‘Africa must urgently diversify its economy, build a robust inclusive production base’
AFRICA must diversify its economy by building a robust, sustainable and inclusive production base capable of withstanding global shocks and delivering broad-based prosperity to ordinary citizens.
This calls for a deliberate focus on developing climate change-resilient value chains in key sectors, as well as the optimal utilisation of natural and human resources.
This was the key message during the second Comesa Institutions Awareness Forum, held on the sidelines of the ongoing Comesa Week in Addis Ababa, Ethiopia. Delegates reiterated the urgent need to accelerate regional economic integration.
In his opening statement, guest of honour Dr Kassahun Gofe, Ethiopian Minister of Trade and Regional Integration, urged the 21 Comesa member states, including Zimbabwe, to commit to resilience and dedication in advancing economic integration, co-operation and shared prosperity.
He said this year’s theme, “Accelerating Regional Integration Through the Development of Regional Value Chains in Climate-Resilient Agriculture, Mining and Tourism,” was both timely and essential for the Comesa region.
“This underscores the urgent need for economic diversification by building robust, sustainable, and inclusive economies capable of withstanding global shocks and delivering broad-based prosperity to our people,” said Dr Gofe.
He noted that agriculture, mining, and tourism were among the critical pillars for Africa’s sustainable development agenda.
“As one of Africa’s largest regional blocs, the Comesa region is home to over 655 million people and boasts a combined GDP exceeding one trillion US dollars. Our economies are rich in diversity and potential, yet we continue to face challenges such as limited value addition in agriculture and mining, barriers to intra-regional trade, and the pressing need to empower women and youth as drivers of innovation and entrepreneurship,” he said.
The Comesa Week and the second Comesa Institutions Awareness Forum aim to directly address these challenges by raising awareness and the visibility of Comesa institutions and their instruments. The forum provides a platform for dialogue and knowledge exchange, advancing policy proposals that enhance industrial competitiveness, promote green investments and foster inclusivity, particularly for women and youth entrepreneurs.
“Through these efforts, we aim to unlock the region’s full potential and ensure sustainable, inclusive growth for all Comesa member states,” said Dr Gofe.
In her remarks, Comesa Secretary General Ms Chileshe Kapwepwe said that through an integrated approach encompassing trade facilitation, investment promotion, risk mitigation services, infrastructure modernisation, digital financial inclusion, value addition in critical sectors, and the economic empowerment of women and youth, Comesa institutions are redefining the future trajectory of the regional integration agenda.
“The presence and participation of various Comesa institutions is a testament to the strength of our collective regional ecosystem. Across the Comesa region, transformative regional programmes are underway to accelerate agricultural modernisation, promote sustainable mineral beneficiation, enhance cross-border infrastructure networks, foster inclusive and climate-resilient manufacturing ecosystems, empower women and youth entrepreneurs, and increase trade competitiveness through innovation and value chain integration,” she said.
The Comesa region is home to over 655 million people, accounting for more than 50 percent of Africa’s population. The region’s combined Gross Domestic Product exceeds US$1,1 trillion, with intra-Comesa trade valued at approximately US$14 billion, annually.
Notably, Comesa commands 40 percent of Africa’s known mineral wealth and produces more than 60 percent of the continent’s agricultural output, positioning it as a strategic engine for regional transformation and offering significant opportunities for deeper integration and market expansion.-herald
