Russia and Africa Should Move Toward Common Payment System: Black Business Council President
Russia and Africa Should Move Toward Common Payment System: Black Business Council President
Trade between the two sides is increasingly seen as a foundation for industrial development and financial independence, with a focus on settlements in national currencies to reduce reliance on third parties.
“We need common currencies to settle and trade with our own perspective currency: Russian currency and South African currency… so that we don’t have to have a third party and agency that deals and devalues our respective currencies,” Elias Monage told Sputnik Africa.
Institutions such as Afreximbank and the BRICS New Development Bank are being considered as mechanisms to facilitate alternative payment systems, he noted.
Moving beyond finance, Monage highlighted several key areas where Russia and South Africa are already working together or have strong potential for partnership.
In the energy sector, the focus is on developing gas infrastructure and modernizing existing coal power stations and electrical components.
He also pointed to promising non-resource trade, referencing recent statements by the Russian Deputy Minister of Industry and Trade that Africa is expected to make a "noticeable contribution" to Russia's non-resource export targets by 2030. Specific areas of cooperation include:
Rail Infrastructure: Exploring BOT (build, operate, transfer) projects with Russian Rail to develop industrial corridors and boost local engineering capacity.
Agriculture: Using Russia's agricultural expertise to support industrial rebuilding efforts in Africa.
Pharmaceuticals: Building local manufacturing capacity in partnership with Russian companies by aligning standards and regulations.
Machinery and Equipment: Supplying trucks, heavy machinery, aviation equipment, and other industrial technology.
Subscribe to @sputnik_africa
