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Rmaphosa Says There Is Greater Economic Opportunities For South Africa In The West African Countries

While the Port of Durban is Africa's largest, President Cyril Ramaphosa was pleased by the quick increase of commercial activity and the expansion of the Port of Abidjan. On Friday, Ramaphosa and his ministers paid a visit to the region. The president was noticeably delighted with Abidjan's economic improvement during the previous decade.

He is certain that South Africa would benefit from increasing economic prospects in the West African country. "Côte d'Ivoire is a critical trading partner for South Africa, and there is huge opportunity to boost trade in value-added products between our two nations," Ramaphosa said on Friday at a business roundtable attended by leaders from both countries. In exchange, the president received appreciation from his counterpart for bringing over 100 South African executives, representing 50 firms, to Abidjan to talk trade and sign deals.

"Given our different strengths, we have a lot to give each other"Ramaphosa remarked. Prime Minister Patrick Achi of Côte d'Ivoire stated that his country has worked hard in the previous decade to become an appealing investment location. Despite political unrest that ended in 2011, the country's GDP had more than doubled in the previous decade. According to Achi, the target for 2030 is to become a middle-income country on the African continent. For this to happen, they are selling Côte d'Ivoire as a trustworthy and sustainable investment destination.

Ebrahim Patel, South Africa's Minister of Commerce, Industry, and Competition, estimated that trade between the two nations will total $161 million in 2020. Access to the Ivorian market, according to Ramaphosa, will pave the way for a single African market. "We want to create one enormous, unified African market out of a slew of little, fragmented marketplaces. Our firms can gain economies of scale, cut manufacturing costs, and attain global competitiveness in this manner "added the president. The president also emphasized the importance of increasing processing capacity.

"We must evolve from being only raw material exporters, which exposes us to volatile global commodity prices. We must work together to develop industrial and manufacturing capabilities in each other's countries "He stated. Ramaphosa went on to say that regulatory impediments that impede the mobility of products and services should be removed. South Africa and Côte d'Ivoire signed nine memorandums of understanding in various fields on Thursday. The Ivorian and South African delegations also praised the attempt to increase commerce.

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https://www.news24.com/news24/southafrica/news/ramaphosa-impressed-by-economic-gains-of-cote-divoire-makes-the-case-for-greater-trade-20211203?

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Abidjan Cyril Ramaphosa Côte d'Ivoire South South Africa

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