Africa-Press – Zambia. President Hakainde Hichilema, in his role as Chairperson of the Common Market for Eastern and Southern Africa (COMESA), has called upon the BRICS countries to support the reform of the global order concerning the cost of capital for African nations. His appeal was made during the BRICS – Africa Outreach and BRICS Plus Dialogues held on the sidelines of the 15th BRICS Summit in Johannesburg, South Africa.
The BRICS group comprises five prominent emerging economies: Brazil, Russia, India, China, and South Africa, who have convened for discussions at the summit.
Under the theme “Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism,” President Hichilema highlighted the pressing issue of Africa paying a disproportionately high cost of capital compared to other continents globally.
President Hichilema emphasized the importance of the BRICS platform in expediting reforms surrounding the cost of capital, with the ultimate goal of supporting Africa’s development. This disproportionately high cost, he stated, hinders Africa’s ability to create job opportunities and stimulate business growth, particularly among the continent’s burgeoning youth population.
Furthermore, President Hichilema urged the BRICS countries to facilitate access to technology for African nations. This access, he believes, would enable beneficial partnerships that drive economic growth on the continent and contribute to the global economy.
President Hichilema also commended the summit for offering African countries the opportunity to collaborate with BRICS nations in pursuit of development goals. He noted that the forum facilitates partnerships aimed at overcoming various challenges faced by African nations.
In his address, President Hichilema underscored the significance of BRICS as a community representing over 42% of the global population, 30% of the world’s territory, 23% of global GDP, and 18% of global trade. He expressed Zambia’s eagerness to strengthen partnerships that are mutually beneficial and to bolster economic ties with like-minded countries, based on resource complementarity.
The President advocated for a revitalized international order that is fair, inclusive, and rule-based. He emphasized the importance of addressing global opportunities and challenges in solidarity to achieve outcomes that benefit all.
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