South Africa has the potential to become a manufacturing hub for the continent if it fixes its infrastructure and refuses to be bullied by larger nations.
Praveer Tripathi, president of the Indian Business Forum, spoke candidly at the BRICS colloquium in Sandton on Thursday, where he called on BRICS countries to assist South Africa in resisting the “bullying”.
Tripathi was part of a panel discussing ways in which trade and investment can be eased between BRICS countries in an era of trade partnerships.
One of the key elements in trade is logistics and South Africa has been brought under the spotlight for its failing rail, road and shipping infrastructure.
Tripathi said with its impressive coastline, South Africa could easily become a manufacturing hub in the shipping industry, easily supplying BRICS countries.
When asked why he thought South Africa was not making use of its position, Tripathi said: “I am not a politician, so I am just going to say it is at is. South Africa lets itself get bullied by powers who have been in power for the last 100 years.”
He said that having a BRICS currency and BRICS directory would be a “game changer” and assist the country in addressing the massive trade imbalance between South Africa and China and South Africa and India.
He said hosting the BRICS Summit 2023 in South Africa would give the government a good opportunity to have these discussions with the leaders of the other nations.
Fellow panellist, CEO of the Development Bank of South Africa, Boitumelo Mosako also spoke frankly and said that South Africa’s trade aspirations would not be materialised without the transport infrastructure being sorted out.
She said it was also extremely important that the private sector assisted with funding to catalyse these projects.
“It is very clear that the State cannot do it on its own.
“It is also quite critical for us to sort this out, as you will see that the Southern region of Africa lagging behind East and West Africa because of the energy and logistical challenges,” she said.
Mosako added that for South Africa to trade with BRICS nations, it would have to strengthen the security around the infrastructure first, and then rollout projects and upgrades.
IOL