ntsaluba.

He added that the number of tourists from BRICS countries is expected to increase in South Africa in the near future. In addition, South Africa is ready to step up cooperation with neighbouring states so that travellers can visit other countries in the region as part of special tours.

South Africa is geopolitically distinct and has a cultural and natural diversity that supports the global tourism proposition.

Tourism is a vital contributor to the South African economy. With its extensive labour absorption capacity, it is seen as a development tool, playing a significant role in addressing the country's socio-economic challenges. These include providing employment to individuals with different levels of education and skills, employment of women, including in rural areas and ensuring geographical distribution of benefits. The sector is also important for the external market. In addition, it has an impact on the wider economy due to the linkages with other economic sectors.

The Republic of South Africa took over the BRICS presidency on 1 January 2023. The country took over the post from China and will hold it until the end of the year.

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