International Relations Committee Meeting - Roundtable discussion on BRICS and dept briefing re preparation for the 6th BRICS Summit being hosted by SA in Durban on 27 March 2013 - the summit theme is "BRICS and Africa - Partnership for Development, Integration & Industrialisation".
BRICS profile: 25% of global GDP (PPP); 30% of global land area; 43% of global population and USD 4,4 trillion foreign reserves base.
Likely to account for over 50% of global consumption by middle class - earning between $16 & $50 per day by 2050. ALSO collectively account for half of global poverty calculated at World Bank's $1.25 a day poverty line.
BRICS is the principal driver of global economic development.
Africa
¤ has 60% of world's unused arable agricultural land, a young growing population, a growing middle class with considerable purchasing power. ¤ offers highest return on investment of any region
¤ 2nd fastest growing region after Asia
¤ in 2010 six of world's ten fastest growing economies were in Africa - 7 expected in top 10 in next 5 years
Sub-Saharan countries are spending nearly 8% of their GDP on infrastructure ($45billion) but projected needs are double to accommodate expected growth.
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