President Cyril Ramaphosa says Southern African Customs Union (SACU) must strengthen its economic resilience as growing global trade tensions reshape the international economy.
Addressing the 9th Southern African Customs Union Summit in Cape Town, Ramaphosa says a reimagined SACU is key to helping the region navigate an increasingly uncertain global trading environment.
“In this increasingly contested global trading system, the need for our continent, our region, and our customs union, to strengthen its economic resilience has become all the more greater. A reimagined SACU, therefore, becomes the vehicle through which we would enable our region to navigate the turbulent economic environment that the current moment presents us.”
His Excellency President @CyrilRamaphosa, Chair of the Southern African Customs Union (SACU) Summit, delivered the opening remarks at the 9th SACU Summit of Heads of State and Government at the Cape Town International Convention Centre 2 (CTICC 2).
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Ramaphosa says regional industrialisation will depend on stronger cross-border cooperation and greater investment in shared infrastructure.
He says member states are establishing cross-border special economic zones and must create an environment that attracts both domestic and international investment.
“ We are also launching cross-border special economic zones that will serve as nodal points for regional industrialisation. Shared infrastructure requires shared investment. We must attract private investment for our region by creating conditions in our region that are conducive to both international and domestic investment.”
VIDEO | President Cyril Ramaphosa’s address at the 9th Southern African Customs Union Summit:
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