President Jacob Zuma returned home on Wednesday from China, where he attended the 9th Brics (Brazil, Russia, India, China, and South Africa) Summit.

The summit took place from 3-5 September under the theme: “Brics: Stronger Partnership for a Brighter Future”.

Commenting on the summit the Presidency said Zuma “concluded a successful Working Visit to Xiamen”, where South Africa was named as the incoming Chair of Brics.

Leaders discussed issues of mutual concern aimed at achieving development, economic growth and prosperity, as well as peace and security which brought them together in the past 10 years.

They agreed to promote the development of Brics Local Currency Bond Markets and jointly establish a Brics Local Currency Bond Fund, as a means of contributing to the capital sustainability of financing member countries.

The launch of the Africa Regional Centre of the New Development Bank (NDB) on 17th of August 2017 in Johannesburg, South Africa, was “noted with satisfaction” by leaders.

The establishment of NDB was welcomed and lauded as a major milestone for Africa, as it underlines Brics’ commitment to the development of the continent and emerging markets.

“The launching of the Bank, in Johannesburg recently, is indeed momentous. The idea of having our own Brics Bank is historical and a game changer, because it will handle matters of finance in a friendly way to the developing world,” said Zuma.

“The bank will first work with member countries and, with time, will extend to the rest of Africa and other countries.

“The Umzimvubu Water Project and the Moloto Corridor are just two examples of the projects the New Development Bank will work on immediately. We are also glad that the Bank has gained acceptance globally.” 

Brics leaders also met with the Brics Business Council and reviewed efforts and contributions to strengthening economic cooperation in infrastructure, manufacturing, energy, agriculture, financial services, e-commerce, alignment of technical standards and skills development were discussed.

“This year we had the biggest business delegation which indicates the amount of interest Brics has aroused,” said Zuma.

As Chair, South Africa will host the next Brics Summit in 2018.

“We look forward to hosting the Brics Leaders’ Summit in South Africa to take further our programme of development and prosperity for our countries. We have taken from China in this Summit, their incredible sense of organisation, the discipline as well as clear programmes and intended outcomes. We will build on these as South Africa next year,” said Zuma.