BRICS Business

In 2017, there were some 130 million Chinese tourists traveling all over the world [Archive]
The first commercial air link between China and Israel opened to passenger traffic on Wednesday when Sichuan Airlines inaugurated its first direct 10-hour flight to Israel from Chengdu, capital of southwest China’s Sichuan Province to Tel Aviv.
The flight scheduled for every Sunday and Wednesday, will employ the Airbus A330 aircraft and is expected to meet demands of the ever-growing Chinese overseas tourism market.

Ramaphosa’s plan focuses on youth, women and small businesses, but was short on detail [GCIS]
South African President Cyril Ramaphosa on Friday unveiled his stimulus and recovery plan to boost economic growth after the economy entered a technical recession in the first half of this year.
“Fellow South Africans, it is generally agreed that in order for our economy to grow at a rate that will lead to job creation on a meaningful scale we need to significantly increase the level of investment,” said Ramaphosa in Pretoria.

Final sales grew 2 per cent in second quarter as exports surged 13.7 per cent
South Africa recently hosted the 10th BRICS Summit amid growing global trade tensions[PREUSS]
The South African economy reaped the benefits of a weaker rand as real final sales, which is gross domestic product (GDP) less the change in inventories, grew by 2.0 per cent on a quarter-on-quarter (q/q) seasonally adjusted annualized (saa) basis in the second quarter after exports surged by 13.7 per cent on the same basis, while imports grew at a slower rate of 3.1 per cent.

BRIC tourist numbers to South Africa rose by 6.1% in 2017, but still 23.4% below 2013 levels

South African recently hosted tourism exhibitors from 23 African countries [PREUSS]

The release of the Tourism 2017 report by Statistics South Africa (Stats SA) this week showed that although there was a strong rebound in 2016 and 2017, the country was still suffering from the misguided imposition of more stringent visa requirements in October 2014, as the number of overseas tourists from South Africa’s BRICS partners, remained below their 2013 levels.

The Prime Minister Narendra Modi delivering his keynote speech, at the plenary session of the World Economic Forum, in Davos on January 23, 2018 [PMO, India]
India’s benchmark Bombay Stock Exchange SENSEX has continued to break records this week.
On Wednesday the 30-share exchange broke its record to reach 38,061 before settling just below the 38,000 mark. At press time Thursday it is at 38,012, marking the first time ever it has reached this level.

With BRICS espousing multilateralism, a number of African and Asian leaders were invited to Johannesburg [PPIO]
South Africa’s business community said yesterday that it strongly supported BRICS commitment to endorse multilateralism while standing against protectionist trade policies that hurt global growth.
During a meeting of industry leaders and government officials in Johannesburg, CEOs and senior business pundits stressed that emerging economies should reject unilateralist initiatives and work instead toward an inclusive agenda that promotes free trade.

South Africa will host the BRICS Vaccine Research Centre
BRICS leaders say multilateralism is facing unprecedented challenges [PPIO]
 
South African President Cyril Ramaphosa in his media briefing wrapping up the progress of the Tenth BRICS Summit mentioned the defence of the multilateral trading system first, but also highlighted the importance of the BRICS outreach programme as South Africa had hosted 31 countries in addition to its BRICS partners.

In order to deal with new technologies like AI and cryptocurrencies, BRICS nations must work together, Ramaphosa, center, said [PPIO]
 
BRICS countries are being urged to embrace the rapidly developing technologies which have carved a fourth industrial revolution but to do so in a fully collaborative approach.
South African President Cyril Ramaphosa says that while this digital revolution is the next threshold for BRICS countries, they should work together to ensure that emerging economies have a level playing field.

BRICS is no longer in need of proving to the naysayers its sustainability and viability. The time has now come for it to expand its membership and reach among emerging markets.
South Africa today hosts the 10th BRICS Summit amid growing global trade tensions[PREUSS]
 
The world was in the grips of a growing financial crisis when Brazil, Russia, India and China first agreed to form an economic bloc in 2008.

Davies said the delegates who will comprise captains of industry, heads of state-owned entities and government leaders will deliberate on strategic economic matters affecting the future of BRICS. [BRICS5]
More than 1,000 delegates from Brazil, Russia, India, China and South Africa (BRICS) will gather at the Sandton Convention Centre in Johannesburg tomorrow, Wednesday, 25 July 2018 for the BRICS Business Forum which will takes place as part of the 10th BRICS Summit.