Ramaphosa rallies support for Africa at BRICS Summit
President Cyril Ramaphosa used his opening address at the BRICS Summit to rally support for the African continent.
Ramaphosa told delegates at the Sandton Convention Centre that there is massive potential for investment, not only in South Africa, but on the African continent at large.
"Africa is a continent of great opportunity in the industrialisation process in a variety of sectors. Africa is continent rich in the critical minerals that will drive business success in the 21st Century," he said.
Ramaphosa invited more than 30 heads of state and government from across Africa to attend the summit.
He pointed out that African countries have made it clear that the investors of choice would be those who process the resources on the continent.
"We are developing stronger regional value-chains that will connect a number of African countries, providing investors with diversity, strength and resilience.
"The African Continental Free Trade Area creates a single market that is expected to grow to 1.7 billion people and nearly $7 trillion in consumer and business spending by 2030.
"The success of the African Continental Free Trade Area will require a massive investment in infrastructure. We need to mobilise the substantial financing needed to build the roads, ports, rail, energy and telecommunications networks that will enable industrialisation and trade."
Ramaphosa said Africa requires focused and effective support for its businesses to grow and create employment.
"It is important that specific financing be directed to women-owned businesses so that they can harness the benefits of the continental free trade area.
"Africa has a young, digitally connected and urbanising population, which provides a stable workforce for companies in future. The investment in skills development is growing."
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