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ECONOMYBRICS’ investment in South Africa

BRICS executive says nations understand that the mining industry has to benefit suppliers of capital and people living in those countries

IANS
July 15, 2012

Johannesburg: The BRICS investment in South Africa’s mining sector is set to increase in the next few years despite an ongoing nationalisation debate, BRICS Africa Portfolio director Stephen Oehley said here.

In an interview on Friday with Xinhua ahead of the DHL BRICS African Import Export Conference, Oehley said the appetite of the BRICS nations in South Africa’s mineral resources “is not dampened” by the nationalisation debate.

BRICS is an acronym for Brazil, Russia, India, China and South Africa. Organised by BRICS Africa Portfolio, the conference is being held in Johannesburg from July 15 to 17.

“The BRICS nations, having been former colonies of imperial powers, understand more than anyone that the mining industry has to benefit both the suppliers of capital as well as the people who live in those countries,” said Oehley.

The conference sponsored by the business of DHL is set to be a platform to drum-up conversations and partnerships, share knowledge and experiences as well as explore opportunities on how best to improve trade across various economic sectors within Africa and between African countries and the BRICS nations.

BRICS Africa Portfolio, whose core mandate is to push for mutual economic progress of the BRICS nations and the African continent, said BRICS nations must realise vast untapped invest opportunities in Africa and use the BRICS arrangement to unlock the opportunities.

Oehley said there are great opportunities for BRICS nations to invest in a number of sectors in Africa, ranging from mining, agriculture, banking, insurance, retail, telecommunication, education and logistics.

“BRICS is central to global economic stability,” Oehley said.

“When we talk of the economic health of BRICS, we are essentially talking of the economic health of the global economy.

“The BRICS memberships are important not just as consumers but as producers of goods and services. This is not a matter that rests only on China’s shoulders but the entire grouping in collaboration with the rest of the world’s major economies,” he said.

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