CAPE TOWN - The 9th Brics Summit was hosted in Xiamen, in the People's Republic of China from 3-5 September 2017 and attended by South African President, Jacob Zuma.
Brics refers to the 5 major emerging economies: Brazil, Russia, India, China and South Africa, all of which are regarded as developing countries on the verge of economic expansion.
South Africa was added to the originally four emerging economies in 2010.
The five countries are involved financially by the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA) which is aimed at securing the countries' financial state.
The NDB African headquarters, New Development Bank Africa Regional Centre will be located in South Africa.
Brics hosts an annual Summit, of which the 9th Summit took place from 3-5 September in China.
The 2017 Summit is themed "Stronger Partnership for a Brighter Future" which resonates with the aim of Brics, to plan for future development and embed international influence within each emerging economy.
Notably, South Africa's National Oil Company, PetroSA has entered a $400 million deal with Russian geological company, Rosgeo on 4 September 2017.
This newly-entered agreement between South Africa and Russia is positioned within the 9th Brics Summit spirit and is envisaged to put forward a new "strategic thrust for the company".
— Russia in RSA 🇷🇺 (@EmbassyofRussia) September 5, 2017
Zuma has further increased the South African bond by inviting Russian President, Vladimir Putin to South Africa. Putin has said he will consider the invitation.
President Zuma is increasingly portraying his commitment to utilise the Brics Summit platform to its full capacity by calling for "full implementation" of the Sustainable Development Goals (SDGs) to eliminate poverty.
The SDGs are Global Goals with the basic intent to eradicate global poverty.
Sustainable Development Goals
Goal 1 End poverty in all its forms everywhere
Goal 2 End hunger, achieve food security and improved nutrition and promote sustainable agriculture
Goal 3 Ensure healthy lives and promote well-being for all at all ages
Goal 4 Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
Goal 5 Achieve gender equality and empower all women and girls
Goal 6 Ensure availability and sustainable management of water and sanitation for all
Goal 7 Ensure access to affordable, reliable, sustainable and modern energy for all
Goal 8 Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
Goal 9 Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation
Goal 10 Reduce inequality within and among countries
Goal 11 Make cities and human settlements inclusive, safe, resilient and sustainable
Goal 12 Ensure sustainable consumption and production patterns
Goal 13 Take urgent action to combat climate change and its impacts*
Goal 14 Conserve and sustainably use the oceans, seas and marine resources for sustainable development
Goal 15 Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
Goal 16 Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
Goal 17 Strengthen the means of implementation and revitalize the global partnership for sustainable development
— United Nations (@UN) September 4, 2017
- BUSINESS REPORT ONLINE