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African Union Gathers Experts to Design New Action Plan

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African Union will gather experts to discuss and re-examine strategic mechanisms for enhancing two crucial sectors and interconnection between the economy and industry in Africa from November 20 – 25th.

African Union Gathers Experts to Design New Action Plan

African Union Gathers Experts to Design New Action Plan (Business Post)

Following the crucial in-depth discussions, the gathering aims to create a new action plan for industrializing Africa, adding value to the agricultural products produced there, and exploring potential economic strengthening and diversification strategies. It is essential for African leaders to undertake real, deliberate efforts to translate resources into infrastructure and work toward creating a sustainable economy, even though this may not be an easy undertaking.

The Organization of African Unity’s Assembly of Heads of State and Government adopted November 20 as Africa Industrialisation Day in July 1989 in Addis Abeba, Ethiopia, in recognition of the significance of industrialization and economic transformation in Africa.

The Africa Industrialization Day provides an opportunity for key stakeholders to reflect on Africa’s industrialization by looking at how the continent can change its current status quo. Since 2018, the Africa Industrialization Day has been commemorated with week-long events, marking a departure from the one-day tradition, and which affords more time to reflect and accelerate actions toward Africa’s structural transformation as an enabler to meet the objectives of Agenda 2063 and Sustainable Development Goals 2030.

Now that trading under the African Continental Free Trade Area (AfCFTA) agreement was also launched on 1st January 2021, it makes it paramount for African leaders to address contradictions and complexities in the development paradigms and critically focus on economic sectors with their external partners. It is a common goal to build an integrated economy for Africa.

In close interconnection with this, experts have emphasized that steps must necessarily fall within the ideals of realizing the primary aims of creating a single continental market. Understandably the AfCFTA, created as a single African market for goods and services, covers an estimated 1.3 billion people with a combined GDP of over $2.5 trillion across 55 member states.

Thus, Africa’s industrialization and transformation agenda need to be supported at the highest national, regional, continental and global levels. The focus is to accelerate efforts in a selected number of key policy areas – such as energy and road infrastructure, trade facilitation, financial sector development, education development, agro-industrial transformation, green industrialization and technological innovation and transformation.

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