Chairperson of the BRICS Business Council Busi Mabuza: BRICS with its growing influence can make a meaningful contribution to the future of global sustainable development
The BRICS Business Council Chairperson said this at the BRICS Industrial Manufacturing Forum
The BRICS Industrial Manufacturing Forum was held on 21 August in Gauteng Province, South Africa. The meeting provided an excellent opportunity for participants to interact with various stakeholders – government members, industry representatives and leading industry associations from all BRICS countries (Brazil, Russia, India, China and South Africa), as reported by TV BRICS.
On 21 August, three panel sessions were held during the forum: “Building a resilient industrial value chain and regional manufacturing Hubs on the African Continent”, “Funding the Growth & Development of Manufacturing”, “Green Industrialisation and Circular Economy”.
Chairperson of the BRICS Business Council Busi Mabuza in her opening remarks emphasised that the meeting will discuss topics that will shape the future of the manufacturing sector not only in the five countries but also globally.
“BRICS, with its expanding influence, has an opportunity to contribute meaningfully to the future of global sustainable development. The world is transitioning towards a green and sustainable path, recognising the importance of building resilient value chains that promote economic growth while preserving the planet and impacting societies in a meaningful way. Africa, with its potential, with its natural resources, with its very youthful human resource base, has a pivotal, a very critical role to play in this agenda”
Busi Mabuza Chairperson of the BRICS Business Council
On the margins of the event the Industrial Development Corporation (IDC) and Bank of China (BOC) have signed a Memorandum of Understanding (MOU) to strengthen regional trade and investment.
As part of the MOU, the IDC and BOC and in the process of concluding a R10bn funding package over five years. This capital support will go into tangible projects spread across, energy, infrastructure, manufacturing, agriculture, and mining sectors.
South Africa’s Minister of Trade and Industry, Ebrahim Patel noted that today the world is faced with unprecedented sets of circumstances that requires and is driving a new and sudden set of industrial shifts.
“To ensure a stable ecosystem for society, the way we power the world needs to be changed. That change coincides with a second big shift, namely the digital and related technological innovations. The digital revolution is now affecting a growing number of economic and industrial activities, and digital networks are changing the way we work, the distribution of roles, and the structure of communication. The growth of artificial intelligence and smart robotics will simultaneously change the world of white collar and blue collar workers in ways we cannot yet fully predict,” stated the Minister.
Piyush Kumar, India’s Deputy Minister of Commerce and Industry, drew attention to the fundamental shifts in the global production and economic system that must be addressed in order to meet the new demands and challenges. And including utilising them to build the capacity of the BRICS member countries and, more broadly, all nations of the global South.
“Manufacturing is significant part of trade and industry and plays a pivotal role in growth of a nation. While its dominance in the economy continues, 21st century has witnessed significant shifts in the what we manufacture, how we manufacture and for whom we manufacture. Technology has not only changed the process, but also the product of manufacturing. Indeed there are new products catering to the evolving consumer wants more than need I must say. Environmental challenges and sustainability concerns have also forced us to diversify products and process of manufacturing in the 21st century,” he said.
Piyush Kumar said that another important aspect to consider is the shifting balance of world trade towards the global South.
Another important development also we need to keep in mind is the shift of global trade balance towards the global south. Today BRICS is the driving force of global growth. BRICS economies are catching up with combined GDP of the G Seven countries and will continue to intrinsically contribute to the global GDP. There is huge potential for increasing mutual trade and investments within the BRICS by leveraging the complementaries in our economies. It is all the more important that big economies to pursue sustainable development in India. Since we are home to more than 1.4 billion of the global population,” he added.
Photo: TV BRICS