President Xi delivers a keynote speech at the opening ceremony of the BRICS Business Forum, Sunday, prior to the grouping's ninth summit to be held in the southeastern city of Xiamen. (Photo: Xinhua)

The 2017 BRICS summit officially began in the southeastern Chinese coastal city of Xiamen, Fujian province, on September 3 with a business forum attended by a record 1,200 business executives.

Participants in the gathering include representatives from nearly 80 Fortune 500 multinational companies, Jiang Zengwei, head of the China Council for the Promotion of International Trade, announced at a press conference in Xiamen on September 2. The 632 enterprises taking part in the forum are from sectors such as energy and infrastructure, and emerging industries such as biology and Internet.

BRICS in crucial stage

Delivering a keynote speech at the opening of the forum on Sunday, Chinese President Xi Jinping and host chair of the ninth BRICS summit, said BRICS cooperation was now in the crucial stage of development on the global scale and within member countries. “We have entered the era of development, transformation and adjustment. The world is increasingly becoming multi-polar with a digitalized society where the law of the jungle is rejected and win-win cooperation preferred,” he stated.

Xi recalled that Xiamen was one of China’s four special economic zones way back in 1985 when he started working in Fujian province. Some 40 years on, Xiamen has become a shining example of development and technological advancement. “Xiamen Airlines is doing very well.” “A local saying in Xiamen goes that devote yourself and you will win,” Xi Jinping said. In 40 years of opening up and reform, Chinese have forged ahead fearlessly in spite of the difficulties and challenges, he noted.

According to the Chinese leader, the five BRICS member countries withstood the 2008 world financial crisis shock fairly well. Ever since, the combined gross domestic product (GDP) of BRICS countries has grown by 179 percent, while their urban population has risen by 28 percent, and 3 billion people have received tangible benefits from this economic growth, he disclosed.

Bright BRICS prospects

BRICS has a bright spot in the world economy and cooperative projects have been launched like the New Development Bank and the Contingent Reserve Arrangement, contributing to enhancing global governance. BRICS took the lead in implementing Millennium Development Goals (MDGs) and is now doing same for Sustainable Development Goals (SDGs), the Chinese leader noted.

The achievements of BRICS nations can be attributed to a number of factors. These include treating each other as equals and respecting each other’s development model. BRICS has opted for results-oriented cooperation. “BRICS is not a talking shop, but where members get things done,” President Xi Jinping underlined. Members have chosen to develop themselves to help others with the well-being of the world in our mind. BRICS must now take responsibility in sharing the agony of people who are still caught in chaos and poverty, he said.

Xiamen BRICS summit theme

With theme, “BRICS: Stronger Partnership for a Brighter Future,” the forum is focusing on trade and investment, financial cooperation, connectivity, and the blue economy. Also participating in the summit are the leaders of Egypt, Guinea, Mexico, Tajikistan and Thailand, who will attend the Dialogue of Emerging Markets and Developing Countries during the summit and discuss with BRICS members.

Speaking at last Saturday’s press conference, Jiang Zengwei said trade and investment were necessary for BRICS countries to take new action to improve trade, using the World Trade Organisation model. He said cooperation has been strengthened in the area of stocks and equity. Five BRICS members have strong need for development to resolve issues, strengthen trade and financial cooperation and development.

According to Jiang Zengwei, connectivity is not just about roads and railways, but it must involve a new approach. “There is need to facilitate exchange of personnel and promote cooperation with neighbouring countries,” Jiang noted. Blue economy on the other hand seeks to develop maritime resources and global economic governance, he added.

Expected business forum outcomes

According to organizers, the business forum is expected to provide institutional support to strengthen mutual cooperation, boost the confidence of the business community, strengthen trade, enhance collaboration and cooperation amongst scholars, top managers and chief executives for win-win results. Officials say they are looking forward to enhanced cooperation amongst businesses of the five BRICS countries, the BRICS business community to form BRICS Plus and contribute to policy-making.

Kimeng Hilton Ndukong, a contributor to People’s Daily Online, is Sub-Editor for World News with Cameroon Tribune bilingual daily newspaper in Cameroon. He is currently a 2017 China-Africa Press Centre, CAPC fellow.