South Africa should take advantage of its position in BRICS to increase African business investments in the upgrade of Africa’s poor infrastructure.

This is according to David Humphrey, the Global Head of Power and Infrastructure at Standard Bank, Africa’s biggest bank by assets.

Speaking on the side-lines of the fifth BRICS summit in Durban this week, Humphrey said the need for rapid development of Africa’s infrastructure was key in releasing the continent’s massive untapped ability and higher economic performance.

He said with correctly targeted infrastructure in place, Africa’s GDP and associated economic and social multipliers could be much higher than they are at the moment.

Although some African countries had dedicated large investments in infrastructure, more people with the specialist skills needed to deliver enabling legislation, regulation and deal execution.

South Africa joined BRICS, the powerful bloc of the world’s leading emerging economies, including Brazil, Russia, India and China, in 2010.

It is estimated that African business will need to invest at least $100 billion in the next 10 years to improve Africa’s infrastructure.

This should take place promptly if Africa is to achieve the economic growth possibility offered by Africa’s newly-found massive mineral and other natural resources.

Concerns about the poor state of Africa’s infrastructure and implications for Africa’s business and economic growth are mounting.

A recent World Bank study found that the deprived state of infrastructure in sub-Saharan Africa, including electricity, water, ports, roads, rail, ports and information and communications technology, reduced national economic growth by two percentage points every year and cut business productivity by as much as 40, according to Standard Bank.

Standard Bank adds that it has been projected that Africa’s collective GDP will move up from $1.6 trillion in 2010 to $2.6 trillion in 2015.

Additionally, Africa’s economic growth would grow by an annual average real rate of 5.5 percent during this period.

Seven out of 10 of the world’s fastest growing economies in the next decade will be in Africa. Africa’s business growth is being driven by the discovery of new and unexploited mineral deposits across the continent.