Address by Honourable Shipokosa Paul Mashatile, Deputy President of the Republic of South Africa, at the BRICS Business Welcome Gala Dinner, Sandton, South Africa

Programme Directors, Mr. Weza Matome and Ms. Coretta Mohale;
The ANC Treasury General Dr. Gwen Ramokgopa, the officials from the ruling party and NEC Members here present
The Premier of Gauteng, Mr. Panyaza Lesufi
Our Minister, Dr. Naledi Pandor, Minister of International Relations and Cooperation; Mrs. Thembi Nkadimeng, Minister of Corporate Government and Traditional Affairs, Ministers and Deputy Ministers here present;
His Excellency, Mr. Olusegun Obasanjo, former President of Nigeria;
Ms. Busi Mabuza, Chairperson of the South Africa Chapter of the BRICS Business Council, Dr. Stavros Nicolaou, and members of the BRICS Business Council;
Business leaders, CEOs, members of boards, and associations;
The Deputy Chairperson of the Pan African Parliament, Hon. Dr Ashebiri Gayo;
Ladies and gentlemen;
Distinguished guests,

Good evening, Dumelang, Sanibonani, Riperile, Ndi Madekwana!

I am honoured to welcome you to South Africa ahead of the eagerly awaited 15th BRICS Summit, the first in-person gathering in four years after the COVID-19 pandemic.

We have gathered here to honour the foresight and courage of the BRICS nations. With their vast potential and diverse economies, these nations have joined forces to forge new frontiers and create new opportunities for growth and development. In doing so, these nations have demonstrated that the promotion of a shared vision provides tangible platforms for economic growth. 

In today's interconnected world, collaboration and partnership are crucial for sustainable growth, addressing global challenges, promoting economic stability, and advancing prosperity.

As we stand here tonight, we can reflect on our tremendous progress as a collective. For example, more and more countries worldwide are coming around to the idea of BRICS, as several have indicated an interest in joining or at least participating in BRICS-related forums.

Today, the world takes notice of the bloc because it is at the forefront of the global discourse on currency relations, global payment systems, new trade, and other important, consequential topics. The bloc has established a successful and growing Development Financial Institution (DFI), the New Development Bank (NDB).

We have become major players in the global economy, contributing significantly to international trade, investment, and innovation. Currently, the BRICS bloc represents 23% of the world's GDP and 42% of the world's population. 

Our countries have embraced economic reforms, improved infrastructure, and fostered entrepreneurship, creating an enabling environment for business and investment.

However, we must acknowledge that challenges remain.

Despite our progress, geopolitical tensions, protectionism, and other global uncertainties remain an ever-present menace. We must remain committed to open, equitable, and inclusive trade and resist the temptation to turn inward and isolate ourselves from the rest of the world.

The BRICS nations can shape the future; we can advance sustainable development, champion innovation, and create a more equitable global community. However, we must also address the urgent requirements of our population.

Our nations are home to millions of citizens who should have access to quality education, healthcare, and social mobility opportunities. We must ensure that economic expansion is accompanied by inclusive development that leaves no one behind.

As esteemed leaders and representatives of BRICS businesses, we are presented with a remarkable opportunity to enhance the bonds between our organisations, foster deeper partnerships, and venture into uncharted realms of collaboration.

Yesterday, President Ramaphosa explained in detail why South Africa is a member of BRICS, including its expansion. It is, therefore, imperative that, as a business, you also consider the effects of expansion on your operations.

The expanded BRICS has the potential to attract substantial international investment. It will allow the BRICS nations to increase their global influence and trade connections with various "powerful" emerging market economies.

It is crucial to capitalise on the opportunities presented by countries expressing interest in joining our alliance and extend invitations to foster a mutually advantageous economic alliance that promotes fairness and inclusivity within our market.

Ladies and gentlemen,

While some large corporations have expanded their presence and investments within the BRICS countries, there are concerns that smaller businesses and entrepreneurs have faced entry barriers and difficulties accessing new markets within the bloc.

This has led to uneven economic development among the member nations. We must continue pushing for equitable representation in international decision-making and supporting the post-Covid-19 global economic recovery.

Prime Minister Narendra Modi stated, "BRICS must provide a united and clear voice in shaping a peaceful, balanced, and stable world". We need to capitalise on each other's strengths, which include knowledge, abilities, and resources.

In this regard, we must collaborate to develop the future skills required by BRICS nations, beginning with substantial investment by enterprises in skill development programmes.

The future skill will aid in resolving challenges about energy, water, and health. Our nation is committed to promoting the advancement of skills necessary for the Fourth Industrial Revolution (4IR) and other future-oriented competencies that will contribute to economic growth.

Ladies and gentlemen, our country presents a wide range of opportunities. It remains an attractive destination for investors looking to establish a presence to access the broader African market.

As a signatory to the African Continental Free Trade Agreement (AfCFTA) and a member of BRICS, it would be beneficial to strengthen this partnership further to explore and capitalise on the potential opportunities for enhanced trade, investment, and infrastructure development.

We must consider making strategic investments in infrastructure, as it can significantly contribute to the progress and prosperity of our continent and the global community. It plays a crucial role in promoting human development and addressing poverty-related challenges.

Through the current state of the AfCFTA agreement, we have successfully established the largest free trade area globally, as measured by the number of participating countries.

The agreement establishes a connection among 1.3 billion individuals spanning 55 countries, collectively representing a gross domestic product (GDP) valued at US$3.4 trillion. This initiative could alleviate extreme poverty for 30 million individuals and reduce moderate poverty for 68 million Africans.

The establishment of the expansive AfCFTA regional market presents a significant opportunity for African nations and investors to enhance export diversification, expedite economic growth, and attract foreign direct investment.

Africa offers numerous opportunities for growth and development. Its abundant natural resources, including agriculture and extraction, offer significant roles in national, regional, and global value chains. By transforming challenges into opportunities, Africa can achieve greatness and transform its challenges into opportunities.

At least half of the world's diamond riches are also in Africa. Cobalt, nickel, lithium, manganese, uranium, and rare earth metals are essential for clean energy and the future and are primarily found in Africa.

You, as a business, have the ability to build a brighter future not only for Africa but also for the BRICS community as a whole.

However, as we gather here today, let us also remember the significance of fostering fair and balanced growth. The importance of our commitment to inclusive development cannot be stressed enough.

It is important to prioritise the equitable distribution of the benefits of our economic cooperation, with a focus on promoting job creation, empowering women, and uplifting communities.

In this endeavour, it is important to consider prioritising sustainable practices that aim to protect our environment and ensure the preservation of our natural resources for the benefit of future generations.

Ladies and gentlemen,

The BRICS Business Forum offers a valuable platform for the exchange of ideas, the exploration of investment opportunities, and the establishment of mutually beneficial partnerships.

I encourage you to engage in an open, constructive dialogue to create deeper cooperation and shared prosperity among the BRICS nations.

Let us unite as visionaries, innovators, and change-makers, committed to building a shared future that benefits our citizens and the global community.

Together, we can inspire, empower, and transform. Let us embark on this journey with determination, unity, and a shared vision of a prosperous and sustainable future.

I look forward to a successful 15th BRICS summit in our country over the next three days. 

Thank you, and enjoy the evening.