President Ramaphosa urges BRICS countries to participate in South Africa's growth story

Cyril Ramaphosa, the President of South Africa, has emphasized that due to the country's urbanized populace and the potential to provide a stable workforce in the future, there exists an opportunity for BRICS countries to contribute and engage with Africa's journey of growth.

Speaking at the BRICS Business Forum Leaders’ Dialogue in Johannesburg today, Ramaphosa said, “Africa has a young digitally connecting and urbanizing population. A population that provides a stable workforce for companies in the future. The investment in skills continues to grow.”

“These factors all position Africa as the frontier of productivity and growth…And, BRICS countries have an opportunity to contribute to and participate in Africa’s growth story,” he said, as per a speech broadcast on South African Broadcasting Corporation (SABC).

The South African President further said that this can be achieved through greater cooperation and areas such as agriculture, and the digital economy as South Africa is in an important position to grow the African market. He said that South Africa’s industrial strength and large market opportunities provide compelling opportunities for companies wanting to establish businesses in Johannesburg.

“We require a fundamental reform of the global financial institutions so that they can be more agile and responsive to the challenges facing developing economies,” Ramaphosa said at BRICS Business Forum in Johannesburg, in a speech broadcast on SABC.

“Growth in African economies would be driven by small and medium enterprises. This requires focused and effective support for these businesses. It is important that specific financing is directed also to women-owned businesses so that they can harness the benefits of their continental free trade area,” he added.

As the South African President went on to speak further at the forum, he also highlighted how the country is focussing on the empowerment of women.

“We in Africa as we seek to grow and develop, are focusing on the empowerment of the women of our continent who have been held back through years of colonialism, and in our case through the years of apartheid through protocols and laws. We need to free the women of our continent so that they can trade, be in business and to grow the economies of our various countries,” Ramaphosa added. 

PM Modi expresses gratitude towards South African President for inviting him

Prime Minister Narendra Modi, who is also participating in the 15th BRICS Summit at the invitation of South African President Cyril Ramaphosa also spoke at the event and expressed gratitude towards South African President Cyril Ramaphosa for inviting him and organizing the meeting.

Delivering an optimistic outlook for India's economic future during his address at the BRICS Business Forum Leaders' Dialogue in South Africa. He highlighted India's remarkable growth trajectory and emphasised the nation's readiness to become a USD 5 trillion economy and a pivotal driver of global economic growth.

“My heartiest congratulations on the 10th anniversary of the BRICS business council. In the last 10 years, the BRICS Business Council has played a vital role in enhancing our economic cooperation,” PM Modi said. 

“In 2009, when the first BRICS Summit was held, the world was just coming out of a massive financial crisis. At that time, BRICS emerged as a ray of hope for the global economy. In the present times also, amongst the Covid pandemic, tensions and disputes, the world is dealing with economic challenges and in such times, once again the role of BRICS is important,” he added