Africa Business Forum Calls for Utilization of Continent's Potential for Economic Change

Synopsis

African leaders and stakeholders gathered in Addis Ababa at the Africa Business Forum, emphasizing the need to tap into Africa's potential for economic transformation. Discussions focused on the continent's resources, manufacturing capacity, and the importance of regional value chains.

Key Takeaways

Africa must exploit its untapped potential for economic growth.
Investment in human capital and technology is crucial.
Infrastructure development and public-private partnerships are essential.
Manufacturing capacity needs to be increased.
A shift in Africa's narrative is necessary for global recognition.

Addis Ababa, Feb 18 (NationPress) At the Africa Business Forum, African leaders, experts, and significant stakeholders gathered to advocate for the continent to tap into its unexploited potential for economic transformation.

The eighth edition of this prominent business assembly unfolded in Addis Ababa, the capital of Ethiopia, centered around the theme "From Potential to Prosperity: Activating Africa's Regional Value Chains." The forum attracted policymakers, investors, and influential representatives from both the public and private sectors, as reported by Xinhua.

Participants highlighted the pressing need to utilize Africa's rich natural resources and human capital, noting that over 60 percent of the continent's populace is under the age of 25, to hasten socio-economic advancement.

During the forum, Claver Gatete, Executive Secretary of the United Nations Economic Commission for Africa (UNECA), stressed the necessity of leveraging Africa's resource wealth to enhance the continent's role in global value chains.

"With over 65 percent of Africa's workforce in agriculture, why does Africa still import food? Why rely on outside markets when our agro-industrial potential is unmatched?" Gatete posed to the forum's attendees. "The era of gradual change is past. Africa must industrialize without delay."

Characterizing Africa's development as a paradox, Gatete noted that despite its wealth of resources, the continent suffers from economic fragmentation and underdevelopment.

He proposed four crucial recommendations for Africa to realize its vast potential, including the expansion of regional agro-processing centers and special economic zones to convert raw materials into high-value exports, as well as the establishment of standardized regulatory frameworks. He emphasized the importance of infrastructure development and financing solutions to reduce cross-border business expenses, and the enhancement of public-private partnerships to foster innovation and entrepreneurship.

The forum also underscored the importance of substantial investments in human capital, technology, and infrastructure to create a solid foundation for robust regional value chains that can propel Africa's economic transformation.

President Taye Atske Selassie of Ethiopia reiterated the call for increased emphasis on Africa's manufacturing sector. He pointed out the need to bolster manufacturing capabilities and attract foreign direct investment, while also embracing digital advances and addressing financing shortfalls.

A presidential dialogue at the forum further emphasized the urgency of transforming Africa's narrative, shifting from a continent rich in untapped potential to a global center for production, innovation, and economic independence.

The Africa Business Forum, co-organized by the UNECA and the Africa Finance Corporation, serves as a critical platform for discussing the challenges, opportunities, and necessary actions to expedite the achievement of the 2030 Agenda for Sustainable Development Goals and Agenda 2063 for the continent's advancement.