KPMG Global Chairman, Michael Andrew, led an insightful roundtable discussion ahead of the Fifth BRICS Summit during his recent visit to South Africa.
The Summit, taking place in Durban this week, is expected to include much discussion on Africa and the opportunities for the BRICS high growth markets to take advantage of what the continent has to offer. South Africa has long been seen as a gateway onto the continent, but could now be facing competition from the likes of Kenya and Nigeria.
Trends indicate that the BRICS nations are converging in Africa through investments and partnerships, aiming to leverage the continent's vast natural resource and mineral reserves for their own continued development.
Andrew opened the discussion by describing the current global economic climate. He indicated that investor confidence was looking more positive in the wake of a very challenging 2012, with clear change in investor behaviour becoming more evident. Because developed economies are not expected to yield much growth in the near future, emerging markets such as the BRICS are garnering increasing attention.
He also talked about South Africa's role on BRICS, and the potential benefits the country's inclusion could offer to the rest of Africa. Read the full story.
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