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the dti hosts BRICS Business Forum

the dti hosted the BRICS Business Forum at the Sandton Convention Centre in Johannesburg on Wednesday, 25 July 2018

Hundreds of delegates from the BRICS bloc of countries - Brazil, Russia, India, China and South Africa - came together for the forum, which was part of the 10th BRICS Summit.

In line with the BRICS Summit theme, BRICS in Africa: Collaboration for Inclusive Growth and Shared Prosperity in the Fourth Industrial Revolution, the Business Forum deliberated on the current global political economy and its implications for BRICS member countries, the implications of the Fourth Industrial Revolution on inclusive growth and transformation, facilitating intra-BRICS trade, as well as fostering BRIC-Africa partnerships.

The Deputy Minister of Trade and Industry, Bulelani Magwanishe, delivered the opening address at the forum. "The rise of BRICS provides an opportunity for emerging economies to revise global economic structure. This is a rare opportunity to strategically deliberate on matters of sustainable and inclusive economic growth," said the Deputy Minister.

In his welcoming remarks, Minister of Trade and Industry Rob Davies reminded the audience of the strategic importance of the BRICS grouping.

"BRICS countries account for more than a third of the world's population and just under a quarter of global gross domestic product," said Minister Davies. "We meet today in a time of enormous turbulence in the global trading system, with the multilateral trading system facing a crisis. Successful trade relations depend on project level definition of way forward and cooperation between partners at that level."

The summit also featured four thematic sessions, with expert panelists discussing the role of BRICS in trade and investment facilitation amid a changing global political economy; promoting and facilitating intra-BRICS investments; the Fourth Industrial Revolution as a catalyst or impediment to growth, inclusive development and transformation; and advancing BRIC-Africa partnerships in pursuit of industrialisation, infrastructure development and integration.