Ramaphosa strongly advices BRICS partners to invest in Africa’s industrialization
Date
10/24/2024 8:16:51 AM
(MENAFN) Ahead of the BRICS Summit in Kazan, Russia, South African President Cyril Ramaphosa has urged member nations to invest in Africa’s industrialization, emphasizing the crucial role of infrastructure development. Speaking on Sunday, Ramaphosa outlined the potential benefits of collaborative investments to harness the African Continental Free Trade Area (ACFTA) as a catalyst for trade, investment, and industrial growth across the continent.
Ramaphosa highlighted that the success of the ACFTA, which was established in 2018 and spans a vast free trade zone covering most of Africa, relies heavily on substantial investments in infrastructure. The ACFTA comprises 43 member states, along with 11 additional signatories, making it the largest free trade area by member count after the World Trade Organization. It encompasses a population of approximately 1.3 billion people, presenting significant opportunities for economic growth.
During his address, the South African leader invited BRICS countries to collaborate with African nations in developing essential infrastructure such as roads, ports, railways, energy systems, and telecommunications networks. These developments are vital for enabling Africa to industrialize and expand its presence in global trade.
Ramaphosa also underscored the immense growth potential that Africa offers, stressing that this potential can only be fully realized through strategic investments. In addition to infrastructure, he called for targeted support for small businesses and enterprises owned by women. "Africa is home to a young, digitally connected, and increasingly urbanized population," he noted, pointing out the growing emphasis on skills development as a key component for future progress.
As the continent seeks to build a more robust industrial base, Ramaphosa's call to action for BRICS partners is seen as a crucial step toward achieving a more integrated and economically resilient Africa.
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