Africa will lead the next phase of global economic growth: BRICS

Africa will lead the next phase of global growth as it becomes a more significant player in emerging markets. Busi Mabuza, the head of the BRICS Business Council's South Africa chapter, claims this.

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On Tuesday, Mabuza participated in a panel discussion on BRICS trade and investment potential. She informed the audience that over the previous ten years, intra-BRICS commerce had expanded at an average yearly pace of 7%.

These statistics are quite striking. However, the BRICS formation has been successful, particularly over the last ten years, because we have developed a model for the rest of the world that shifts away from an extractive approach to economic participation and towards a collaborative one from which we can all benefit.

The BRICS summit, which will be held in Johannesburg from August 22–24, 2023, under the chairmanship of South Africa, brings together the five main rising economies of Brazil, India, China, South Africa, and Russia.

She added that the continent still has a wealth of resources, including human capital, particularly young people, as well as natural resources and others. She emphasised, as reported by the SA Government News Agency, "The next wave of global growth will come from this continent."

Because we can see that the BRICS partners accept and comprehend the multilateral method where there is mutual respect and everyone works towards a win-win outcome, it is crucial that we sit here today inviting them.

Mabuza has urged the members of the bloc to help industrialise the continent of Africa. here is due to the fact that here is where the next phase of global expansion must occur.

She also emphasised the significance of trade inside Africa as well as concrete coordination and cooperation.

"The infrastructure must be our primary concern. She added that it was essential for people to contact with one another on the continent and that we needed to trade and obtain services from one another.

The chair also discussed regulations like visa accords, which may open up new options.

The BRICS corporate Council is a forum for fostering and enhancing connections between the corporate communities of the five nations in the areas of trade, investment, and business.

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