Experts have called on African states to invest more in value addition and human capital to improve Africa’s manufacturing industry.
According to experts, investing in value addition and skills will enhance the continent’s competitiveness and accelerate economic growth.
Dr Sindiso Ngwenya, COMESA’s secretary general, said Africa needs more human capital and skills to make its manufacturing sector attractive to foreign investors.
Ngwenya called for strong public-private sector partnerships to fast-track the continent’s industrialisation process and create more jobs for the unemployed Africans.
He urged leaders to support intra-Africa trade through export promotion and product diversification.
“The private sector should equally take full advantage of the infrastructure being put in place to ease the cost of doing business in Africa,” he said.
According to Francois Kanimba, the Minister for Trade and Industry, encouraging export production and technological transfer among regional states is critical for economic sustainability.
This would attract more foreign direct investments (FDIs) and help propel countries like Rwanda towards economic excellence, he said.
“We should focus on adding value addition to our natural resources to be able to maximise profits and become competitive,” he said.
He was speaking during the recently concluded African Global Investment Summit in Kigali.
According to Benjamin Gasamagera, the Chairman of Private Sector Federation (PSF), the need to create young innovators will equally strengthen the sector.
“We also need to look at ways and mechanisms to further reduce the cost of production on the continent,” Gasamagera noted.
Experts argue that industrialisation in Africa is not only desirable but also possible.