Turn mineral wealth into jobs, wealth - Ramaphosa

Southern African countries must stop exporting raw materials and build industries around its mineral wealth, newly inaugurated SADC chairperson and South African President Cyril Ramaphosa said on Monday.

Ramaphosa, who assumed the chairmanship at the 46th ordinary summit in Durban, said the region’s economic transformation remained too slow despite its abundant natural resources, agricultural potential, skills and large consumer market.

“Every raw mineral exported without beneficiation represents value that has left our shores,” Ramaphosa said.

He said the same applied to products imported despite having the potential to be competitively produced within SADC, arguing that such imports represented jobs and economic opportunities that could have been created within the region.

Ramaphosa’s call comes as SADC places industrialisation, infrastructure development, agriculture and critical minerals transformation at the centre of its agenda at the summit.

SADC executive secretary Elias Magosi echoed the call, saying the region must stop exporting critical minerals in raw form and instead position itself as a centre for value addition.

“The challenge is when do we stop exporting them in raw form and start adding value to them and creating sustainable jobs and wealth,” Magosi said.

He warned that the region could no longer afford to delay the shift from exporting raw materials to creating value locally.

“Robust and sustainable energy systems, refreshed and reliable transport networks, ports and logistics platforms, and cost-effective digital connectivity are indispensable enablers of industrialisation,” Magosi said.