Ramaphosa strongly advices BRICS allies to invest in Africa’s industrialization
Date
10/24/2024 8:39:57 AM
(MENAFN) In a significant appeal to BRICS nations, South African President Cyril Ramaphosa emphasized the urgent need for collaborative investment in Africa's industrialization, particularly focusing on infrastructure development. His remarks came on Sunday, just before the BRICS Summit in Kazan, Russia, where he underscored the pivotal role that infrastructure plays in realizing the potential of the African Continental Free Trade Area (ACFTA).
Ramaphosa outlined that the ACFTA, established in 2018, represents a transformative opportunity for trade and investment across the continent. He described the ACFTA as a driving force for industrial growth, necessitating substantial investments in infrastructure to ensure its success. With 43 member states and 11 additional signatories, the ACFTA stands as the largest free trade area in terms of membership, population, and geographic size, encompassing approximately 1.3 billion people.
Highlighting Africa's immense potential for economic growth, Ramaphosa urged BRICS countries to collaborate with African nations in developing essential infrastructure such as roads, ports, railways, energy systems, and telecommunications networks. He articulated that these developments are crucial for enabling the continent to industrialize effectively and broaden its global trade reach.
In addition to infrastructure investment, Ramaphosa stressed the importance of targeted support for small businesses and women-owned enterprises. He pointed out that Africa is home to a young, digitally connected, and increasingly urbanized population, indicating that investment in skills development is on the rise. By fostering an environment conducive to business growth, Ramaphosa believes that Africa can unlock its full economic potential and position itself as a key player in the global market.
As he prepares to engage with fellow BRICS leaders, Ramaphosa's call for action signals a broader vision for a prosperous and industrialized Africa, one that is built on strategic partnerships and investments that align with the continent's unique challenges and opportunities. The emphasis on infrastructure and support for local businesses reflects a comprehensive approach to driving sustainable economic growth and enhancing the quality of life for millions across the continent.
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