Post date: May 09, 2013 5:24:10 PM
Jacob Zuma says South Africa's joining of the BRICS group of emerging economies has given a boost to the whole continent.
CAPE TOWN, SOUTH AFRICA (MAY 9, 2013) (REUTERS) - President Jacob Zuma said South Africa's membership of the BRICS group of emerging economies represented a turning point for the whole of Africa.
Zuma made the comment during the World Economic Forum on Africa meeting, which opened in Cape Town on Thursday (May 9).
"Africa has changed. The very fact that we had the BRICS summit, I think it indicates the kind of change. I believe that the membership of South Africa to BRICS represents, I think, a very important turning point to Africa's economic activities and connectivity to the globe. You are all aware that many major events over centuries have bypassed us. Africa seemed not to be existing, when the world was active in many ways. This time around, I think the BRICS link indicates that Africa cannot be bypassed by the events that are changing the landscape, economically, politically and socially of the world," he told delegates.The BRICS group began as an idea in a 2001 research note by a Goldman Sachs banker, who coined the term BRIC to refer to fast-growing big countries Brazil,Russia, India and China, on a path to overtaking the world's rich nations in economic power.
They have held annual summits since, in 2010 adding South Africa, the largest economy on its continent, although it barely cracks the global top 30 and is a twentieth of China's size.
At the Cape Town summit, the Chair of the African Union, Nkosazana Dlamini Zuma, said not just South Africa but the whole continent should be moving forwards.
"Of course, we think that in the next 50 years, Africa should be described as a prosperous continent at peace with itself. We think it's achievable," she said.
Infrastructure and energy have been identified as crucial to the continent's economic transformation in the next decade.
Delegates said the Cape Town forum was a place where real change could be initiated.
"Well there are two aspects to the forum. There's the public setting and the public events which always, perhaps, are a little bit of a talking shop, where you get the normal generalities and platitudes coming out. But, it's really the private bi-lateral meetings and discussions where there is actually a lot going on. There's a lot of excitement as well. There's some new themes coming out that can make a difference," said Emerging Markets Economist Peter Montalto.
There are over 1000 participants at this year's 23rd annual World Economic Forum, with the theme of "Delivering on Africa's promise".
Twelve heads of state are attending as well as more than 600 business leaders.