AU chief says ready to work with BRICS Business Council

African Union (AU) Chairperson Nkosazana Dlamini-Zuma on Tuesday voiced readiness to work with the BRICS Business Council.

Close partnership between Africa and the BRICS Business Council is crucial in advancing BRICS Africa investments and enabling the group to push for Africa's economic growth and social development, Dlamini-Zuma said in an interview with Xinhua on the sidelines of the council's first meeting in Johannesburg.

She said the AU is ready to work with BRICS to facilitate regional and continental investments.

However, Dlamini-Zuma urged Africa business and governments to increase their "confidence" in investing in the continent in order to lure more BRICS investments.

"We hope that working with the BRICS Business Council, we will achieve our economic growth and development in all our sectors," Dlamini-Zuma said. "(But) to achieve this as Africa we must start to have confidence to invest in Africa, our own continent."

More than 200 prominent business leaders from BRICS countries and 19 African countries attended the two-day conference. Issues that featured high on the agenda included investment opportunities, value-added trade, infrastructure, African industrialization and the BRICS Development Bank.

"Mobilising Africa and foreign investment remains a challenge in Africa but if we as Africans start to have confidence in investing in our continent this will not remain a challenge," Dlamini-Zuma said in her speech at the meeting.

BRICS is an acronym for the powerful grouping of the world's leading emerging market economies, namely Brazil, Russia, India, China and South Africa.

The BRICS Business Council was established at the 2013 BRICS summit in Durban held in March, with a mandate to promote business, trade, manufacturing and investment ties among the five member countries on the one hand, and the bloc and African countries on the other.

"We want Africa to show the lead in investing in the continent. We need to create conducive environment for investment. We need to create a conducive environment for ourselves and those who come to invest in our countries," Dlamini-Zuma said, calling on African governments to ensure their policies are investor friendly.

Although South Africa is the only African country in the BRICS group, Dlamini-Zuma lauded the "good relationship" between Africa and BRICS member states and called on BRICS and Africa to forge ahead and cooperate in developing Africa.

"Africa has great expectations from BRICS nations," she said. "We hope Africa working with BRICS will achieve its economic growth, development in all sectors and regional integration."

She also urged BRICS businesses doing business in Africa to create a culture of honest in working with Africa governments by respecting tax related legislations.

In a communique issued at the end of the meeting, the council called on their respective governments to "accelerate" the establishment of the BRICS Development Bank.

In order to realize the objective as outlined in the founding declaration concerning corporation in business trade investment, the BRICS council appeals to the governments to accelerate the formation of the bank, the communique said.

The council insist that the bank will aid in closing the funding gaps constraining investment in infrastructure projects across participating countries and Africa.

Experts also believe the bank will boost infrastructure development projects in the African region. The bank was agreed upon by BRICS heads of state at the BRICS's fifth summit in Durban.

The council also urged member states to facilitate convenience in expediting multiple-entry business visas and create BRICS business travel cards.