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Johannesburg - Africa needs $480bn for infrastructure development over the next ten years, President Jacob Zuma said on Thursday.
"Over the next ten years, Africa will need $480bn for infrastructure development which should interest the Brazil, Russia, India, China and South Africa (Brics) business communities," he said in an address for delivery at the third Brics leaders meeting at Hainan island in China.
"Already, Africa is projected as the third fastest growing economy in the world, while the Brics countries now constitute the largest trading partners of Africa and largest new investors.
"This economic relationship will be further strengthened as Africa forges ahead towards regional economic integration. This move will open up opportunities for more foreign direct investment and expanding trade relations with Brics countries."
He said the African Union appreciated the Brics support of its roadmap "towards a viable political solution to the Libyan situation".
"The roadmap calls, amongst others, for the cessation of all hostilities, implementation of political reforms to eliminate the causes of the current crisis, and an inclusive dialogue among the Libyan parties."
Commenting on the situation in Ivory Coast, Zuma said that the African Union recognised Alasaine Outtara as the leader of the country.
"With regards to Cote d'Ivoire, the African Union, had taken a position that the recognised winner of the elections, Mr Alasaine Outtara should be given an opportunity to lead the country.
"It is important that work begins without delay towards normalising the situation and to unite the Ivorian people".
South Africa officially joined Brics in December.
The group offers a lucrative market for South Africa's goods and services and opportunities to implement the New Growth Path (NGP) framework.
The NGP is designed to create five million jobs in South Africa by 2020 and reduce unemployment to 15 percent.
China is South Africa's largest trade partner with bilateral trade valued at $25.65bn last year, up 60% from 2009, according to Chinese statistics.
The main theme of the Brics summit is "inclusive development".
Discussion topics included global economic and financial issues, and co-operation between the five nations.
The Brics nations have 42% of the global population and accounted for about 18% of global gross domestic product last year.
"Over the next ten years, Africa will need $480bn for infrastructure development which should interest the Brazil, Russia, India, China and South Africa (Brics) business communities," he said in an address for delivery at the third Brics leaders meeting at Hainan island in China.
"Already, Africa is projected as the third fastest growing economy in the world, while the Brics countries now constitute the largest trading partners of Africa and largest new investors.
"This economic relationship will be further strengthened as Africa forges ahead towards regional economic integration. This move will open up opportunities for more foreign direct investment and expanding trade relations with Brics countries."
He said the African Union appreciated the Brics support of its roadmap "towards a viable political solution to the Libyan situation".
"The roadmap calls, amongst others, for the cessation of all hostilities, implementation of political reforms to eliminate the causes of the current crisis, and an inclusive dialogue among the Libyan parties."
Commenting on the situation in Ivory Coast, Zuma said that the African Union recognised Alasaine Outtara as the leader of the country.
"With regards to Cote d'Ivoire, the African Union, had taken a position that the recognised winner of the elections, Mr Alasaine Outtara should be given an opportunity to lead the country.
"It is important that work begins without delay towards normalising the situation and to unite the Ivorian people".
South Africa officially joined Brics in December.
The group offers a lucrative market for South Africa's goods and services and opportunities to implement the New Growth Path (NGP) framework.
The NGP is designed to create five million jobs in South Africa by 2020 and reduce unemployment to 15 percent.
China is South Africa's largest trade partner with bilateral trade valued at $25.65bn last year, up 60% from 2009, according to Chinese statistics.
The main theme of the Brics summit is "inclusive development".
Discussion topics included global economic and financial issues, and co-operation between the five nations.
The Brics nations have 42% of the global population and accounted for about 18% of global gross domestic product last year.
