UFA,Russia – The seventh Brics summit brought to the fore the need for the five-nation bloc of emerging economies to spur growth in a sluggish global environment, South African President Jacob Zuma told Brics Business Council members on Thursday.
“This august occasion further marks the imperatives of Brics nations,” Zuma said.
“Your Excellencies, this summit takes place against the backdrop of an unfavourable global economic climate characterised by the sluggish economic recovery,” Zuma said.
“The socio-economic challenges that confront developing countries are similar, including poverty alleviation, creation of sustainable development, reducing inequality in standards of living and economic growth.”
Speaking two days after the launch of the Brics New Development Bank, Zuma said the challenges were not new, but Brics nations — Brazil, Russia, India, China and South Africa — had to use their new-found capacity to deal with them.
He added Brics countries were at the forefront of global recovery, with exports to the rest of the world increasing from $1.9 trillion in 2009 to $4.2 trillion in 2013.
“South Africa recognises the fact that in order to strengthen the Brics brand globally, it is imperative to invest all our efforts in making sure that the environment remains conducive for investment and potential investors.”
He said, in this regard, he welcomed the signing of the Declaration on Investment Principles by Brics Business Council leaders, and urged fellow member states to follow South Africa’s example of easing visa regulations for investors to create a unified visa regime within the bloc.
“I am also proud to announce that in 2014, in an attempt to expedite the creation of business to business linkages, the South African department of Home Affairs announced a 10-year multiple entry visa regime for Brics business travellers,” he said.
“I hope this intervention will enable you, the captains of industry, to engage in a process of continuous and sustainable dialogue amongst yourselves and give credence to the true spirit of Brics in the commercial sense.
“Within this context, I implore our fellow Brics members to consider similar measures that will ensure an introduction of a harmonised visa regime amongst us as Brics members.”
The two-day summit is taking place in the southern Russian city of Ufa, against the backdrop of a stock-market crisis in China.
ANA