At the BRICS Business Forum in Kazan, Russia, South African President Cyril Ramaphosa called on BRICS nations to increase their investments in Africa, highlighting the continent’s potential for substantial economic growth. Ramaphosa’s speech comes ahead of the BRICS Summit scheduled for October 22-24, where leaders from 32 countries are expected to gather, including 24 heads of state. The South African leader emphasised the critical role that Africa’s infrastructure development and youth investment play in the continent’s economic transformation and international trade competitiveness.
Ramaphosa specifically advocated for BRICS cooperation in developing essential infrastructure projects across Africa, including the construction of roads, ports, railways, and energy and telecommunications networks. He linked these initiatives to Africa’s free trade agreement, which he believes offers immense economic opportunities that can only be realised with adequate investment in key sectors. He urged fellow BRICS members to seize this opportunity, collaborating on long-term, sustainable development projects that would enable Africa to become a major player in global trade.
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The upcoming BRICS Summit is expected to focus on various crucial topics, such as economic cooperation, trade policies, and shared challenges among BRICS members, including geopolitical tensions, the global economic slowdown, and climate change. Brazilian President Luiz Inacio Lula da Silva will participate virtually due to a recent injury, while Chinese President Xi Jinping is confirmed to attend. The summit will also feature new members, such as Egypt, Iran, and Saudi Arabia, underscoring BRICS’ expanding influence and its emphasis on deepening economic and diplomatic cooperation.
In his address, Ramaphosa reiterated South Africa’s commitment to international standards like cross-border taxation and data privacy protection, while strongly advocating for Africa’s development. He stressed that investments in infrastructure and youth development are critical for the continent’s future growth and prosperity. By championing these priorities at the BRICS Business Forum, Ramaphosa reinforced the importance of international collaboration to unlock Africa’s potential and strengthen economic ties within the BRICS framework.
