By Lesedi Sibiya-Diplomatic Insider 

South African President Cyril Ramaphosa has called on BRICS governments and businesses to shape global economic patterns when speaking at the BRICS Business Forum on Friday in New Delhi.

He urged BRICS countries to deepen their investment in manufacturing, beneficiation, industrial technology, energy, infrastructure and logistics. Ramaphosa also stated that Africa cannot continue to supply minerals needed for the industries in the future while the manufacturing and value addition happens outside of the continent.

 “For too long, developing economic countries have participated in global value chains mainly as suppliers of raw commodities and consumers of goods that are made elsewhere. We should not reproduce that pattern within the expanded BRICS,” said Ramaphosa. 

He also urged companies to establish production facilities and to develop local facilities instead of solely investing to only gain access to new markets.

Approximately 130 South African business leaders had made their travels to India in order to strengthen trade, investment and communal ties with companies that associated with BRICS as well as other partner countries. 

Ramaphosa called for close collaboration between governments and businesses where governments lay out the foundations for trade and investment and companies should identify opportunities for production and commerce. 

The BRICS Business Council was established during South Africa’s BRICS Chairship in 2013 in order to increase private-sector participation in the bloc’s economic programme. 

Ramaphosa has also said that BRICS has reached an inflection point as Global Trade Patterns changed, technological patterns accelerated and climate pressures increased. The changes had forced governments and companies to reconsider where they sourced goods, produced them and invested.

 He described the disruption as a golden opportunity for BRICS to build a more diversified and inclusive economic future for the global South. The presidency also stated that they would increase Indian investment in pharmaceuticals, infrastructure, critical minerals and the electric vehicle battery value chain.

The 18th BRICS Business Summit was hosted by Indian Prime Minister Narendra Modi as India is placed as this year’s chair of the summit. 

The two-day gathering highlighted the massive expansion created by the Bloc, as it represents nearly half of the global population and holds a substantial share of international commerce. 

Among the heads of state present is Russian President Vladimir Putin, Iranian President Masoud Pezeshkian, Egyptian President Abdel Fattah El-Sisi as well as Indonesian President Prabowo Subianto.

 Economic work streams sit at the forefront of the New Delhi agenda as member states continue to push toward new payment systems and de-dollarisation. “Seafarers make a significant contribution to global trade, but they often find themselves without adequate support during difficult times.

 My proposal is: Can we create a seafarers Emergency Support Network?” said Modi during his opening address at the summit. “Through this, Maritime Authorities and Missions of the concerned countries can be connected. It can provide support for distress alerts, medical assistance, informing families and evacuation.” said Modi. 

Modi emphasised on the importance of safe sea lanes and the protection of seafarers, specifically due to the conflict in West Asia. 

“This year’s Brics Summit marks a historic milestone. We are celebrating the 20th Anniversary of Brics. In human life, the age of twenty heralds the beginning of a new phase of maturity and responsibility,” said Modi.

Indian Commerce and Industry Minister Piyush Goyal delivered the keynote address at the opening of the Brics Business Summit and underlined the need for member and partner countries to build deeper, resilient and balanced trade partnerships.

The New Delhi Declaration was launched at the Brics Summit under the theme “Building for resilience, Innovation, Cooperation and Sustainability. 

“We reaffirm our commitment to the BRICS spirit of mutual respect and understanding, sovereign equality, solidarity, democracy, openness, inclusiveness, collaboration and consensus,” the declaration read.

“We recognise the valuable contribution of partner countries to BRICS cooperation. We underscore out strong belief that advancing the BRICS partnership with Emerging Markets and Developing Countries (EDMCs) will further contribute to strengthening the spirit of solidarity and international cooperation for the benefit of all,” the declaration read further.