China boosts its trade ties with Africa by signing a number of new deals with Tanzania as competition heats up for the continent’s mineral wealth and oil reserves. 2000 chinese companies are dealing with African continent and doing business in africa.’
2013 Brics Summit
The 2013 BRICS summit will be the fifth annual BRICS summit, an international relations conference attended by the head of states or heads of government of Bric nations
The city of Durban, located on the coast of the Indian Ocean, Republic of South Africa, hosts on 26-27 March Bric summit. BRICS is an acronym that refers to the founding members of the BRIC group comprising Brazil, Russia, India and China which now includes Africa
The BRICS nations hold a combined foreign-currency reserves of $4.4 trillion and has 43 percent of the world’s population and is currently rapidly growing in their economic power.
Heads of state BRICS 2013
BRICS’ – Brazil’s President Dilma Rousseff, Russia’s President Vladimir Putin, India’s Prime Minister Manmohan Singh, China’s President Hu Jintao and South Africa’s President Jacob Zuma.
India has increasingly grown its manufacturing base in china and done telecom deals in the past with African businesses. In recent news the biggest emerging markets are uniting to tackle under-development and currency volatility with plans to set up institutions that encroach on the roles of the World Bank and International Monetary Fund.
Chinese President Xi Jinping will set out plans for mining and infrastructure development on a trip to Africa this week and during his eight-day trip Xi, 59, stops in Tanzania, Congo Republic and South Africa, he’ll sign business cooperation deals and attend a summit of BRICS nations
Economic data shows that the BRICS now account for 25 percent of global GDP and 40 percent of the world’s population.
The leaders in the 2013 summit , in South Africa will gather to discuss a proposal to challenge World Bank domination with a new “World development bank” . The grouping of Brazil, Russia, India, China and hosts South Africa are racing to elaborate on proposals for an infrastructure-focused lender that would challenge seven decades of dominance by the World Bank.
The proposal of this new bank will be competition to World Bank, the International Monetary Fund which has its roots in the US