The African Economic Conference has ended with a call to African nations to invest in high-added value sectors and develop regional value chains to stimulate industrialization.

The three-day conference, which took place in the Ethiopian capital Addis Ababa, was organized by the African Development Bank, the United Nations Economic Commission for Africa, and the United Nations Development Programme. It brought together experts from the private sector, researchers, and young people under the theme “Imperatives for Sustainable Industrial Development in Africa“.

The conference called on African countries to adopt flexible and targeted industrial policies to drive robust and sustainable industrialization on the continent.

“We heard that industrialization is a necessity, not a luxury. Africa needs to develop its regional value chains,” said Chief Economist and Vice-President of the African Development Bank Group, Prof. Kevin Urama.

“This is not the end, but the beginning. The actions we take, and the advice we give to countries will make it a worthwhile agenda. It will only take us Africans to develop Africa; we can only have partners to support us,” he said.

Urama reaffirmed the African Development Bank’s commitment to implement the next steps to support Africa’s industrialization. He called for further action, including robust partnerships, inclusive policies, and renewed trade strategies to drive sustainable economic growth across the continent.

African economists acknowledge that for the African Continental Free Trade Area (AfCFTA) to deliver on its ambitious development promise, countries must harmonize trade policies and invest strategically in industrial development.

Source: The Guardian