South Africa’s President Cyril Ramaphosa emphasizes the need for investment in manufacturing within BRICS.
During the BRICS Business Forum Leaders’ Dialogue, Ramaphosa highlighted the importance of moving beyond raw commodity supply. He urged developing economies to focus on manufacturing and value addition to foster a resilient and inclusive economic future.
Ramaphosa Calls for Investment in Manufacturing
President Ramaphosa addressed the BRICS Business Forum, advocating for a shift in focus for developing economies. He pointed out that the expanded BRICS grouping offers a unique opportunity for the Global South to enhance economic resilience. The president stressed the importance of deepening productive relationships within BRICS.
He outlined key areas for investment, including manufacturing, industrial technologies, energy systems, infrastructure, and logistics. Ramaphosa emphasized that companies should invest not just to access markets but also to establish local production capabilities.
Key Areas for Economic Development
Ramaphosa noted the challenges facing the global economy and the need for resilience. He defined resilience as the ability to turn disruptions into new capabilities and partnerships. The president proposed that the BRICS Business Council should facilitate commercial relationships and productive partnerships among member states.
Next Steps for BRICS Collaboration
- Focus on establishing production facilities in member countries.
- Develop local capabilities through targeted investments.
- Enhance commercial relationships within the BRICS framework.
Investment in manufacturing is crucial for the economic future of the Global South.
