The membership is also aimed at global reforms, such as UN reforms, including the expansion of the United Nations Security Council, and in particular the reforms of the international financial institutions.
In this regard, by being in Brics, we are taking an important step towards the implementation of Outcome 11, as well as the New Growth Path and our Industrial Policy Action Plan. We also recognise in the National Development Plan that South Africa has to construct a strong partnership with other African nations and continue to champion the African Agenda. Brics offers possible alternative development models, and the new multilateralism, in the form of diplomatic groupings like Brics and the G20, is crucial for influencing the decision-making processes of the UN, and therefore South Africa's activities in both require strong alignment.
Brics countries still face challenges of poverty and inequality. These challenges can be met through concerted efforts to strengthen second and third-tier government co-operation amongst Brics member states.
The importance of Brics for South Africa is also reflected in bilateral trade relations. International trade centre data shows that despite the continued importance of the Organisation for Economic Co-operation and Development, OECD, to South Africa in terms of investment and development, South Africa's export trade with Brics has grown from 6,2% in 2005 to 16,8% in 2011, whereas its imports from Brics represented 13% of total imports in 2005 and have now grown to 20% in 2011. This growing importance presents opportunities for South Africa's domestic, continental and global objectives. In 2012, South Africa's total trade with the Brics countries stood at almost R300 billion, which represents an annual increase of over 11% compared to the previous year. The New Growth Path emphasises the importance of market development for South Africa's reindustrialisation drive, specifically in the identification of opportunities in the fast- growing economies of the Brics group.
South Africa's development finance institutions, state-owned companies, and the private financial sector, have all been mobilised behind Brics through concrete collaborative projects and mechanisms, such as the Brics business council that will be launched in Durban. The business council will constitute a platform to strengthen economic ties, as well as trade and investment between the business communities of the Brics member states. This will provide technical support, consultative advice and facilitate the implementation of multilateral business projects. The promotion of technology exchanges is also our strategy for Brics engagement.
Our mother continent, Africa, is an important component of our Brics strategy. South Africa has championed an integration and development agenda on our continent. Our President is working together with Nepad through the Presidential Infrastructure Champion Initiative, the PICI. This will further be enhanced by President Zuma hosting the Brics Leaders Africa Dialogue Forum Retreat immediately in the afternoon of the same day of the Brics summit, with the theme, "Unlocking Africa's Potential: Brics and Africa Co-operation on Infrastructure". This is the first time ever that leaders of the continent have been given this opportunity to interact directly with their peers. Leading this delegation will be the heads of state who are part of the Nepad heads of state committee, the chairs of the regional economic co-operations and members of the PICI.
Through such engagements, African leaders are given an opportunity to make sure that we intensify not just integration of our infrastructure, but also integration of our economies - so that all roads don't lead to raw materials leaving the continent, but that we use our raw materials to beneficiate and to industrialise in our own country. South Africans should be positive and optimistic about Brics. Let me now quote what Oxford University Press says about our membership of Brics. It says:
South Africa has a long record of responsible macroeconomic management, which has helped to promote the development of a deep and liquid bond market and reduced external vulnerability. South Africa has strong institutions and a highly developed, well-regulated banking sector that escaped the worst effects of the financial crisis. With the most developed industrial and financial capabilities on the African continent, South Africa's role in the integration of policies, markets, finance, and infrastructure is vital to Africa's economic development and realisation of the continent's potential as a growth pole in the global economy. Outwardly oriented South African companies are among the largest sources of foreign direct investment in Africa, and the country's development financing institutions are playing an increasing role in the funding of regional infrastructure investment.
Moreover, South Africa's foreign policy is not under any influence of any country except our own national interests. As a result, we take an independent and principled stance on foreign policy questions. Besides, we have resources and a fiscal base, as well as a sufficiently diversified economy to fulfil the obligations of our Brics membership. The involvement of emerging countries in Africa, displacing traditional relations which have colonial origins, is what we are about. This is positive for Africa as it brings diversity to our foreign relations and gives countries more leverage in the international arena. This also gives us an opportunity to advance the African agenda, which must not be left out of the equation, because it is Africans themselves who must make good strategic use of the spaces that are being opened up by international systems to renegotiate better terms of their integration into the system for more positive benefits that we all need. South Africa's and Africa's south axis is in line with the objectives of our South-South co-operation.
We joined Brics fully conscious of its strategic value to our long-standing development and interests. We are fully aware that we will have to continue with the collaboration, competition and co-operation. We all have to stand ready to be counted. We believe that the 5th Brics summit will be another major step towards the development of a Brics architecture that covers a wide range of issues from the terrain of ideas and the private sector to trade, development finance, and diplomatic co-operation.
We continue to engage with these Brics member countries also at a bilateral level through different mechanisms. The Department of International Relations and Co-operation will always explore new frontiers of co- operation to strengthen bilateral relations, promote our exports, attract investments, promote the transfer of technology or technology exchanges, enhance people-to-people interaction, and expand the geographic origin of tourists visiting our shores. We are expecting more than 5 000 visitors this coming week, who will be converging on our country for the Brics summit. In all that we do in the world, our vision of a better South Africa in a better Africa and world must inform our actions.
In closing, in 1993 the journal on Foreign Affairs published an article authored by the one and only father of our nation, Nelson Mandela, wherein he stated:
As the 1980s drew to a close, I could not see much of the world from my prison cell, but I knew it was changing. There was little doubt in my mind that this would have a profound impact on my country, on the Southern African region and the continent of which I am proud to be a citizen. Although this process of global change is far from complete, it is clear that all nations will have boldly to recast their nets if they are to reap any benefit from international affairs in the post-Cold War era.
Chair, recasting our net is what this administration under President Jacob Zuma has been doing and continues to do. I take this opportunity to thank you, and again, Chair, I thought it was important that we should share with you this information that all South Africans have been joined together in pursuing a case: working together with all our communities to bring Prof Karabus back home safely from the United Arab Emirates. [Applause.]
I now can share with the House that, through our diplomatic efforts, the medical review committee finally met last night, and we hope for a conclusion by the end of this week that will be positive, which will bring Prof Karabus home safely. I thank you. [Applause.]