Saturday, 25 December 2010

S.A joins elite club.

From here.

Johannesburg - South Africa has been proffered a place among the elite of emerging market economies: the Bric club comprising Brazil, Russia, India and China.

Bloomberg on Friday reported that South Africa had been formally invited to join the group, quoting Chinese Foreign Minister Yang Jiechi.

The report said that Chinese President Hu Jintao wrote a letter to President Jacob Zuma, inviting him to the Bric nations' third heads of state meeting in China next year.

South Africa was not invited to a similar meeting last year in Russia.

"We believe that South Africa will be beneficial to the development of Bric cooperation and the facilitation of cooperation among emerging market nations," Bloomberg quoted the ministry as saying.

Although the size of South Africa's economy pales in comparison to the other Bric countries, it alone accounts for a significant proportion of sub-Saharan Africa's gross domestic product.

SA has sought membership of Bric because of its influence in the rest of the continent.

According to Bloomberg, Yang spoke to Foreign Minister Maite Nkoana- Mashabane by phone on Thursday to inform her of the decision.

Goldman Sachs economist Jim O'Neill coined the Bric term in 2001 to describe the four emerging market giants.

6 comments:

Anonymous said...

I doubt that you would post the following article, but then again, you are very biased:

http://www.news24.com/SouthAfrica/Politics/Analysts-SA-shouldnt-be-part-of-elite-group-20101224

But analysts, including the man who coined the term Bric, said the country does not have the same economic calibre as the group's other members.

"In terms of my thesis of economics, it doesn't make a huge amount of sense," O'Neill told AFP.

"There are lots of other emerging nations that have more people and/or considerably bigger economies than South Africa.

The Rooster said...

As one of the world largest economies that has grown massively the past 10 years, as well as our position and influence in Africa, the fastest growing economic region in the world, we're an obvious choice for an invite to the Bric enconomies.

Exzanian said...

Happy New Year to you old Rooster! You indefatigable old Roger!

Tally-ho, I hope things are going to be alright this year...For my money, I'd advise the corrupt old guard of the ANC to step aside (or perhaps retire into roles more suitable to ancient, out-dated, often priapic, and let's face it, worthless, struggle credentials - maybe they should become Gurus, or advisors, whatevs.... FFS, the battle's been won, somebody PLEASE break it to the fuckin' ANC!)

and make way for the new emerging black, business-centric, meritocratic loving middle class! (and the remaining whites who bravely defend that patch of land, rah-rah)

God help us all to get RID of those vile, arrogant chauvinistic despots and their pathetic clinging onto power because "We Liberated South Africa".....

March on New World, there is not gonna be space for the old anymore, no SIR...We don't need no South Zimbabwe...

Anonymous said...

Hi Rooster I see you're giving That Other Blog a miss. Can't say I blame you. A real old, old, old yawn it is too. All that bluster and no substance. They still dream of a Volkstaat, ffs. Where they can do Apartheid all over again. Ffs.

The Rooster said...

Well not so much a skip. I just find the whole thing tiresome. You'd swear when people for years and years are screaming and moaning that the sky is falling that something bad might eventually happen. Shrug.

The Rooster said...

You have to laugh at my fellow South Africans. What other group of people in the world are so self loathing that when their country gets honoured like this they throw a strop and a sulk. What possible bad could come from this ? Lol. Fucking retards.