Business
Launch of BRICS development bank still on track
Zuma said South Africa would spend some ZAR4 trillion (US$392 billion ) in the coming years, in rail, roads, energy, water infrastructure development.
Other critical areas of investment were in mining, healthcare, agriculture and energy.
In 2012, total trade within the BRICS grouping amounted to US$6.1 billion, representing 16.8 percent of global trade, according to Zuma.
According to Zuma, it is becoming well known that “the rate of return on foreign investment in Africa is higher than in any other region in the world.”
However, the leaders of the council which was set up during the last BRICS leaders summit in Durban lamented trade barriers that still exist within the continent, like visa regulations and uncompetitive practices.
“A lot still needs to be done in order to ease these conditions and make Africa an attractive investment destination,” said Ma.
South Africa, is the smallest member of BRICS and was admitted into the grouping in 2011.
Copyright 2013 AFP
