Johannesburg [South Africa], August 22 : South African President Cyril Ramaphosa has said that as the country has an urbanized population and can provide a stable workforce in future, BRICS countries have an opportunity to contribute to and participate in Africa's growth story.
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 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).
"This can be achieved through greater cooperation and areas such as agriculture, the digital economy. South Africa is in an important position to grow the African market," the South African President added.
He said that South Africa's industrial strength and large market opportunities provide compelling opportunities for companies wanting to establish businesses here.
"..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 said.
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.
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.
"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.
BRICS came as a ray of hope for the world economy in 2009 when it was first held.
"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.
BRICS is a grouping of the world economies of Brazil, Russia, India, China, and South Africa.
This year's BRICS is under the presidency of South Africa. The theme of this year's summit is: "BRICS and Africa: Partnership for mutually accelerated growth, sustainable development and inclusive multilateralism."
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