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
"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: