President to attend Industrialisation summit
PRESIDENT Mnangagwa will today join other Heads of States and Governments in Niamey, Niger to attend the Session of the African Union (AU) Summit on Industrialisation and Economic Diversification, which is expected to unlock the evolution of a vibrant Pan-African enterprise and capital base.
This year’s Summit is being held under the theme: “Industrialising Africa: Renewed Commitment Towards an Inclusive and Sustainable Industrialisation and Economic Diversification”.
It is part of the Africa Industrialisation Week (AIW – 20-25 November 2022), annual commemorative activities aimed at highlighting Africa’s renewed determination and commitment to industrialisation.
Transforming the region’s economy through industrialisation is one of the central pillars towards attaining the continent’s growth and development goals, as articulated in the African Agenda 2063 and the global 2030 agenda on Sustainable Development Goals (SDGs).
President Mnangagwa, who left the country last night, is among regional leaders that have been invited by the West African country’s President, Mohamed Bazoum, to participate at the high-level indaba.
He is expected to share Zimbabwe’s industrialisation experience at the regional stage whose audience includes AU Commission executives and representatives of its key organs, ministers responsible for industry and trade, mining, development partner agencies, manufacturing and commerce leaders, civic society and investment financiers, among other relevant stakeholders.
Industry and Commerce Minister, Dr Sekai Nzenza, who arrived in Niamey earlier in the week and was part of the Extraordinary Session of the Executive Council of the AU on Wednesday, said Zimbabwe’s participation at the summit is strategic as the country is already pursuing a comprehensive industrialisation drive that is anchored on revitalising value chains.
Through President Mnangagwa’s leadership, she said Zimbabwe is forging ahead with driving private sector-led growth while positioning the country to tap into vast trade opportunities under the African Continental Free Trade Area (AfCFTA).
“His Excellency, the President of the Republic of Zimbabwe Dr E. D Mnangagwa has put the private sector at the centre of the National Development Strategy 1 initiative through a targeted ‘private sector led-growth’,” said Nzenza.
“There are lessons to be learnt from the Zimbabwe National Industrial Development Policy, which provides the foundation for the structural transformation of industry and commerce.
“Under His Excellency, Dr E. D. Mnangagwa, Zimbabwe is experiencing a growth trajectory in production, productivity and industrial capacity utilisation through targeted sector specific
strategies.”
As one of the pioneer AfCFTA Agreement signatories, Zimbabwe under the Second Republic has anchored its industrialisation policy in readiness to tap into wider business opportunities in a regionally integrated economic sphere and what remains is scaling up private sector awareness and buy-in, said Nzenza.
Given the collective responsibility between governments, development finance institutions, regional and international bodies in economic development, Minister Nzenza said the summit should help unlock value chain financing as a critical enabler to robust regional transformation.
“Africa’s story of industrialisation lies in value addition. We cannot aspire for resilient and sustainable industries for as long as we continue to export raw commodities,” she added.
Zimbabwe has also called upon the AU Secretariat to consider undertaking value chain mapping for Africa in order for regional countries to tap into each other’s strengths as they industrialise and trade.
As part of efforts to buttress regional industrialisation collaboration efforts, Zimbabwe and Zambia have since embarked on a joint project to establish a Common Agro-Industrial Park, based on comparative advantages in the agricultural sector as a starting point for strengthening cooperation.
The project will be the first of its kind in Southern Africa and hopes are high that the model will be replicated with more African countries as the region explores opportunities under the AFCFTA.
In view of the key and strategic interdependences between industrialisation and the AfCFTA success, the AU has said this week’s summit seeks to rally desired political momentum, resources, partnerships and alliances towards a unique Africa-industrialisation drive.
The summit outcomes are expected to unleash an inclusive and sustainable industrialisation pathway that carries along with the participation of all economic agents, including SMEs, youth, and women in the generation of national wealth and creation of jobs, as well as expansion of entrepreneurship opportunities.-ebusinessweekly
