SANDTON – President Jacob Zuma has revealed that South Africa will spend more than R4 trillion in the next few years on infrastructure development to stimulate economic growth.
He adds the economic partnership of the Brazil, Russia, India, China, South Africa (Brics) group has a major role to play in growth in all regions.
Zuma addressed the Brics Business Council at the Sandton Convention Centre earlier on Tuesday.
He says inadequate infrastructure on the continent has hampered rapid economic growth, mainly as a result of government policies.
But the president says he’s optimistic about the future.
“Africa is poised to make further progress given the focus on improving systems and policies.”
Zuma told the council to exploit business opportunities in member countries to stimulate economic growth.
He urged member countries to collaborate in the mining, energy and manufacturing sectors.
“There is clearly a lot of potential within Brics and as business you should take advantage of the opportunities. I therefore urge you to optimally utilise this platform.”
In May, Zuma said it was imperative Africa became self-sufficient, despite various challenges on the continent.
Speaking at the World Economic Forum on Africa in Cape Town, he detailed the importance of the country’s role in the group of developing countries.
Zuma said he was convinced Africa would be thriving over the next 50 years, especially if investor confidence was boosted.
He also called on African heads of states to work together in developing the continent.
Zuma said funding for massive infrastructure development projects could only be attained through partnerships.
In March, the fifth Brics Summit was held in Durban bringing together leaders from each of the countries to discuss the future of the partnership.
In what they called the “eThekwini Declaration”, Brics leaders backed calls for infrastructure investment in Africa, voiced support for development agencies, and endorsed regional integration plans.
They also signalled their commitment to the Brics development bank which aims to set up a safety net of around $100 billion.
(Edited by Craig Wynn)
Article source: http://ewn.co.za/2013/08/20/Zuma-has-high-hopes-for-Africa-Brics