RAMAPHOSA OPTIMISTIC SA WILL BENEFIT FROM AFRICAN TRADE DEAL

RAMAPHOSA OPTIMISTIC SA WILL BENEFIT FROM AFRICAN TRADE DEAL

AFP
PRETORIA – Following talks with his Nigerian counterpart, President Cyril Ramaphosa is optimistic South Africa will benefit through the African Continental Free Trade Area.

In his weekly newsletter, Ramaphosa says the economy and industries will grow through trade with the rest of the continent.

“South Africa’s future lies in Africa. It is through our trade with the rest of the continent that we will grow our industries,” Ramaphosa said.

“The African marketplace is where our companies will increasingly find trading and investment opportunities. It is expected that over the next few decades there will be a massive increase in investment in infrastructure across Africa, which should benefit South African construction companies, manufacturers and banks.

“The economies of the African continent are together growing at a rate far greater than our own, and we need to see the opportunity that such growth presents for our economy and for our people. It is for this reason that we have embraced the African Continental Free Trade Area.”

Ramaphosa also expressed hope of more business with Nigeria after what he calls successful talks.

The two leaders agreed to set up a Joint Ministerial Advisory Council on Industry, Trade and Investment that will facilitate bilateral business.

“President Buhari and I had an opportunity also to discuss the various difficulties that South African and Nigerian businesses encounter when trying to invest and operate in each other’s countries,” Ramaphosa said.

“There was a clear message from the business forum that was held on the sidelines of the state visit that there is a great deal of business interest in both South Africa and Nigeria and that we need to work harder to clear the blockages. We have therefore set up a Joint Ministerial Advisory Council on Industry, Trade and Investment that will meet regularly to facilitate bilateral business and, where necessary, sort out problems.”

Ramaphosa and Buhari also promised to set up an early warning mechanism to share information to help prevent future attacks on foreign nationals.

Source
eNCA

Facebook Comments

About author

Nigerians in South Africa
Nigerians in South Africa 11432 posts

We are about democracy, human rights, public opinion, political behavior, civil rights and policy aimed at improving the human condition, with a focus on African countries.

You might also like

Business 0 Comments

Amazon fires employees for leaking customer data

Amazon.com Inc. said it had fired employees for leaking customer email addresses and phone numbers to an unspecified third party, the second time this week the technology giant acknowledged some workers had improperly accessed customer data. We are writing t…

Business 0 Comments

Tesla board certifies first step of Elon Musk’s $55bn package

By Ryan JohnsonMay 29, 2020 San Francisco – Tesla chief executive Elon Musk has unlocked the first portion of his 55-billion-dollar compensation package, the company announced Thursday. The billio…

Coronavirus pandemic: The latest updates from around the world

The United Nations Security Council is expected to adopt a resolution by virtual vote Wednesday, calling on countries to adopt a halt in hostilities to focus on the Covid-19 virus, according to a dra…

0 Comments

No Comments Yet!

You can be first to comment this post!

Leave a Reply