President Museveni to address BRICS summit

By Hellen Mukiibi

President Yoweri Museveni currently in Durban , South Africa will this evening address the 5th BRICS Summit in his capacity as regional Chairman of East African Community EAC, as well as the Chair of the Common Market of Eastern and Southern Africa (COMESA).

The President invited by his counterpart Jacob Zuma joined heads of state of : Brazil, Russia, India, China and South Africa (BRICS) at the meeting where the leaders are expected to push for a possible formation of a new development bank targeting BRICS and other emerging markets. They will also discuss pooling foreign-currency reserves to ward off balance of payments or currency crises, according to reports. Other issues on the agenda include the role of BRICS as a partner in helping the continent in its infrastructure development and industrialisation drive.

More than 5 000 delegates are attending the summit, which South Africa is hosting for the first time since joining the group of influential emerging economies in 2010. Fourteen other 14 other African leaders , including Egypt’s Mohamed Morsi and Ethiopia’s Hailemariam Desalegn.

This year's summit is being held under the theme of BRICS & AFRICA -partnership for development, integration and industrialization. It is being convened to nurture sustainable cooperation in the achievement of peace, security and development among the Bloc outside the North America and Europe. The BRICS mechanism aims to achieve peace, security, development and cooperation. It also seeks to contribute significantly to the development of humanity and establish a more equitable and fair world.

State House reported that Monday night, President Museveni was among guests at the opening South African Cultural Gala which was also attended by the five Heads of State of BRICS economic bloc namely: President Dilma Rousseff of Brazil, President Vladimir Putin of Russia, Prime Minister Manmohan Singh of India and President Xi Janping of China and the host Zuma.

While in Durban, President Museveni is expected to meet and hold private talks with the new Chinese leader