South African President Cyril Ramaphosa’s March 9-10 state visit to Brazil has been marked by great friendship between these two key Global South leaders. Both Presidents reported in advance that they would discuss “regional and global developments” and “strategic priorities of mutual interest,” with economic development a leading priority. Ramaphosa brought seven cabinet ministers with him, four of whom are responsible for economic matters (Science, Technology and Innovation, Trade, Industry and Cooperation, and Electricity and Energy), plus a business delegation representing the nation’s agribusiness, aerospace, chemicals, defense, energy, engineering, mining, maritime and pharmaceuticals sectors. Today, Ramaphosa was scheduled to address a South Africa-Brazil Business Forum, and meet with Brazilian business leaders to discuss opportunities for their investment in South Africa.
Two of the most interesting projects under discussion which President Lula emphasized in their joint press conference after the two Presidents met, were proposals for cooperation on joint development of critical minerals processing and of defense industries.
“We need to have a concrete survey of what South Africa has in terms of critical minerals and rare earths,” Lula suggested. “Brazil so far knows the potential of 30% of its territory, and we have a lot. And the world has already been warned that Brazil will not do with rare earths and critical minerals what it did with iron ore: sell the ore and buy the finished product at 100 times the price.” Brazil is therefore looking for partnerships in order to process those materials in Brazil, he explained.
