LISTEN: Ramaphosa urges more investment in Africa
President Cyril Ramaphosa has encouraged business delegates at the BRICS summit to invest in Africa, saying it will be mutually beneficial.
Ramaphosa delivered his opening remarks at the 10th BRICS summit in Sandton on Wednesday.
Over the next few days delegates from Brazil, Russia, India, China and South African counterparts will discuss ways in which to achieve inclusive economic growth.
“As South Africa, we are determined that our engagements within BRICS and other multilateral platforms should advance the integration and development of the African continent,” Ramaphosa said at the Sandton Convention Centre.
“There is great potential for investment in Africa. In past decade Africa grew at a rate of 2 to 3% points faster than the global GDP. With regional growth predicted to remain stable above 5% in 2018. This growth will be supported by increasing foreign direct investment flows, public investment in infrastructure and higher agricultural production.”
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Ramaphosa said Africa’s working-age population is also expected to double to 1 billion people in the next 25 years.
“More opportunities are going to be presented by the agreement to establish the African Continental Free Trade Area, which provides access to a market of well over a billion people and a combined GDP of $3 trillion.”
He told delegates the value of the free trade area, which has been signed by 55 African countries, will depend on infrastructure investment and skills development.