BRICS countries should continue to use innovation as a key driver for economic growth – this is the view of Minister in the Presidency, Jeff Radebe.

“Innovation is a powerful engine for development and for addressing social and global challenges,” he stated at the opening of the 3rd Annual InnovaBRICS Conference in London earlier this week.

“I can confirm that innovation is centrally located in South Africa’s long term economic growth strategy,” he continued.

Radebe also outlined that South Africa is determined to develop its research capacity to enable innovation to drive economic growth. In addition he explained that South Africa will also have a special focus on development programmes to support researchers.

“In that regard, we are putting in place an ambitious programme to develop the next generation of academics and researchers. Over the next five years, our target is to spend 1.5% of GDP on research and development,” he pointed out.

Radebe is leading the South African delegation at the conference that also includes the Minister of Trade and Industry, Rob Davies, Minister of Finance, Nhlanhla Nene and Minister of Communications, Faith Muthambi.

The delegation is using the event to punt South Africa’s National Development Plan.

“The NDP aims to unlock the institutional, human and structural impediments to higher growth in the country,” explained Radebe at the event.

“It offers a framework for faster growth and socio-economic transformation. The BRICS countries are an important part of this strategy,” continued Radebe.

He also maintained that InnovaBRICS was a special platform to promote cooperation between BRICS countries to support growth, development and reduction of poverty.

BRICS countries account for 43% of the world’s population and hold 40% of global currency reserves which is estimated at around US$4,4 trillion.