President Cyril Ramaphosa urges African leaders to unite and to leverage platforms such as the Intra-African Trade Fair (IATF2021) to mobilise all African governments to work tirelessly to address youth unemployment.
“It clearly demonstrated that Africa needs to produce its own food and medicines, to strengthen continental supply chains, and to invest in infrastructure and capacitate African institutions.
“To illustrate the extent of the challenge, the UN Economic Commission for Africa estimates that Africa imports about 94% of its pharmaceutical and medicinal needs from outside the continent at an annual cost of $16bn,” he said. Ramaphosa added that half of Africa’s people are women, and they are the dominant actors in the informal sectors of Africa’s economic landscape.
“Despite this, women only generate about a third of the continent’s combined GDP. It is important that the Intra-African Trade Fair gives special attention to African women in business, recognising their great potential as drivers of economic change across the continent.Ramaphosa added that the continent must find ways of attracting more investment into economies and, crucially, “we must encourage African businesses to invest in each other’s countries”.
“This requires that we improve the ease of doing business in our countries and provide protection for investors through strong and independent legal systems that will ensure the sanctity of contract and fair and expeditious legal processes.”
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