BRICS has become one of the most recognised groupings in the global economy
South African Minister in the Presidency, Mr Jeff Radebe says BRICS has become one of the most recognised groupings in the global economy. He was speaking at the official opening of the 3rd annual innova BRICS conference in London, United Kingdom. The conference is part-sponsored by the South African government through Brand SA.
Radebe says that the BRICS groupings constitutes in excess of a quarter of global GDP, accounting for 43% of the world's population and holding 40% of global currency reserves, estimated around 4,4 trillion US dollars.
He told the conference that the National Development Plan (NDP), has been translated into a 5 year plan– Medium Term strategic Framework (MTSF), with the objective of dealing with the triple challenge of poverty, unemployment and inequality.
"The NDP aims to unlock the institutional, human and structural impediments to higher growth in the country. It offers a framework for faster growth and socio-economic transformation. The BRICS countries are an important part of this strategy," said Radebe.
He added that BRICS countries accord high priority to innovation as a key driver for economic growth.
"Innovation is a powerful engine for development and for addressing social and global challenges. I can also affirm that innovation is centrally located in South Africa's long term economic growth strategy, which includes a focus on the pharmaceutical industry, indigenous knowledge and rich biodiversity; deploying satellites that provide a range of scientific, security and specialised services for government, the public and private sector,"
Radebe further said the National Development Plan has proposed a need for funding and research capacity development programmes to support young, female and black researchers.
"In that regard, we are putting in place an ambitious programme to develop the next generation of academics and researchers. Over the next 5 years, our target is to spend 1.5% of GDP on research and development,"
Minister Radebe noted that the NDP aims to unlock the institutional, human and structural impediments to higher growth in the country. "It offers a framework for faster growth and socio-economic transformation. The BRICS countries are an important part of this strategy,"
Radebe further indicated that South Africa is also committed to developing infrastructure that connects it to the rest of the continent, as part of the African Union's Presidential Infrastructure Championing Initiative
He said the Innova BRICS Forum provides a unique platform to promote closer cooperation between BRICS countries to support our growth, development and poverty reduction objectives, building on our respective economic strengths.
According to Professor Marcus Troyjo of the BRIClab, at Columbia University "BRICS countries have adapted very well to Deep Globalization" He went on to say that if people think BRICS was slow in moving from portfolio capital to building institutions then they must compare it to the G7. He commented on the establishment of the New BRICS Development Bank and the Credit Insurance agencies of these companies cooperating with each other.
Minister Radebe is accompanied by Dr Rob Davies, the Minister of Trade and Industry, Mr Nhlanhla Nene, the Minister of Finance and Ms Faith Muthambi, the Minister of Communications.
Enquiries:
Sidwell Medupe
Tel: 012 394 1650
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E-mail: MSMedupe@thedti.gov.za
