Tam Tam ExpressThe theme of the V1 BRICS Summit taking place in Fortaleza, Brazil is “Inclusive Growth”. Each member country has hosted one meeting and this year South Africa hands over to Brazil who hosted the first Summit in 2009. The BRICS grouping is becoming a leading power in global economic development. It’s contribution to global economic growth over the last decade has reached 50%. What can we expect from this Summit? In some cases BRICS have replaced Africa’s traditional partners. Are we going to see more of that? An initiative that is on the agenda is the BRICS development bank. What is the importance of such a Bank? South Africa is ranked as the world’s richest country in terms of its mineral reserves…..does that give it a comparative advantage within BRICS? Opportunities abound in Africa as businesses rally for space in this huge market. Foreign interest is growing, despite the economic crisis. As labour becomes more expensive in Asia, multinationals are eyeing Africa’s workforce, particularly in its fledgling manufacturing sector. Tune in to this edition of “Tam Tam Express” for more!
