BRICS 2023 South Africa – And Why It Matters for SMMEs

The meeting of BRICS was held in Johannesburg during the week of the 22 – 24 of August 2023 after much controversy around the attendance of the President of Russia, Vladimir Putin.

BRICS, which stands for Brazil, Russia, India, China and South Africa is an important grouping of nations, that has a significant impact on small, medium and micro enterprises (SMMEs). There are a few reasons why BRICS is important for SMMEs:

1. Market Access: BRICS countries represent a large and growing market with a combined population of over 3 billion people This provides SMMEs with opportunities to expand their customer base and tap into new markets for their products or services.
2. Trade and Investment Opportunities: BRICS nations have been actively promoting trade and investment among themselves. This opens up avenues for SMMEs to engage in cross-border trade, establish partnerships with businesses in BRICS countries, and attract foreign investment, which can contribute to their growth and development.
3. Knowledge Sharing and Collaboration: BRICS countries often engage in knowledge sharing and collaboration in various sectors. SMMEs can benefit from such cooperation by gaining access to new technologies, best practices, and innovative ideas that can enhance their competitive edge and improve their business operations.
4. Financial Support: BRICS nations have established institutions such as the New Development Bank (NDB) and the BRICS Business Council, which aim to support economic development and investment. SMMEs can explore funding opportunities and financial assistance provided by these institutions to help them overcome financial constraints and expand their businesses.

The 2023 BRICS summit was a positive development for SMMEs in South Africa. The new initiatives and commitments announced by the BRICS countries could provide SMMEs with new opportunities to grow and expand their businesses.

These include:

1. The BRICS countries agreed to expand the membership of the BRICS New Development Bank (NDB) to include Argentina, Egypt, Iran, Saudi Arabia, and the United Arab Emirates. This could open up new opportunities for SMMEs in South Africa to access funding and financial assistance from the NDB.
2. The BRICS countries also agreed to establish a new BRICS Business Council to promote trade and investment between the BRICS countries. This could help SMMEs in South Africa to connect with businesses in other BRICS countries and to find new partners and customers.
3. The BRICS countries reiterated their commitment to addressing climate change and agreed to work together to develop clean energy technologies. This could create new opportunities for SMMEs in South Africa that are involved in the renewable energy sector.
4. The BRICS countries also discussed the situation in Ukraine and called for a peaceful resolution to the conflict. This could have implications for SMMEs in South Africa that are doing business in Russia or Ukraine.

SMMEs in South Africa can take the following steps to benefit from the 2023 BRICS summit outcomes:

1. Research the new BRICS initiatives and commitments. This will help you understand how they could benefit your business. You can do this by reading news articles, attending events, or contacting the BRICS countries directly.
2. Attend events and workshops organized by the BRICS countries or their partners. This is a great way to learn more about BRICS and to network with other businesses. You can find a list of upcoming events on the BRICS website.
3. Develop a strategy for targeting the BRICS markets. This should include a plan for how you will market your products and services to these markets. You can also consider partnering with a business in a BRICS country to help you reach your target audience.
4. Stay up-to-date on the latest developments in BRICS. This will help you identify new opportunities and make informed decisions about your business.
5. Use BRICS as a platform to raise your profile. The BRICS countries are a large and growing market, so being involved can help you raise your profile and attract new customers and investors.
6. Look for opportunities to collaborate with businesses in other BRICS countries. This can be a great way to share resources, learn from each other, and enter new markets.
7. Take advantage of the financial support that is available from BRICS. The BRICS countries have established institutions such as the New Development Bank (NDB) that provide financial assistance to businesses.

For more inforamtion about BRICS, click here.

By taking these steps, SMMEs in South Africa can position themselves to benefit from the 2023 BRICS summit outcomes and grow their businesses.