ESSENTIAL TO UPHOLD INTERNATIONAL TRADING ORDER, SAYS SOUTH AFRICAN PRESIDENT

BEIJING– South African President Cyril Ramaphosa, stressing that African economies are vulnerable to global market fluctuations, has declared that it is essential to uphold the international trading order.

Speaking at a China-Africa high level dialogue with business representatives at the Forum on China-Africa Cooperation (FOCAC) summit in Beijing on Monday, he said foreign direct investment (FDI) flows into Africa has increased almost five-fold, overtaking foreign aid to the continent since 2000.

Africa is encouraged by trade between the continent and China which stood at 170 billion US dollars in 2017, up from a mere 10 billion USD in 2000. Chinese direct investment in Africa in 2017 exceeded 100 billion, up from only 1.0 billion USD in 2000.

While such integration brings many benefits, it also makes Africa’s economies more vulnerable to global market fluctuations and crashes. It also increases the volatility of prices for food and other essential commodities, said the President.

It is therefore essential that we strive to uphold the international trading order and the global development priorities contained in the Sustainable Development Goals and the Paris Agreement on Climate Change, he said.

President Ramaphosa said as the pace of investment in infrastructure and industrial capacity increased, we must place the people at the centre of our efforts.

As we promote science, technology, innovation, engineering and mathematics, we must maintain a people-centred approach. When we create jobs, it must be decent jobs to give our people dignity and a rising standard of living, he said.

Engagement within FOCAC should be strategically building links between dignity, work, opportunity and economic security for all people, he added. Our people should see and feel the benefits of this strategic co-operation.

President Ramaphosa said FOCAC hich was established 18 years ago had become a significant mark of China-Africa co-operation. Africa has awakened to the great potential for inclusive growth and meaningful development.

Source: NAM NEWS NETWORK

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ESSENTIAL TO UPHOLD INTERNATIONAL TRADING ORDER, SAYS SOUTH AFRICAN PRESIDENT

BEIJING– South African President Cyril Ramaphosa, stressing that African economies are vulnerable to global market fluctuations, has declared that it is essential to uphold the international trading order.

Speaking at a China-Africa high level dialogue with business representatives at the Forum on China-Africa Cooperation (FOCAC) summit in Beijing on Monday, he said foreign direct investment (FDI) flows into Africa has increased almost five-fold, overtaking foreign aid to the continent since 2000.

Africa is encouraged by trade between the continent and China which stood at 170 billion US dollars in 2017, up from a mere 10 billion USD in 2000. Chinese direct investment in Africa in 2017 exceeded 100 billion, up from only 1.0 billion USD in 2000.

While such integration brings many benefits, it also makes Africa’s economies more vulnerable to global market fluctuations and crashes. It also increases the volatility of prices for food and other essential commodities, said the President.

It is therefore essential that we strive to uphold the international trading order and the global development priorities contained in the Sustainable Development Goals and the Paris Agreement on Climate Change, he said.

President Ramaphosa said as the pace of investment in infrastructure and industrial capacity increased, we must place the people at the centre of our efforts.

As we promote science, technology, innovation, engineering and mathematics, we must maintain a people-centred approach. When we create jobs, it must be decent jobs to give our people dignity and a rising standard of living, he said.

Engagement within FOCAC should be strategically building links between dignity, work, opportunity and economic security for all people, he added. Our people should see and feel the benefits of this strategic co-operation.

President Ramaphosa said FOCAC hich was established 18 years ago had become a significant mark of China-Africa co-operation. Africa has awakened to the great potential for inclusive growth and meaningful development.

Source: NAM NEWS NETWORK

[related_post themes="text" id="21188"]