At the meeting of business leaders from India and South Africa, President Cyril Ramaphosa highlighted the significant potential of South Africa's strategic minerals and India's vast manufacturing capabilities as a basis for strengthening the bilateral economic growth of the two countries.
In his opening speech at this meeting, Ramaphosa advocated for the responsible use of the country's critical and strategic minerals, as well as the utilization of India's enormous manufacturing potential as a cornerstone for mutual economic development. His address came just before the official 18th BRICS Leaders' Summit, which was taking place at Bharat Mandapam in New Delhi.
Ramaphosa presented a vision of mutual prosperity closely linked to the management of strategic resources, rather than their exploitation, which he believes has led to the decline of Africa. He stated that the strength of the partnership between South Africa and India is determined by achieved results, not signed agreements, thereby signaling a shift towards pragmatic, results-oriented cooperation.
The President emphasized the shared responsibility of both countries to attract investment, trade, exports, and innovation while ensuring sustainable development. During his speech, he specifically highlighted the necessity of local processing and production, advocating for African nations to manage their own raw materials instead of allowing external entities to benefit.
He expressed disagreement with a future where 'Africa supplies minerals upon which the next generation of industries depends, while added value and production occur elsewhere.' This thought resonated with current discussions on resource ownership and economic sovereignty.
Addressing India's role in the BRICS coalition, Ramaphosa expressed gratitude for the significant investments made by Indian enterprises in South Africa. Over 150 Indian companies have collectively invested more than $10 billion, creating jobs for over 18,000 South Africans. This fruitful collaboration has set a standard for foreign investment in South Africa, fostering the spirit of partnership that Ramaphosa stressed.
He also noted that many leading South African companies have invested in India's growth, confirming the reciprocal nature of the emerging relationship. As discussions continue amid strained relations between the US and South Africa, there is a growing call for BRICS nations to expand their trade systems, possibly using their own currencies.
Prime Minister Narendra Modi also supported the ideas of inclusivity in his opening remarks, calling for an end to the 'pyramid of power and privilege' in global governance. He stated that 'The pyramid of power and privilege must end. Today, the Global South is at the forefront of global crises but at the bottom rung of the decision-making process. We must transform this pyramid of privilege into a platform of partnership where every nation has a voice, every member has a share, and the development of humanity lies at the core of every effort.'