3 October 2007

South Africa hosts the second annual India-Brazil-South Africa (IBSA) summit later this month, with the parties aiming to improve trilateral trade from the current level of between US$6-billion and $7-billion to $10-billion within the next few years.

A business forum will form a major component of events leading up to the one-day summit, with over 200 businesspeople from the three countries to attend discussion groups at the Sandton Convention Centre on 15 and 16 October.

"IBSA is about business," said head of South African Foreign Affairs' Asia and Middle East section Jerry Matjila. "IBSA is about unlocking the potential of the south."

Matjila said the forum provided companies with an opportunity to form trilateral partnerships and joint ventures, to exploit opportunities in the transport, maritime and aviation sector.

He added that increased volumes of air traffic between South Africa and India had resulted in Indian-based Jet Airways announcing plans to start a service between the two countries, and that the government hoped it would be the first of many.

Other discussions at the form will include technology, academia and a women's forum focussing on gender economic inclusivity. A Parliamentary forum has also been scheduled, and will be attended by members of the three countries' Parliaments.

Feedback from the forums will be handed to President Thabo Mbeki, Brazilian President Luiz Inacio Lula da Silva and Indian Prime Minister Manmohan Singh, meeting for the summit at the Presidential guesthouse in Pretoria on 17 October.

Matjila added that the three heads of state would most likely sign six agreements during the summit, related to public administration, higher education, health and medicines, social development, energy and on cultural cooperation.

Also on the agenda for the summit is the IBSA Fund to which each member state contributes $1 million dollars annually.

He said the fund, a rapid response fund providing money to projects where funds usually take a long time to be made available, would be evaluated and South Africa would put forward suggestions regarding countries, like Burundi.

The purpose of the IBSA fund is to implement duplicable, phased projects in needy developing countries.

Source: BuaNews

	India, Brazil and South Africa - three of the world's leading emerging economies - working together to advance the agenda of the South in global affairs (Graphic: IBSA)

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	IBSA  Department of Foreign Affairs  Indian government  Brazilian government

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