BRICS Summit To Strengthen Economic Ties With Africa — Leadership Newspaper
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BRICS Summit To Strengthen Economic Ties With Africa

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By Bukola Ogunsina, Beijing, China

As China prepares to host the 9th BRICS Summit at Fujian Province this coming September, from 3 to 5th the Deputy Executive Director of the China Asian Cooperation Centre,  Dr Zeng Aiping has disclosed that the Summit will further enhance the existing economic ties between BRICS member countries and Africa. The groups global shares have risen from 11 to 16 percent in recent years, with Foreign Direct Investment to African countries rising from seven to 12 percent, he said.

The Deputy Executive Director said this while hosting 27 African journalists participating at the 2017 China Africa Press Centre programme. The theme of this year’s BRIC’s meeting is ‘BRICS: Stronger Partnership for a Brighter Future’.

“China attaches importance to the development of Africa. Some other African countries will participate in this summit,” Dr Zeng noted. He further emphasised that the group’s bank, African Regional Centre for New Development Bank has been opened in South Africa to support the continent. “This will strengthen economic ties between BRICS member countries and Africa,” he said, adding that in the past ten years the BRICS contribution towards the economy has reached 50 percent which makes the group not just vital for its member countries but for the entire world.

In a report made available by Xinhua, China’s news agency, the President of Brazil, Michel Temer pointed out that in recent years, BRICS has made great progress in the group’s institutionalisation process and financial field, with the creation of the New Development Bank and the Contingent Reserve Fund.

“The New Development Bank is a real example of BRICS’s capacity for realization. The Bank allows mobilization of financial resources in an innovative manner for infrastructural and sustainable development projects, both priorities in our countries,” he said.

Temer has indicated that Brazil will seek real convergence among the bloc members on economic and financial issues and common challenges. Personally congratulating the Chinese President Xi Jinping on China’s presidency of BRICS, Temer, applauded the Summit’s preparatory process and reiterated his country’s commitment to strengthening and increasing cooperation among the BRICS members. “We see in the BRICS a space of dialogue between great countries and an opportunity to promote cooperation for the mutual benefit of our peoples,” he said.

According to the report, the Brazilian President states that Brazil will focus on areas of the economic and financial sectors to include, infrastructure financing, investment attraction, regional aviation and customs cooperation as well as areas which represent common challenges, such as healthcare, cooperation in intelligence, research and development.

Annual investment in research and development from BRICS countries accounted for 17 percent of the world’s total, with high-tech exports reaching about 6 trillion U.S. dollars, about 28 percent of the world’s total, with publications of science papers from BRICS countries totalling 590,000, the report also revealed.

While the Brazilian President will be in China from Tuesday, the Indian Foreign Ministry has said that Prime Minister Narendra Modi will attend the BRICS summit held from September 3-5 in China’s Xiamen.

Topics on the table will range from global trade to governance and climate change. The BRICS summit will also involve the first BRICS business leaders’ forum where leaders of industry can exchange ideas and build new partnerships. According to reports, five extra countries have been invited to join the 2017 Summit.

BRICS is made up of five member countries namely; Brazil, Russia, China, India and South Africa.



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