Africa Business Forum urges to harness Africa’s potential to drive economic transformation
Addis Ababa, Feb 18 (IANS) African leaders, experts, and key stakeholders convened at the Africa Business Forum calling for the continent to harness its untapped potential to drive economic transformation.
The eighth edition of the forum, the continent’s premier business gathering, took place in Addis Ababa, Ethiopia’s capital, under the theme “From Potential to Prosperity: Activating Africa’s Regional Value Chains.” It brought together policymakers, investors, and key figures from both the public and private sectors, Xinhua news agency reported.
Participants underscored the urgent need to leverage Africa’s abundant natural resources and human capital — more than 60 per cent of the continent’s population is under 25 years old — to accelerate socio-economic development.
Addressing the forum, Executive Secretary of the United Nations Economic Commission for Africa (UNECA) Claver Gatete emphasised the need to capitalise on Africa’s wealth of resources to augment the continent’s participation in global value chains.
“With over 65 per cent of Africa’s workforce engaged in agriculture, why does Africa remain a net importer of food? Why must we continue to rely on external markets when our agro-industrial potential is unparalleled,” Gatete asked African leaders and experts at the forum. “The time for incremental change is over. Africa must industrialise with urgency.”
Describing Africa’s development trajectory as a “paradox,” Gatete said while the continent is rich in natural and human resources, it remains hampered by economic fragmentation and underdevelopment.
The UNECA chief outlined four key recommendations for Africa to harness its great potential, including scaling up regional agro-processing hubs and special economic zones that transform raw materials into high-value exports, as well as establishing harmonised regulatory frameworks. He said Africa must focus on infrastructure development and financing mechanisms to lower cross-border business costs, while also boosting public-private partnerships to drive innovation and entrepreneurship.
The forum also highlighted the need for robust investments in human capital, technology, and infrastructure to lay the groundwork for strong regional value chains that can drive Africa’s economic transformation.
Ethiopia’s President Taye Atske Selassie echoed the call for greater focus on Africa’s manufacturing sector. He stressed the need to increase manufacturing capacity and attract foreign direct investment, while also embracing digitalisation and addressing financing gaps.
A presidential dialogue on the sidelines of the forum also underscored the urgency of changing Africa’s narrative, shifting from a continent of untapped potential to a global hub of production, innovation, and economic self-sufficiency.
The Africa Business Forum, jointly organized by the UNECA and the Africa Finance Corporation, serves as a vital platform for discussions on the challenges, opportunities, and actions necessary to accelerate the realisation of the 2030 Agenda for Sustainable Development Goals and Agenda 2063 for the continent’s transformation.
–IANS
int/rs
