President Cyril Ramaphosa has underlined South Africa’s support for Canadian enterprises that desire to trade, invest, and conduct business on the African continent in the sake of mutual growth and development.
South Africa is Africa’s most industrialized economy, according to the President, with a well-regulated banking and financial system, established infrastructure, competent legal and regulatory frameworks, and strong ties to the global and continental economies.
“South Africa is prepared to assist Canadian firms that seek to trade, invest, and conduct business on the African continent. “Now is the time to collaborate, as we did when confronting the terrible COVID-19 outbreak, to realize the numerous potential for mutual growth and development,” the President stated.
The President delivered a prerecorded address at the Africa Accelerating 2022 Conference regarding the expansion of trade and investment between Canada and Africa.
The three-day summit is held annually in October in Canada and on the African continent, and is televised live to thousands of delegates in addition to the in-person attendance.
President Ramaphosa remarked that the global fight against COVID-19 exemplified the necessity and value of solidarity, teamwork, and cooperation.
He stated that African nations were unified in a continental reaction that resulted in unprecedented efforts to ensure access to crucial medical supplies, equipment, and vaccines.
The President stated that the African continent collaborated with international partners, including Canada, to save lives and safeguard livelihoods.
“Now that the pandemic is in remission, our focus is on creating shared prosperity via bilateral commerce and investment. Africa is dedicated to collaborating to progress its own development and address the demands of its people, he said.
President Ramaphosa emphasized that the African Continental Free Trade Area (AfCFTA) is one of the 15 flagship projects of the African Union’s Agenda 2063 and a crucial component of efforts to increase Africa’s growth.
He stated that significant progress has been made toward the implementation of the African Continental Free Trade Area.
The Pan-African Payment and Settlement System has been successfully piloted in the West African Monetary Zone since its inception in January.
The President stated that efforts are underway to eliminate intra-African trade tariff and non-tariff barriers that impede market access.
The World Bank and the AfCFTA Secretariat believe that the Continental Free Trade Area, if fully implemented, could raise Africa’s exports to the rest of the world by 32% and more than double intra-African exports.
Since joining the African Development Fund in 1973 and the African Development Bank in 1982, Canada has been a longstanding development partner with Africa.
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Canada has supported all capital increases and made consistent replenishment contributions to the African Development Bank. This history, coupled with the robust commercial and investment linkages between Africa and Canada, provides a solid foundation for expanding cooperation and accelerating development.
The President stated, “As Africa pursues economic unification, opportunities for Canadian investors and businesses will steadily increase.”
As this conference indicates, said the President, Canadian companies have numerous prospects in Africa beyond the extractive industry.
There is enormous potential for climate-smart agriculture and agroprocessing on a continent where roughly 60 percent of fertile land remains uncultivated.
As continental supply chains become more interconnected, Africa’s manufacturing capability will develop rapidly, creating potential in sectors such as petrochemicals, pharmaceuticals, food and drinks, textiles, and many more,” he stated.
The President noted that this will spur infrastructure investment, not just in the roads, rail lines, and ports that will assist the movement of goods and people, but also in the electricity and telecommunications networks required to promote production and trade.
President Ramaphosa wished the conference well in its deliberations, stating that he anticipates the emergence of numerous new partnerships and projects.