South Africa Issues Ten Years BRICS Business Visa To Indian Business Executives

southafricaNew Delhi, Sep 29, 2015– The South African High Commission in New Delhi and the South African Consulate General in Mumbai have started issuing ten year multiple entry BRICS Business Visa to qualifying Indian business executives.

“South Africa unilaterally decided to issue the long-term BRICS business visa to further facilitate global economic growth and development by expanding markets and to also promote trade and investment” said Mr Malose Mogale, South Africa’s Deputy High Commissioner to India.

“We believe this initiative will further go a long way in strengthening bilateral economic and trade relations between South Africa and India and thus achieve the $18 billion trade target set by our principals” he added.

In applying for the business visa, companies and chambers of commerce must issue an official letter on their company or chambers letterhead confirming that the applicants are business executives and members of their company or chamber of commerce.

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During the most recent 7th BRICS Summit in July 2015, in Ufa, under the heading “BRICS Partnership: A Powerful Factor for Global Development”- India and South Africa agreed to strengthen the BRICS mechanism, aiming to improve global political and economic governance and to make voices of emerging markets heard in international affairs.

The establishment of the New Development Bank by the BRICS countries has started with a capital of $50 billion which will be hiked to $100 billion in two years. Headed by India’s K.V. Kamath, the bank is expected to start lending funds to its member states while also financing their infrastructure projects.

BRICS is the acronym for an association of five major emerging economies. The leaders held their first formal summit in 2009, and South Africa joined the group in 2010. As of 2014, the five BRICS countries represent almost 3 billion people, or approximately 40% of the world population.