Ramaphosa urges BRICS nations to pursue value-added growth - IOL

President Cyril Ramaphosa has underscored the importance of BRICS member states and invitees taking charge of their economic future. On Friday, during his address at the BRICS Business Forum Leaders' Dialogue, held ahead of the 8th BRICS Summit in New Delhi, Ramaphosa emphasised the need for developing economies to partake equally in global value chains rather than merely serve as suppliers of raw materials.

Speaking to an audience comprising business leaders, entrepreneurs, and investors, Ramaphosa articulated a vision where countries of the Global South can shift from being mere exporters of commodities to robust players in production and manufacturing. "As BRICS, we find ourselves at an inflection point. As the global economy is reshaped, as trade patterns shift, as technological advances accelerate and climate pressures increase, countries and companies are compelled to reconsider where they source, produce, and invest," he noted.

The President's remarks come at a critical time, as South Africa navigates the challenges posed by shaky international relations and seeks to strengthen connections within the BRICS framework, with recent media reports revealing that Ramaphosa is weighing his much-anticipated reply to Donald Trump's demands, amid challenges with United States aid, trade preferences, and strained bilateral relations.

The current climate of uncertainty has been compounded by US Ambassador to South Africa Leo Brent Bozell III's message from Trump, delivered to the South African statesman on 26 August.

"Our ambition must extend beyond increasing intra-BRICS trade to deepening the productive relationships between our economies. For us, this is an opportunity to shape a more resilient, diversified and inclusive economic future for the Global South," he stated.

Ramaphosa urged investors to focus on establishing production facilities that would bolster local capacities, shifting the narrative that has often seen Africa’s wealth extracted without commensurate returns in value addition.

"We cannot accept a future where Africa supplies the minerals on which the next generation of industries depends, while value addition and manufacturing take place elsewhere," he emphasised.

The forum serves as a vital platform for deepening economic ties and encouraging business-to-business cooperation among member countries, where discussions surrounding value creation, technology, and higher-value manufacturing continue to evolve.

Following his address, Ramaphosa held an engagement with the Senior Vice President of Motherson Modules and Polymer Division, Tom Joseph, on the margins of the 18th BRICS Summit in New Delhi, Republic of India.

The engagement forms part of the President’s programme of engagements with business leaders during the Summit, providing an opportunity to connect South Africa’s economic priorities with private-sector partnerships and investment opportunities.

Ramaphosa's sentiments were echoed by his Russian counterpart, Vladimir Putin, who, during his address at the same gathering, accused the West of trying to regain its global leadership "by any means necessary," including through "unsavory" methods.

"We have constantly been told that competition is a ‘sacred cow’ — something that must not be touched at all. Unfortunately, however, our Western competitors are currently trying to regain their former leadership by any means necessary," said the Russian leader.