Ramaphosa arrives in Russia, urges BRICS leaders to boost African trade

Ramaphosa arrives in Russia, urges BRICS leaders to boost African trade

President Cyril Ramaphosa arrived in Kazan on Tuesday for a three-day BRICS summit hosted by Russian President Vladimir Putin.

CYRIL RAMAPHOSA BRICS SUMMIT
GCIS

Leaders from Brazil, China, Egypt, Ethiopia, India, Iran, Russia, South Africa, and the United Arab Emirates will meet for the first time since new members were invited to join BRICS during last year’s Johannesburg summit.

The BRICS leaders are expected to discuss the status of their cooperative initiatives, regional and global economic and political developments, and the reform of global governance systems.

The Presidency said the summit provides an opportunity for Ramaphosa to communicate the priorities of South Africa’s seventh administration.

In his address to the BRICS Business Forum, Ramaphosa urged fellow BRICS nations to invest in South Africa and the African continent.

“The African Continental Free Trade Area is unlocking massive opportunities for trade, investment, and industrial growth.

 "Africa is seeking partnerships that will tap into the potential of its 1.3 billion people.

“Our continent, with its young, digitally connected, and increasingly urbanised population, is ready to become a global engine of production and growth," he said.

Ramaphosa emphasised the importance of investing in infrastructure to support the success of the African Continental Free Trade Area .

“We call on BRICS nations to partner with us in building the roads, ports, railways, energy, and telecommunications networks that will enable Africa to industrialise and expand trade globally.

"To ensure that the benefits of the African Continental Free Trade Area are spread across African societies, we need to ensure that small and medium-sized enterprises and women-owned businesses receive focused support and financing," he said.

Ramaphosa said amid an improved economic outlook for South Africa, growth forecasts for the next two years have been revised upwards.

“Our newly-elected government of national unity has prioritised structural economic reform, massive investment in infrastructure and improving the business operating environment.

“South Africa has a diverse economic base with developed industries in areas such as manufacturing and services.

“We have sophisticated financial services, world-class infrastructure and abundant natural resources," he added.

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