Johannesburg: President Cyril Ramaphosa has called on BRICS governments and business communities to use the grouping as a platform to deepen investment and trade, reshape existing economic patterns, and transform the economies of countries across the Global South. Addressing the BRICS Business Forum on Friday, the President emphasized the need for governments and businesses to go beyond merely increasing intra-BRICS trade and focus on deepening productive relationships between economies.
According to South African Government News Agency, President Ramaphosa stressed the importance of not accepting a future where Africa merely supplies the minerals that future industries depend on while value addition and manufacturing occur elsewhere. He highlighted the need to change where value is created by directing investment towards manufacturing, beneficiation, industrial technologies, energy systems, infrastructure, and logistics.
The BRICS Business Forum, which brings together business leaders, ministers, and heads of state, serves as a platform to discuss trade, investment, finance, technology, and development challenges shaping the BRICS economic agenda. The forum plays an agenda-setting role, with its conclusions and the Business Council's recommendations regularly reflected in BRICS Summit declarations and follow-up work plans.
Ramaphosa urged companies to invest not just to access markets but also to establish production facilities and develop local capabilities. He emphasized that the question is no longer about the potential within BRICS but about the ambition, instruments, and partnerships needed to convert this potential into economic value for the people.
He pointed out that as BRICS finds itself at an inflection point, with global economic shifts and technological advances, there is an opportunity to shape a more resilient, diversified, and inclusive economic future for the Global South. He warned against reproducing old patterns where developing economies are relegated to being raw commodity suppliers.
President Ramaphosa also highlighted that economic cooperation should not be the sole responsibility of governments. Instead, he called for a compact where governments create enabling conditions for trade and investment while businesses seek out production and commerce opportunities.
Arriving in New Delhi for the 18th BRICS Summit, President Ramaphosa continues to advocate for stronger BRICS trade, as the Summit, chaired by India, aims to strengthen cooperation among its expanded membership and advance the interests of the Global South.
