BRICS Summit 2023: Enhancing trade investments in Africa

The 15th BRICS Summit is currently underway, with heads of states gathering under the theme Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism. CNBC Africa's Palesa Mofokeng recently interviewed Mtho Xulu, the Chairperson for the Trade and Investment Group, to discuss the summit's plans for trade and infrastructure expansion. Xulu highlighted the primary focus for South Africa this year is centered around maximizing trade and investment opportunities within BRICS and Africa. The aim is to leverage the benefits of being part of the BRICS group to drive economic growth and development in the region. One of the key agenda aims that Xulu's organization is pursuing involves four main recommendations that have been accepted. Firstly, there is a strong emphasis on infrastructure development, particularly in building a cost-effective and reliable local infrastructure base encompassing energy, logistics, and digital connectivity. Secondly, there is a critical need to measure economic partnerships in a data-driven manner to ensure their effectiveness. Thirdly, capacity building and knowledge sharing, especially with economies like India and China, are prioritized for mutual growth. Lastly, enhancing financial cooperation tailored to Africa's unique financial landscape to boost entrepreneurship and investment opportunities is also on the agenda. Xulu also discussed the importance of engaging in business-to-business meetings on the sidelines of the summit to facilitate actual transactions and growth. These interactions allow for direct cooperation among business associations within the BRICS nations and African businesses, aiming to bring Africa more prominently into the BRICS fold. Additionally, Xulu highlighted the opportunities for growth and expansion in various sectors beyond trade and infrastructure, including agriculture, aviation, digital economy, manufacturing, financial services, and skills development. The Trade and Investment Group is strategically focusing on aligning efforts across these sectors to ensure a comprehensive approach to advancing trade and investment in the region. By fostering collaboration and partnerships within and beyond the BRICS nations, South Africa aims to drive sustainable economic development and inclusive growth within Africa. The ongoing discussions and engagements at the BRICS Summit 2023 are poised to shape the future trajectory of trade and investment in the region, setting the stage for mutual prosperity and development.