LIVE: Dr Survé elaborates on the challenges and benefits of BRICS
CAPE TOWN – Dr. Iqbal Survé, Executive Chairman of Sekunjalo, Siboniso Nxumalo, Joint Head of the Old Mutual Global Emerging Markets Boutique, and Yunus Hoosen, head of investment at the dti kick off the Raging Bull Summit with a discussion on BRICS.
Dr. Survé began the discussion by explaining the development of the BRICS business council and the new BRICS development bank.
While he was in Davos, Switzerland at the World Economic Forum he stressed the importance of SA investment opportunities. The world is changing, Survé acknowledged China’s growing dominance over the United States and India’s new tech development has made the world take notice.
We as the investment community need to see these developments and given the fact that South Africa is part of the BRICS group, we need to take the lead, Survé explained.
Siboniso Nxumalo, Joint Head of the Old Mutual Global Emerging Markets Boutique began his presentation on the importance of BRICS states. He stressed the already growing partnership within the BRICS states and ephasised that South Africa is one of the countries which presents “phenomenal opportunity”.
According to 2016 data conducted by Old Mutual Emerging Markets Boutique, investment prospects from 2008 to 2016 proved fruitful for BRICS countries. The data shows that if $100 dollars was invested in 2008, South Africa would give one of the best returns. However, this does not exclude the economic drive that China, India, and Russia have.
China is identified as one of the biggest players in BRICS. “BRICS is all about China”, adds Nxumalo. He says that in order to expand BRICS into the global emerged market, BRICS countries should either buy from China or sell to them. Nxumalo says that China performed an “economic miracle”. It re-emerged as a competitive country, adding great value to investments and returns.
China and India both will determine the global drive of BRICS.
“India has the largest potential in BRICS. It has lots of people and the highest STEM (Science, Technology, Engineering, and Mathematics) graduates”, said Nxumalo. Hoosen echoed this sentiment as he addressed the attendees on BRICS. “India had a modest recovery and rebounded fast. The BRICS states will become a dynamic force in the global arena”, Hoosen empahsised.
South Africa can definitely learn from this. The optimistic stance is that we are not far behind. “We have a modern financial system, we have a demanding market and it is easy to do business with South Africa”, said Hoosen.
The BRICS market will soon become a market that will be tapped on globally, producing a profitable outcome and will become global leaders in the economic forefront.
– BUSINESS REPORT ONLINE