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Brics Business Council’s Onkar Kanwar optimistic about summit
As the leaders of Brazil, Russia, India, China and South Africa gather in Johannesburg for their annual meeting, the issue of trade protectionism is set to dominate talks amid Trump's proposed tariffs on the European Union and Beijing. CNBC Africa's Lubabalo Mashiqana spoke to Onkar Kanwar, Head of Brics Business Council, India.
Wed, 25 Jul 2018 10:00:46 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Strong historical ties between Brics countries and Africa pave the way for enhanced cooperation and collaboration
- The establishment of the New Development Bank has bolstered financial cooperation within the Brics bloc
- Focus on technology transfer and tailored investments to address the unique challenges faced by African nations
The Brics Business Council is gearing up for their annual summit in Johannesburg amid growing concerns over trade protectionism and global economic challenges. Onkar Kanwar, Head of Brics Business Council, India, expressed his optimism about the upcoming meetings in an exclusive interview with CNBC Africa. Kanwar highlighted the rich cultural relationship between the Brics countries and Africa, emphasizing the historical ties that bind them together. He pointed out the significant Indian diaspora in South Africa and described the country as a 'home away from home.' Kanwar sees the summit as a strategic opportunity to strengthen cooperation and explore new avenues for collaboration among the member nations. Recent developments, such as Indian Prime Minister's visit to Rwanda and the signing of multiple agreements, indicate the depth of India's commitment to enhancing relations with African countries. Kanwar underscored the importance of leveraging India's technological expertise to spur development in Africa, particularly in sectors like agriculture and food security. The Brics countries collectively contribute to 30% of the world's GDP, making the partnership a vital driver of global economic growth. Kanwar highlighted the establishment of the New Development Bank as a significant milestone in enhancing financial cooperation within the Brics bloc. Looking ahead, Kanwar emphasized the need for increased investment and technology transfer to address the challenges faced by African nations. He acknowledged the skills gap in Africa and stressed the importance of knowledge sharing and capacity building to foster sustainable development. Kanwar called for tailored approaches to investment that align with the unique needs of African countries, moving away from traditional aid-based models towards more mutually beneficial partnerships.
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