“It was one of the most successful events due to the establishment of the BRICS Development Bank that will see a lot of trade and investment flowing,” Chichi Maponya of Brand SA told CNBC Africa.
“Previously it was all about talk, infrastructure and framework but now it’s about making the relationship work between BRICS nations,” she added.
Maponya said the BRICS Development Bank was the first step towards facilitating trade between the five nations and other economies.
Maponya said the new bank was an added advantage to the existing financing houses and should not be viewed as a competitor.
“The BRICS Development Bank adds to the pool of what is available in terms of capital and funding, though we hope that it will have a new way of structuring transactions and new ways of looking at development funding,” she noted.
“It is not necessarily competing with the others though it is in the same space, I think the more the merrier.”
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South Africa will have the regional centre for the continent as it will help facilitate trade between the regional economies and BRICS countries.
“The African continent is the largest and fastest growing continent amongst all countries continent. The continent has also proven to be the most attractive in terms of investments,” added Maponya.
Maponya said South Africa’s priorities going forward are well captured in the Brics priority areas such as infrastructure, finance, energy, sustainable growth and skills.
She also explained that South Africa was well respected and a very important member of the BRICS group.
“South Africa is well respected because they have led in many spheres such as in legislation, technology and sciences. As we integrate Africa we are going to see more and more of the brand South Africa.”