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Investment in Africa Urged by President Ramaphosa
President Cyril Ramaphosa Ramaphosa calls for investment in Africa and the business community to collaborate to address the rapid economic, technological, and social changes. President Ramaphosa highlighted that these changes bring new challenges to employment, equality, and poverty across BRICS countries.
According to SAnews, the President emphasised the immense untapped potential for investment in both South Africa and the broader African continent. He underlined Africa’s significance in the industrialisation process across various sectors and its abundant resources, including critical minerals essential for business success in the 21st century. President Ramaphosa particularly stressed that African countries favour investors who process resources locally, a sentiment that aligns with the region’s aspiration for stronger regional value chains.
The summit’s theme is “BRICS and Africa: Partnership for mutually accelerated growth, sustainable development, and inclusive multilateralism.” The gathering brought together Brazil, China, India, and South Africa leaders.
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President Ramaphosa underscored the importance of robust infrastructure investment for the success of the African Continental Free Trade Area (AfCFTA), a landmark initiative designed to create a unified market for goods, services, and the movement of people, fostering economic integration across the continent. He stressed the need to mobilise substantial financing to develop essential infrastructure networks to facilitate industrialisation and trade, thus propelling growth across African economies.
The President also pointed out that small and medium enterprises (SMEs) will drive economic growth in African nations. In this context, he advocated for targeted support to these businesses. He highlighted the importance of directing specific financing towards women-owned enterprises to harness the advantages of the continental free trade area.
President Ramaphosa further highlighted Africa’s potential as a frontier of productivity and growth, with its youthful population and growing digital connectivity providing a robust workforce for the future. He invited BRICS countries to contribute to Africa’s growth story through collaboration in infrastructure, agriculture, manufacturing, renewable energy, and the digital economy.
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The President emphasised South Africa’s strategic role in the growing African market, positioned advantageously by the African Continental Free Trade Area and other free trade agreements. He urged companies to consider establishing businesses in South Africa, highlighting the nation’s industrial capacity, advanced innovation and fabrication base, rich resources, and investor-friendly incentives.
The BRICS group marks its 15th anniversary. Trade between member countries reached approximately $162 billion last year. President Ramaphosa recognised the pivotal role of foreign direct investment in the growth of BRICS economies and praised the establishment of the New Development Bank by BRICS countries in 2015. This financial institution has demonstrated its ability to mobilise resources for sustainable development and infrastructure in emerging economies without imposing conditionalities.
Amid the challenges and transformations, the President appealed to the business community to collaborate with governments to solve the evolving economic landscape and its impacts on employment, equality, and poverty across BRICS countries.
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Picture: X / SpokespersonCHN
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