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Journalism of Courage
South Africa,the largest economy of the African continent,is set to join the group of BRIC nations Brazil,Russia,India and China which will help India in making inroads into the continent hitherto untapped by Indian companies.
BRICSA will also help the forum of the emerging nations have greater say in global issues like WTO negotiations and climate change.
South Africa is the largest economy in Africa and its entry in the group will be an additional value. South Africa has an important role to play as it is a country rich in mineral resources. Its entry will help in pushing global issues like WTO and climate change where developed countries have a different view, commerce and industry minister Anand Sharma told reporters after meeting South African President Jacob Zuma today.
It is expected that South Africa will be accepted formally as a new BRIC member at these emerging powers next summit in April.
Zuma said that emerging countries like India and China will make an important contribution in the restructured global economic scenario.
The BRIC States wield significant diplomatic and economic clout and have become a crucial forum in the evolving multi-polar world order.
As regards trade and investment in South Africa,Sharma said bilateral trade between the two countries is growing rapidly and the $10 billion target is likely to be achieved by the end of the current fiscal,much before the scheduled 2012. Bilateral trade between the two countries stood at $8.4 billion in the first ten months of the calendar year 2010. Several companies including the Tata Group,Ranbaxy,and Vedanta have invested around $6.7 billion till date.
Elaborating on the sectors of strategic importance to India,the minister said Indian power and coal companies have shown keen interest in investing in Africa and the issue was discussed with the business delegates. He said India is also planning to open a diamond cut and polishing centre in South Africa within a years time.
