Ramaphosa urges BRICS partners to invest in Africa’s industrialization
South African President Cyril Ramaphosa has called on BRICS nations to support Africa’s industrialization efforts, particularly through the development of infrastructure.
On Sunday, speaking ahead of the BRICS Summit in Kazan, Russia, Ramaphosa stressed the need for collaborative investment to unlock the full potential of the African Continental Free Trade Area (ACFTA), which he described as a driving force for trade, investment, and industrial growth across the continent.
“The success of ACFTA requires a substantial investment in infrastructure,” Ramaphosa, who arrived in Kazan earlier today, said.
The ACFTA, a vast free trade zone covering most of Africa, was established in 2018 through the African Continental Free Trade Agreement. With 43 member states and 11 additional signatories, it is the largest free trade area by member count after the World Trade Organization, and the largest by population and geographic size, encompassing 1.3 billion people across the continent.
The South African president invited BRICS countries to partner with African nations in developing key infrastructure such as roads, ports, railways, energy systems, and telecommunications networks to enable the continent to industrialize and expand its global trade footprint.
Africa offers immense potential for growth, but this potential can only be realized through strategic investment, Ramaphosa said.
In addition to infrastructure, he highlighted the need for focused support for small businesses and businesses owned by women. “Africa is home to a population that is young, digitally connected, and increasingly urbanized. Investment in skills development is growing,” he stated.
Ramaphosa also hailed the BRICS Business Forum for its efforts to expand and diversify trade and investment, noting the group’s potential to drive significant changes in the global economy. He highlighted the importance of the recent BRICS expansion, which now includes nations representing 43% of the world’s population and a substantial share of global GDP and trade.
“The historic expansion of BRICS creates further opportunities to foster robust trade and development cooperation,” Ramaphosa stated, noting that the group now accounts for 27% of global GDP and one-fifth of world exports.
He concluded by saying “South Africa is ready to play its part in realizing the economic potential of BRICS.”
BRICS was founded in 2006. Moscow currently chairs the organization, which includes Brazil, India, China, and South Africa, as well as Egypt, Iran, the United Arab Emirates and Ethiopia. More than 30 nations, including NATO member Türkiye, have applied to join, according to Russian officials.
The 16th BRICS Summit will be held in Kazan, Russia from October 22 to 24. Russian President Vladimir Putin is expected to hold talks with Ramaphosa and Egyptian President Abdel Fattah El-Sisi on Tuesday.
