Africa is the current frontier for growth and prosperity and the opportunities from an investment perspective are limitless, says President Jacob Zuma.

The President was addressing the Brazil, Russia, India, China and South Africa (BRICS) Business Council Special Session for South Africa, held on the margins of the Ninth BRICS Summit, Xiamen, China, on Sunday, 3 September.

President Zuma reiterated that Africa remained a continent of great opportunity with lots of potential.

"Despite the recent challenges, Africa's household consumption and business spending are both growing strongly, offering companies a US$5,6-trillion opportunity by 2025 according to the latest Mckinsey Report.
"However, Mckinsey predicts that output could expand to nearly one trillion US dollars in 2025 if Africa's manufacturers were to produce more to meet domestic demand from consumers and businesses, and work with governments to address factors hindering their ability to produce and export goods," said President Zuma, adding that these statistics could not be ignored.

The President further called upon the BRICS partners to collaborate with South Africa in a few areas, including investing in supply and development programmes in Africa; skills development and technology transfer; and also engaging in projects that would support inclusive development and equal partnerships.

According to President Zuma, within the BRICS context, South Africa has some primary goals, which are to see development and inclusive economic growth; promote value-added trade among BRICS countries; and promote investment in productive sectors.

The President further acknowledged the sterling efforts made by the BRICS Business Council in advancing the country's developmental objectives.

"To this end, I would like to applaud the initiatives championed by the council as it relates to small and medium enterprise development, skills transfer programmes, increasing collaboration with the New Development Bank, the discussions surrounding the establishment of a BRICS rating agency, e-commerce collaboration and the issuance of an Investment Guide, among others."

An important development is also the recent launch of the Africa Regional Centre of the New Development Bank in South Africa. V Source: SAnews.gov.za