Arab News

RIYADH: Africa is likely to lead the global economic growth, as the continent is emerging as a key market player.

Busi Mabuza, Chair of the South Africa chapter of the BRICS Business Council, made this prediction during a panel discussion on Tuesday.

The discussion focused on unveiling trade and investment prospects within the BRICS nations.

The official highlighted that intra-BRICS trade has consistently expanded, recording an average annual growth rate of 7 percent over the last decade, showcasing the increasing economic collaboration among member countries.

“These are very compelling numbers. However, the success of the BRICS formation, especially in the past 10 years is that we have now created a model for the world that moves away from the extractive approach in terms of economic engagement toward a collaborative approach where we can all benefit,” Emirates News Agency quoted her as saying.

She said the continent possesses a younger generation, mineral reserves, and various other resources.

“The next wave of global growth will come from this continent,” she stressed.

“It is important that we are sitting here today inviting our BRICS partners because we see that they accept and understand the multilateral approach where there’s mutual respect and all working for a win-win outcome,” Mabuza said.

“As representatives of the business fraternity of the BRICS economies, it is our responsibility to keep the inclusive agenda at the forefront of our cooperation,” Onkar Kanwar, chairman of the BRICS Business Council, the official said.

The official also highlighted visa accords, which he said, will unleash further opportunities.

The BRICS Business Council serves as a forum that advances and reinforces commercial, trade, and investment connections among the business sectors of the member countries.