South Africa stands ready to support Canadian companies wishing to trade, invest and do business on the continent, said President Cyril Ramaphosa at the start of the Africa Accelerating Conference.
The conference, which started on Tuesday and ends on Thursday, brings together high-level leaders every October at venues in Canada and on the African continent and is broadcast live to thousands of delegates in addition to in-person attendees.
Ramaphosa noted that South Africa is the most industrialised economy, has a well-regulated banking and financial system, developed infrastructure, sound legal and regulatory frameworks, and strong linkages into both the global and continental economies.
“As our partners in Canada have correctly observed, Africa is on the move,” said Ramaphosa.
“This is the time to work together, as we did when we confronted the deadly Covid-19 pandemic, to realise the many opportunities that exist for mutual growth and development.”
The president further said the African Continental Free Trade Area (AfCFTA) is a critical part of efforts to raise Africa’s growth and one of the 15 flagship projects of the African Union’s Agenda 2063.
According to the World Bank and AfCFTA secretariat estimates, if fully implemented, the continental free trade area could increase Africa’s exports to the rest of the world by 32% and more than double intra-African exports.
“Work is under way to dismantle intra-African trade tariff barriers, as well as non-tariff barriers that hinder market access,” he said.
Canada is a longstanding development partner with Africa, having joined the African Development Fund in 1973 and the African Development Bank in 1982.
“Canada has supported all capital increases and contributed regularly to the African Development Bank replenishments. This history, together with the strong trade and investment ties between Africa and Canada, provides a firm platform to expand cooperation and accelerate growth.”
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