With the 10th Bics Summit kicking off today until 27 July at the Sandton Convention Centre in Johannesburg, over a 1 000 dignitaries, heads of state and business leaders from the block’s member states will meet under this year’s theme: “Brics in Africa, collaboration for inclusive growth and shared prosperity in the Fourth Industrial Revolution.”
Convened annually, the BRICS Leaders’ Summit sees the leaders from the five emerging markets hold dialogues rooted in political and socio-economic issues, and identify opportunities for collaboration around trade and economic opportunities.
After South Africa successfully hosted the Brics Summit in Durban in 2013, it is expected that this year’s confab will again stimulate tourism in the country, as international delegates from Brazil, Russia, India, China and other African states convene in the bustling business hub.
Beyond the convention however, travellers from the bloc’s member states have made significant inroads in SA’s travel sector, and supported roughly 26 000 jobs in the country in 2016 through tourism, according to auditor PwC.
A report by the firm found that an estimated R3 billion worth of tourists spend is injected into the country each year by travellers from these emerging markets through travel agents, airlines, accommodation and other travel services.
For every R1 million spent by tourists, the industry contributes around eight jobs to the economy. The report also shared that the same
R1 million in expenditure translates into R1,28 million in GDP.
In the lead -p to the summit yesterday, President Cyril Ramaphosa welcomed President Xi Jinping to South Africa on a state visit. An investment commitment amounting to $14,7 billion towards South Africa was signed by the Chinese head of state.