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21
May

Orlando Pirates secured back-to-back Premier Soccer League (PSL) titles on Saturday, when they preserved their two-point lead at the top of the standings with a 4-2 victory over Golden Arrows at the Moses Mabhida Stadium in Durban.

Only one team, Moroka Swallows, had a chance to catch Pirates when the final round of matches began, but Pirates' victory prevented the Birds from snatching the title on the final weekend. Swallows, though, did all they could do, defeating Maritzburg United 1-0 away from home to finish only two points behind the Buccaneers.

Despite the fact that they repeated as champions, it was far from a smooth season for Pirates. Club owner Irvin Khoza's very questionable decision to part ways with coach Ruud Krol after Pirates' won three titles the previous season came back to haunt him when Krol's replacement, Jairo Leal, failed to get the results the Buccaneers were capable of.

Quit

The Brazilian quit at the beginning of April after being suspended in March. The club's comment at the time was that Leal had said he "could not see a way forward".

At the time, the Soweto giants were lying second in the league, but had lost in the preliminary round of the Caf Champions League and had been beaten in the last-16 of the Nedbank Cup by Free State Stars.

Augusto Palacios was appointed to take over from Leal and Pirates responded while some other teams faltered as the season headed towards its climax.

Change of fortune

For Swallows, it was a remarkable season considering how they had narrowly avoided relegation in the 2010/11 season.

The club's change of fortune began the previous when Gordon Igesund, a winner of league titles with Manning Rangers, Orlando Pirates, Mamelodi Sundowns and Santos, was hired and helped Swallows avoid relegation. Given a full season in charge, Igesund lifted the Birds to second in the league as they became the highest scoring team in the PSL.

Much of that had to do with Igesund's ability to get the best out of striker Siyabonga Nomvethe. At the age of 34, Nomvethe produced 20 goals, far and away the leading mark in the league, with Eleazar Rodgers of Santos finishing second with 12 goals to his name.

Gavin Hunt again did wonders with SuperSport United as the club finished third, four points behind Pirates and ahead of big money clubs Mamelodi Sundowns and Kaizer Chiefs, after they closed the season with a 2-1 victory at Bloemfontein Celtic.

Disappointing

For a club with the financial resources of Sundowns, finishing fourth was a disappointing season. For supporters of fan favourites Kaizer Chiefs, a fifth place finish was even more disappointing and that fact was underlined by the dismissal of coach Vladimir Vermezovic in April with seven matches remaining in the season.

Jomo Cosmos continued the club's yo-yo existence of winning promotion and immediately being relegated as they won only two of their 30 games whilst drawing 13 times. They finished eight points lower than the second bottom club, Santos.

The Cape Town club managed a 1-0 win over Cosmos on the last day of the season, but when Black Leopards beat Ajax Cape Town 3-1, Santos was consigned to the playoffs for a place in the PSL next season.

Poor season

On the subject of Ajax Cape Town, it was a poor season for the team which had gone into the final fixture of the previous season two points clear of Pirates, but ended up missing out on the title on goal difference. This time around they managed only ninth place, winning 11 matches, drawing seven and losing 12 times.

The University of Pretoria lifted the National First Division (NFD) title to secure a spot in the PSL next season. Chippa United and Thanda Royal Zulu, after finishing second and third respectively in the NFD, will face Santos in playoff matches for the remaining PSL place.

PSL CHAMPIONS

  • 2011/12: Orlando Pirates
  • 2010/11: Orlando Pirates
  • 2009/10: SuperSport United
  • 2008/09: SuperSport United
  • 2007/08: SuperSport United
  • 2006/07: Mamelodi Sundowns
  • 2005/06: Mamelodi Sundowns
  • 2004/05: Kaizer Chiefs
  • 2003/04: Kaizer Chiefs
  • 2002/03: Orlando Pirates
  • 2001/02: Santos
  • 2000/01: Orlando Pirates
  • 1999/00: Mamelodi Sundowns
  • 1998/99: Mamelodi Sundowns
  • 1997/98: Mamelodi Sundowns
  • 1996/97: Manning Rangers
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We're number one: a Pirates' fan celebrates the team's success (Photo: Orlando Pirates FC)

Category : BOC Publications | World Cup Africa 2010
9
May

US independent power provider Hydro Alternative Energy is in talks with the City of Durban on plans to develop a world-first project that would harvest hydrokinetic energy from the fast-flowing Agulhas current off South Africa's KwaZulu-Natal coastline.

Senior company representatives were currently holding talks with eThekwini Municipality officials on the project, Florida-based Hydro Alternative Energy (HAE) said in a statement on Monday.

HAE said the municipality had given its in-principle support for the project, which would be undertaken in stages, the first stage involving the identification of suitable sites for mooring offshore power generation systems, followed by requests for the necessary environmental permits and power generation licences.

The plan is to develop a US$20-million 1-megawatt demonstration unit, after which additional units 8 MW units would be built "and likewise submerged, approximately 30 metres (98 feet) below sea level, to prevent interference with shipping", the company said.

'One of the most consistent currents in the world'

"The Agulhas is one of the most consistent currents in the world," Derek Morgan of eThekwini's energy unit told The Mercury newspaper. So, if the ocean current generation was to happen, Durban would be an ideal location to start harnessing it.

"If we can get it right, it has the potential to completely transform the city into a green energy location for investment," Morgan said.

'Never been done before'

Company co-CEO Mark Antonucci said that generating electric power from sea currents had never been done before. "All previous sea and wave generation technologies have been tidal based.

"We are very excited about our continued meetings and discussions with our Municipality of eThekwini partner to move this project forward to reality," Antonucci said.

"We again note the commitment of Durban and the eThekwini Municipality to substantially reducing their carbon footprint and becoming 'greener', with the eThekwini Municipality having recently hosted the 17th Conference of the Parties [COP 17] to the United Nations Framework Convention on Climate Change."

SAinfo reporter

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Durban, KwaZulu-Natal province: South Beach (Photo: MediaClubSouthAfrica.com)

Facts and figures, growth, opportunities, investor support - doing business in South Africa at a glance.

Category : BOC Publications | World Cup Africa 2010
7
May

South African President Jacob Zuma has joined international leaders in congratulating Francois Hollande following the socialist party leader's victory in France's presidential runoff elections on Sunday.

Hollande won an estimated 51.05 percent of the votes, beating Sarkozy's 48.95 percent, according to initial results.

"We would like to take this opportunity to extend our congratulations to Mr Hollande and the people of France for a successful election," Zuma said in a statement on Sunday evening.

He said South Africa and France enjoyed strong bilateral political and trade relations, and hoped that the two countries would continue to build on them under the new leadership.

Swing to the left

The win ends 17 years of conservative leadership in France and marks a swing to the left that will mean key policy changes at the heart of Europe.

Sarkozy, swamped by voters' anger at his failure to rein in rife unemployment, became Europe's 11th leader to be swept out by the eurozone debt crisis.

He conceded defeat minutes after the polls closed, and addressed his supporters at the headquarters of his party.

"France has a new president; it's a democratic, republican choice," Sarkozy said. "Francois Hollande is the president of France and must be respected. I just spoke to him on the telephone, and I want to wish him good luck amid the ordeals.

"It will be difficult, but I wish with all my heart that France, our country which brings us together, manages to get through these ordeals, because there is something much bigger than us; it's our country, it's our homeland," Sarkozy said.

'Heavy challenges await us'

Hollande, who will be France's first socialist president since Francois Mitterrand left office in 1995, spoke of bringing hope and change to France.

"The first duty of the President of the Republic is to bring together and link all citizens to communal action so as to face up to the challenges awaiting us, and there are many and they are heavy," Hollande said.

"First of all, to increase production in order to get the country out of the crisis, reducing our deficit in order to control debt, the preservation of our social model to ensure to all the same equal access to public services."

Hollande vowed to rework a deal that called on European governments to cut their debt.

He also promised to raise taxes on big corporations and people earning more than a million euros a year.

France plays an important role in various multilateral forums, including the European Union, United Nations Security Council, G20, and the International Monetary Fund.

Source: BuaNews-Xinhua

South African President Jacob Zuma inspects the Guard of Honour on his arrival in France for a state visit, 1 March 2011 (Photo: GCIS)

South Africa is not only an important emerging economy in its own right - it is also a key gateway to sub-Saharan Africa.

Category : BOC Publications | World Cup Africa 2010
7
May

South Africa's Cabinet has approved a plan to capture and store carbon dioxide, a major greenhouse gas, in deep geologic formations.

"Cabinet endorsed the Carbon Capture and Storage Roadmap," Performance Monitoring and Evaluation Minister Collins Chabane said at a media briefing in Pretoria on Friday.

Carbon capture and storage has been identified in the government's long-term mitigation scenarios plan as one of the options to reduce carbon dioxide emissions, one of the main drivers behind global warming.

"One of government's strategic objectives is mitigation against carbon emissions and adaptation to the impact of climate change," Chabane said following the Cabinet's latest fortnightly meeting.

South Africa relies heavily on fossil fuels (coal, gas and oil) for its energy production.

Chabane said South Africa had voluntarily committed to reduce its CO2 emissions by 34 percent by 2020, and by 45 percent by 2025, on condition that the requisite technological and financial support was provided.

"Carbon capture and storage can reduce CO2 emissions by 80 to 90 percent ... particularly CO2 from sources such as electricity generation plants, coal-to-liquid plants and cement manufacturing plants," he said.

Carbon capture and storage involves capturing CO2 from a point source, such as a power station or coal-to-fuel plant; transporting it, usually by pipeline; and pumping it down a borehole into porous rock formations deep underground, where it is contained and stored.

A recently-released Geological Storage Atlas has identified potential carbon capture and storage areas in South Africa.

It is understood the next step in the carbon capture and storage "roadmap" process will be a test injection of CO2 into a suitable geologic formation, to determine whether such storage can be safely undertaken in South Africa.

Sapa

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Infrastructure, key sectors, policies, development.

Exporting, importing, trade relations, assistance.

SA companies and products making their mark globally.

Category : BOC Publications | World Cup Africa 2010
2
May

President Jacob Zuma, speaking during the hand-over of tractors and cattle to local community projects in Butterworth in the Eastern Cape on Sunday, encouraged South Africans to use land more effectively to fight hunger and poverty.

Zuma was in the province to roll out projects forming part of the Masibambisane Rural Development Initiative (MRDI), which aims to equip communities in rural areas to develop themselves, especially in the area of agriculture.

The MRDI is chaired by Zuma in his capacity as a community member of in Nkandla in KwaZulu-Natal, where the initiative was born before being launched in Qumbu in the Eastern Cape in November.

The government has since become a partner of the initiative, with ministers pledging their support to the programme.

"It is very important, because it is when we work the land that we can quickly change the quality of life for our people," Zuma said.

"If we are sitting doing nothing, the change will take longer, and one of the important things we have to do is to work on the land. It's one of the fundamental things we have to achieve."

Zuma said the government had been assisting communities with agricultural implements to grow food for local markets.

In Peddie earlier in the day, tractors were donated to local agricultural projects.

In Butterworth, Zuma handed over 10 tractors to the Mtshanyaneni Agricultural and Farming Cooperative. More than 100 locals are involved with the project, which focuses on crop and cattle farming.

One of the cooperative's members, Phila Gcasamba, said land was still a crucial tool to address poverty in rural areas.

"For us it's not about waiting for handouts, but we do appreciate when we get assistance here and there, because through these projects people are able to sell what they yield, which in turn ensures some form of income," Gcasamba said.

Source: BuaNews

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South African President Jacob Zuma hands over tractors and cows to communities in the Eastern Cape, 29 April 2012 (Photo: GCIS)

Government, business & civil society initiatives to improve South Africans' lives.

Jobs, skills, urban and rural regeneration, government-business partnerships.

Category : BOC Publications | World Cup Africa 2010
23
April

Universities and colleges that tackle the "green" challenge will better serve their students while helping Africa take leadership on climate change, Higher Education and Training Minister Blade Nzimande said at the launch of the African Green Campus Initiative.

Speaking at the University of Cape Town (UCT) on Saturday, Nzimande called on the country's university and college leaders to sign the Climate Change Commitment Pledge, and so help build on the legacy of the COP 17 climate change summit held in Durban in December.

Helping colleges, universities to 'go green'

Colleges and universities, he said, could help provide students with the skills needed to address climate change and allow them to benefit from the economic opportunities that arose from the solutions they helped develop.

The Department of Higher Education and Training will be supporting the initiative by reducing energy consumption at colleges and universities through recycling, encouraging students to use bicycles and buses, and conducting consumption audits.

It would also look at structuring curricula to include more focus on sustainability, at retro-fitting and creating energy-efficient buildings, and at encouraging universities to procure more "green" products and services.

Nzimande said environmental education was very important, adding that the department was looking at introducing a foundation programme through Further Education and Training (FET) colleges to help students with poor maths and science marks, and that this should also include environmental studies.

The minister said environmental science as an academic discipline also needed to be strengthened.

Car-pooling to reduce carbon emissions

Some universities have already embarked on the initiative - UCT started its own Green Campus Initiative in 2007.

Nzimande said the UCT initiative was started in the university's botany department but soon grew to a campus-wide one, with projects in recycling including waste at residences, the organisation's first UCT Green Week, and the use of car-pooling to cut down on carbon emissions.

"This initiative at UCT is an example of what can be done when there is energetic leadership and commitment."

He conceded that initiatives such as energy-efficient buildings were more difficult to attain, but said his department was currently looking at proposals for infrastructure funding at universities for the current and coming financial years, and that "green" building was one of the key criteria in the approval of new projects.

The African Green Campus Initiative was created and is being funded by the Southern Africa chapter of the Association of College and University Housing Officers International (Acuho-I-Sac) in collaboration with African Compass and PD Naidoo and Associates.

The Department of Higher Education and Training, as well as the Department of Environmental Affairs, are both supporting the initiative.

Students 'genuinely interested'

African Green Campus Initiative ambassodor Richard Parker said that, while students were often more concerned with passing their courses - or with where the next party was - than with going green, there was in fact genuine support and interest in green initiatives among them.

African Green Campus Initiative national committee member Sammy Ellie, from the the Nelson Mandela Metropolitan University (NMMU), said students had indicated in a survey conducted at the university that they would participate more in green initiatives if there were incentives and competitions in place.

NMMU students had been running various green initiatives on waste management and had also signed a green pledge, Ellie said. The university had also helped Eastern Cape farmers to grow Spekboom which, once planted, could be traded for carbon credits.

Source: BuaNews

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African Green Campus Initiative: the University of Cape Town shows the way (Photo: UCT Sustainability Hub)

South African initiatives for "people, planet, prosperity".

Category : BOC Publications | World Cup Africa 2010
20
April

20 April 2012

Deputy President Kgalema Motlanthe has assured Ghana of South Africa's loyal support, saying he hopes the two countries can work together in tackling the challenges facing the continent.

Motlanthe is in Ghana for a working visit which could see the two countries cooperating in the energy sector, among others.

Relations between South Africa and Ghana, one of the most stable multi-party democracies in West Africa, are very good, with both countries maintaining residential diplomatic missions in each other's capitals.

'Shining example of democracy'

Speaking at a gala dinner held on his behalf in Accra on Thursday, Motlanthe congratulated Ghana on celebrating its 55th anniversary of independence in March.

"As one of the African countries holding elections this year, we look up to your excellent track record and good governance in holding free and fair elections. We hope your country will once again serve as a shining example of democratic change."

Motlanthe added that he was pleased that Ghana, like South Africa, continued to play a critical role in peacekeeping and upholding good governance in Africa.

While in Ghana, Motlanthe will hold talks with his counterpart, Dramani Mahama, as well as pay a courtesy call on President John Evans Atta Mills.

On the agenda, according to the Presidency, will be cooperation in areas such as energy and energy-related technology, security, and environmental issues, including the management of national parks.

Trade volumes on the increase

According to the Department of International Relations and Cooperation, Ghana represents a the biggest export market for South African goods in West Africa after Nigeria.

In recent years, trade between the two countries has grown significantly, with South African exports increasing from less than R1-billion in 1998 to over R3-billion in 2009, while imports from Ghana have increased over the same period.

Exports have included vehicles, machinery, mechanical appliances, electrical equipment, base metals, aircraft, vessels and associated products.

"While total trade volumes are still relatively low in global terms, it is expected that these figures will grow," the department said.

There are more than 80 South African companies registered in Ghana.

Motlanthe is being accompanied on his trip by Energy Minister Dipuo Peters, Public Enterprises Minister Malusi Gigaba, and Deputy International Relations Minister Ebrahim Ebrahim.

BuaNews

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Dancers welcome South African Deputy President Kgalema Motlanthe at Kotoka International Airport in Accra, Ghana, 19 April 2012 (Photo: GCIS)

South Africa is not only an important emerging economy in its own right - it is also a key gateway to sub-Saharan Africa.

Category : BOC Publications | World Cup Africa 2010
17
April

South Africa and Germany have launched a research co-operation initiative that aims to foster local skills development and innovation, while providing a platform for further joint ventures in science between the two countries.

Speaking at the launch of the German-South African Year of Science in Cape Town on Monday, Science and Technology Minister Naledi Pandor said that while South Africa had made a significant contribution to technological innovation worldwide, the country remained heavily dependent on imported technology.

For this reason, South Africa had been building science and engineering partnerships with a number of countries. In the case of Germany, this dated back to 1996, when the signing of a cooperation agreement led to the establishment of a joint research fund to support development projects in several sectors.

Pandor said the German-South African Year of Science, an initiative of the Department of Science and Technology and Germany's Ministry of Education and Research, would help both countries to attract more young people to the field.

More than 200 applications were handed in by the science community of both countries during a recent call for proposals under the German-South African programme.

41 initiatives to receive funding

Of these, 41 initiatives had been jointly agreed on and would receive funding.

These include a collaboration between Bauhaus-Universität Weimar and North West University on sustainable resource-based sanitation, and a project between the University of Pretoria and the Fachhochschule Kiel to finance a woman's science conference.

The Year would focus on several strategic areas, including climate change, human capital development, the bio-economy, megacities, astronomy, and health innovation.

"Social innovation or innovation for development is a key component of our collaboration," Pandor said. "Projects such as the Communal Water House of the Ikwezi local community in the Eastern Cape, intended to support management of water resources, is one such example."

Southern African centre for climate change

Pandor also thanked her Germany's minister of education and research, Annette Schavan, for helping to set up the Southern African Science Service Centre for Climate Change and Adaptive Land Management - a joint initiative between Germany, South Africa and several other African countries.

Schavan said the German-South African Year of Science aimed to pool both countries' scientific capacity and strengthen existing research partnerships.

She pointed out that money alone was not the most important thing when it came to boosting innovation and research, but that strong vocational training of students by business was essential.

Companies had to be open to receiving new students for research-type positions, Schavan said, pointing out that the 600 German companies in South Africa were an ideal place for graduates to get good on-the-job training.

Square Kilometre Array

Speaking after her address, Pandor said she hoped that the decision as to who would host the Square Kilometre Array (SKA) radio telescope project would be made on the next expected date.

The decision was delayed at the beginning of the month and a new date has been set for the middle of May.

South Africa, allied with eight other African countries, is competing against Australia (allied with New Zealand) to host the €1.5-billion SKA, an instrument 50-100 times more sensitive and 10 000 times faster than any radio imaging telescope yet built.

Pandor said if South Africa won the bid to host the SKA, it would turn the continent into a place of research, draw more youngster into science and innovation, and improve internet bandwidth for businesses.

"If we have someone winning the Nobel science prize, because using the SKA in Africa they discovered who's out there, and they get the prize because of the SKA, that would just be the cherry on the top," she said.

Source: BuaNews

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South Africa's seven-dish KAT-7 demonstrator radio telescope, located outside Carnarvon in the Northern Cape province. The KAT-7 is paving the way for the 80-dish Karoo Array Telescope (also known as the MeerKAT), due to be commissioned in 2014/15 as a precursor to the SKA – and as one of the most powerful telescopes in the world in its own right (Photo: SKA South Africa)

From satellites to open source, from Antarctica to the Southern African Large Telescope ... news, features and info on science and technology in South Africa.

SA is becoming known for smart thinking. Find out how we're pushing thinking further out of the box.

Category : BOC Publications | World Cup Africa 2010
17
April

South Africa's economic growth is "reasonably stable" but still vulnerable to problems in the eurozone, and the country looks forward "to a far more clear set of actions" from European countries to give certainty to global markets, says Finance Minister Pravin Gordhan.

Gordhan was speaking at a Foreign Correspondents Association breakfast in Johannesburg on Monday, ahead of a G20 meeting on Thursday and Friday where leaders are expected to find out if they are any closer to an answer to the European crisis.

The meeting is also expected to look into whether the International Monetary Fund (IMF) has adequate resources and if it requires additional funds.

'Multi-polarity is where we are heading'

Globally, the world is moving towards multi-polarity, where traditional methods of growth are no longer operational, Gordhan said.

"We are living in epoch-changing shifts in the economy; they don't happen overnight nor can they be judged over a short period. These are shifts that are reflected in the way in which global growth is being distributed.

"Multi-polarity is where we are heading," Gordhan said. "It shouldn't be seen as this enforced historical change that we have to live with, but rather as a vital necessity to ensure that global growth is restored ."

Ratings agencies' comments 'unwarranted'

Gordhan described the decision by some ratings agencies to place South Africa on a negative watch as "an unfortunate casting of European shadows on the South African scene.

"There is nothing to suggest in the numbers or policy pronouncement that this government has made to justify the kind of doubts that rating agencies are placing on South Africa."

There were, however, social demands to better deliver resources. Gordhan said this was not driven by demands for more money to be spent, but rather for money to be better spent and less subject to corruption, a matter which government was attending to.

"We want to build up a 10-year fiscal framework, which will tell us what we can afford and how we need to grow the economy to overcome challenges," the minister said.

South Africa was working to improve growth with its recently announced infrastructure programme, as well as with the competitive programme for the industrial sector, support for emerging farmers, investment in science and technology, and employment expansion - particularly for young people, for whom processes were "taking too long".

"There are immense opportunities on the continent," Gordhan said.

Reducing unemployment

On the issue of reducing unemployment, Gordhan said this ambition depended on the extent of economic growth, labour absorption, as well as greater investment in industries with a larger capability to employ people.

"I admit [we are] not easily going to meet some of the targets we set, but I'm hopeful that some of the programmes we put in place might begin to change the picture. If we can get the global economy to settle down and get back to a growth path, we might see a different picture in about five years."

South Africa aims to create five-million jobs by 2020. Gordhan said more needed to be done, adding that 70 percent of the job creation target had to come from the private sector.

The minister stressed that incentives for business to create jobs were available, and that far more "urgent discussion" was needed in this regard.

Source: BuaNews

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Workers at a plant owned by petrochemicals giant Sasol (Photo: Sasol / MediaClubSouthAfrica.com)

Category : BOC Publications | World Cup Africa 2010
26
March

President Jacob Zuma will lead a high-powered South African delegation to the fourth BRICS summit in New Delhi, India this week - the second summit South Africa will be attending after its ascension to the grouping of powerful emerging economies in 2011.

South Africa's inclusion in the group at last year's summit in Beijing put the country in the league of the world's fastest-growing and potentially most influential group of nations: Brazil, Russia, India and China.

South Africa's inclusion was a recognition of its strategic role in Africa and its ability to act as an interlocutor between Africa and the international community, rather than because of the size of its population or gross domestic product (GDP).

Focus on global issues

According to the Presidency, this year's BRICS summit will focus on global governance matters, including the global economy and international peace and security, as well as sustainable development issues, including climate change.

South Africa "will take advantage of the BRICS summit to advance the African Agenda, seek support from BRICS partners for Nepad infrastructure development and industrialisation initiatives on the African continent, and advocate for reform of global governance institutions," the Presidency said.

The summit takes place on Wednesday and Thursday.

BRICS Business Forum

Business Unity South Africa (Busa) has confirmed that it will be sending a delegation of over 50 companies to the second BRICS Business Forum, which runs in parallel with the summit.

Busa CEO Nomaxabiso Majokweni said the inaugural BRICS Business Forum in Hainan, China last year established a solid foundation for enhanced business ties among the fastest-growing economies in the world.

"South African business needs to leverage on the commercial opportunities offered by Brazil, Russia, India and China for the mutual benefit of the grouping, South Africa and the African continent," Majokweni said in a statement.

Busa said Africa's economic expansion of plus 5% over the past decade had been a direct product of its strategic ties to the emerging world, where the BRICS countries serve as the engine of growth.

Surge in trade with BRICS countries

South Africa's trade with its fellow BRICS economies increased by 108% from 2007 to 2011, compared with a 12% growth in trade with the European Union over the same period.

"The comparison is not to diminish South Africa's commercial relationship with Europe, but to emphasise where the next global growth is emanating," Busa said.

"Business expects further positive outcomes at the upcoming BRICS summit, particularly in the areas of agriculture and food security, information communication technology, energy and finance."

BRICS development bank on the agenda

The body said South African business was also open to discussion on the merits of a BRICS development bank, which could positively affect the financing of infrastructure as well as facilitate trade within the BRICS bloc.

Discussions on mechanisms for currency convertibility among the BRICS countries were also welcomed, but with a caution on pegging the rand to any other currency, Busa said.

South African business has already made inroads into BRICS markets with a number of high-profile investments, including Sasol's coal-to-liquids plants in China and India, SABMiller's investments in the Chinese beverage sector, and Naspers' investment in the Russian ICT sector.

Source: BuaNews, with additional reporting by SAinfo

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The five BRICS countries of Brazil, Russia, India, China and South Africa together account for about 18 percent of global GDP and 42 percent of the world's population

South Africa is not only an important emerging economy in its own right - it is also a key gateway to sub-Saharan Africa.

Category : BOC Publications | World Cup Africa 2010

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