00:00 >>
00:03 The South African leader is just starting to
00:05 speak at the BRIC summit.
00:06 Let's go straight and listen to him.
00:08 >>
00:11 Minister Ibrahim Patel,
00:12 your Excellency
00:15 President Louise Lula de Silva,
00:18 your Excellency Prime Minister
00:21 Narendra Modi,
00:24 honourable
00:27 ministers
00:29 and business leaders
00:32 and your Excellency
00:35 President of the New Development Bank
00:37 ,
00:40 I greet you all
00:43 and it is a great honour
00:45 to have this opportunity
00:48 to participate in this leader session
00:50 of the BRIC forum.
00:53 I particularly want to thank
00:56 Mr Sim Chabalala
00:59 for the report that he has just given.
01:02 I particularly underline
01:05 and appreciate
01:08 the message that is coming from all of you
01:10 as business leaders
01:13 about the immense
01:16 opportunities that you see
01:19 in investments
01:22 across the BRIC countries.
01:25 The BRIC group of countries
01:28 exists not only to strengthen
01:30 government to government relations
01:33 but also to forge stronger ties
01:36 between the peoples
01:38 of our five nations.
01:41 It is for this reason
01:45 that several bodies have been established
01:47 since BRICS was formed
01:50 to enable cooperation
01:53 across society.
01:57 Be it in business,
02:00 political parties,
02:02 the social sector
02:05 and also in the sporting sector.
02:08 The BRICS Business Council
02:10 is a vital and vibrant platform
02:13 for strengthening economic ties
02:16 between our respective countries
02:18 and in forging common perspectives
02:21 on inclusive economic growth
02:24 and development
02:27 as we have heard from the report
02:29 that has just been tabled
02:32 by Mr Chabalala.
02:35 The changes that have taken place
02:37 in BRICS economies
02:40 over the past decade have done much
02:43 to transform the shape
02:45 of the global economy.
02:48 Together, the BRICS countries
02:51 make up a core part
02:54 of the global economy.
02:57 They account for a fifth
02:59 of global trade
03:02 and are home to more than 40%
03:05 of the world's population.
03:08 This agglomeration
03:10 of these five countries
03:13 has a major impact
03:16 on various aspects of global
03:18 activity and life.
03:21 As we celebrate the 15th anniversary
03:23 of BRICS,
03:26 trade between BRICS countries
03:29 totals some $162 billion
03:32 last year.
03:35 Foreign investment has played an important
03:37 role in the growth of BRICS
03:39 economies.
03:42 Total annual foreign direct investment
03:44 into BRICS countries
03:47 is four times greater
03:50 than it was 20 years ago.
03:53 The new wave of protectionism
03:55 and subsequent impact of unilateral
03:57 measures
04:00 that are incompatible with WTO
04:02 rules
04:05 undermine the global economic growth
04:06 and development.
04:09 We therefore need to reaffirm
04:11 our position
04:14 that economic growth must be underpinned
04:16 by transparency,
04:19 transparency,
04:22 and transparency.
04:25 It must be compatible with a multilateral
04:35 trading system
04:38 that supports a developmental agenda.
04:41 The type of developmental agenda
04:44 that the five countries
04:47 that are members of BRICS
04:50 must meet
04:53 will require a fundamental reform
04:56 of the global financial institutions
04:59 so that they can be more agile
05:02 and responsive to the challenges
05:05 facing developing economies.
05:08 In this respect, the new development bank
05:11 established by BRICS countries in 2015
05:14 is leading the way.
05:17 Since its formation, it has demonstrated
05:20 its ability to mobilize resources
05:23 for infrastructure
05:26 and sustainable development
05:29 in emerging economies without
05:30 conditionalities.
05:33 Earlier, before coming into this session,
05:36 I was speaking to the president
05:39 of the new development bank
05:42 and she was outlining to me
05:45 how ready and willing the new development bank
05:48 is in terms of supporting
05:51 the development agendas
05:54 of various countries.
05:57 We applaud this and we appreciate this.
06:00 BRICS economies have emerged
06:03 as powerful engines of global growth.
06:06 Yet the rapid economic,
06:09 technological, social changes
06:12 underway create new risks
06:16 for areas such as employment,
06:19 equality, as well as
06:22 poverty in many of the BRICS countries.
06:25 It is
06:28 quite heartwarming to hear
06:31 you as business people
06:34 as one listened to Mr. Chabalala's report
06:37 also focusing
06:40 on issues such as poverty,
06:43 reduction and elimination,
06:46 and inequality as well.
06:49 It isn't often that you hear such
06:52 very positive and forward-looking messages
06:55 from the business community.
06:58 So it's wonderful to be in a forum
07:01 under the aegis of BRICS
07:04 that you as business leaders
07:07 are in tune with the developmental
07:10 agenda that needs to be pursued
07:13 to lift the people
07:16 who live in BRICS countries and beyond
07:19 out of the ravages of poverty and inequality.
07:22 We therefore call on the business community
07:25 to join hands with us
07:28 to identify solutions to these
07:31 and many other challenges
07:34 affecting our respective economies.
07:37 From a South African perspective
07:40 there is massive untapped
07:43 potential for investment
07:46 in our country and indeed
07:49 on the African continent as well.
07:52 In recognition of this potential
07:55 the theme for this 15th BRICS Summit
07:58 is BRICS in Africa
08:01 a partnership
08:04 for mutually accelerated growth
08:07 sustainable development
08:10 and inclusive multilateralism.
08:13 Africa is a continent of great opportunity
08:16 in industrialization process
08:19 in a variety of sectors.
08:22 This continent is rich
08:25 in the critical minerals
08:28 that will drive business success
08:31 in the 21st century.
08:34 The continent has resources
08:37 of lithium, vanadium, cobalt, platinum
08:40 palladium, nickel, copper
08:43 rare earth minerals, rhodium and many others.
08:47 And these are the minerals
08:50 that are bound and are driving
08:53 economic activity
08:56 across the world.
08:59 The countries have made it clear
09:02 that the investors of choice
09:05 are those who will come and invest
09:08 in our continent
09:11 but also process the resources
09:14 here close to source
09:17 so that African countries
09:20 do not export rock and sand
09:23 but export finished products
09:26 as we would like to do.
09:29 We are developing stronger regional
09:32 value chains that will connect
09:35 a number of African countries
09:38 providing investors with diversity
09:41 with strength as well as
09:44 with resilience.
09:47 The African continental free trade area
09:50 creates a single market
09:53 that is expected to grow
09:56 to 1.7 billion people
09:59 and nearly 7 trillion dollars
10:02 in consumer and business spending
10:05 by 2030.
10:08 The success of the African continental
10:11 free trade area will require a massive
10:14 investment
10:17 in infrastructure. We need to
10:20 mobilize the substantial financing
10:23 that is needed to build
10:26 the roads, the ports,
10:29 the rail, energy and telecommunications
10:32 network that will enable
10:35 industrialization and trade.
10:38 It is also pleasing to hear that you
10:41 as a business community, you also see
10:44 this area as
10:47 an opportunity that you can invest in.
10:50 Growth in African economies
10:53 will be driven in the main by small
10:56 and medium enterprises. This requires
10:59 focused as well as
11:02 effective support to these businesses.
11:05 It is important that specific
11:08 financing be directed
11:11 also to women owned businesses
11:15 so that they can harness
11:18 the benefits of the continental free trade
11:21 area.
11:24 We in Africa
11:27 as we seek to grow and develop
11:30 we are focusing on the empowerment
11:33 of the women of our continent
11:36 who have been held back
11:39 through the years of colonialism
11:42 and in our case through the years of apartheid
11:45 through protocols and laws
11:48 and we are saying we need to free
11:51 the women of our continent so that
11:54 they can trade, so that they can be
11:57 in business and grow the economies
12:00 of our various countries.
12:03 Africa has a young digitally connected
12:06 and urbanizing population.
12:09 A population which provides a stable
12:12 workforce for companies
12:15 in the future. The investment
12:18 in skills development
12:21 is continuing to grow.
12:24 These factors all position Africa
12:27 as the next frontier of productivity
12:30 and growth. And BRICS countries
12:33 have an opportunity
12:36 to contribute to and participate
12:39 in Africa's growth story.
12:42 This can be achieved through greater cooperation
12:45 in areas such as infrastructure
12:48 agriculture
12:51 manufacturing, new energy
12:54 and the digital economy.
12:57 I was pleased to hear that these are also
13:00 areas that you as business people
13:03 are focusing on.
13:06 South Africa has an important position in growing
13:09 the African market facilitated by the
13:12 Africa continental free trade area
13:15 and other free trade agreements.
13:18 South Africa's industrial strength
13:21 our mineral endowments and our
13:24 large market opportunities provides
13:27 a compelling value proposition
13:30 for companies wanting to establish
13:33 their businesses here.
13:36 South Africa has significant industrial
13:39 capacity with Africa's most
13:42 advanced industrial innovation and
13:45 fabrication base. Firms that have
13:49 invested here recognize
13:52 that South Africa has deep
13:55 local capital markets and strong
13:58 financial systems. We have a diverse
14:01 and sophisticated economy
14:04 and this country possesses
14:07 world class infrastructure
14:10 skills, abundant natural
14:13 resources, industrial clusters and a host
14:16 of incentives to support
14:19 investment. And many
14:22 investment and partnership opportunities exist
14:25 in renewable energy,
14:28 infrastructure, aquaculture,
14:31 ICT, automotives,
14:34 pharmaceuticals and advanced manufacturing
14:37 amongst others. It is clear from the report
14:40 that we have just received that this has been
14:43 a very productive business forum
14:46 and I'd like as I end to
14:49 commend the BRICS business council
14:52 the respective ministers from
14:55 the BRICS countries and officials
14:58 and all business leaders
15:01 who have made a meaningful contribution
15:04 for the success of this business
15:07 forum and to have all of you
15:10 almost 1,500 I'm told
15:13 to have this, what I see as a
15:16 very successful business forum. I sincerely
15:19 hope that your participation
15:22 in this BRICS business forum will yield
15:25 the productive outcomes that are required
15:28 for us to catapult
15:31 BRICS economies towards more
15:34 equitable and accelerated growth.
15:37 In two hours or so
15:40 the BRICS leaders will sit
15:43 together in a retreat to discuss
15:46 a number of BRICS related
15:49 matters and one of those
15:52 is the expansion of
15:55 BRICS. A number of countries
15:58 some of which are represented here
16:01 are seeking to be part
16:04 of this BRICS family
16:07 and we appreciate that. It goes to show
16:10 that the BRICS family
16:13 is growing in its importance
16:16 in its stature and also in its
16:20 influence in the world
16:23 and we will be taking
16:26 into account the various desires
16:29 of various countries to be part of BRICS.
16:32 So we hope to take
16:35 into account the report of your
16:38 discussions here as well as we consider
16:41 the way forward with BRICS.
16:44 Your participation here
16:47 really strengthens the BRICS story
16:50 it confirms that
16:53 BRICS is an important player
16:56 in the geopolitical and economic
16:59 architecture of the world
17:02 and so we hope that
17:05 it will continue to be so. Thank you very much
17:08 for participating. We thank you.
17:11 [APPLAUSE]
