African leaders commit to accelerating continent's industrialization


  • World
  • Friday, 02 Dec 2022

ADDIS ABABA, Dec. 1 (Xinhua) -- African leaders have committed to "far-reaching and firm decisions" to accelerate industrialization as well as economic diversification and trade on the continent.

The African Union (AU) said in a statement issued Thursday that during the AU Extraordinary Summit on Industrialization and Economic Diversification held last week in Niger, the leaders reiterated to accelerate industrialization and economic diversification, with priorities on health and pharmaceutical, automotive, minerals benefaction, food and nutrition, and apparels of cotton industries in order to reduce the continent's external dependency.

They further underscored the need to increase investments in infrastructure and energy with the support of financial institutions and partners to reduce production costs, and boost the competitiveness of the African economies, it said.

They further agreed on the development of sustainable special economic zones and industrial parks while supporting existing ones.

In order to ensure inclusive and sustainable industrialization, African leaders and other stakeholders will also have regular dialogue with the private sector.

They also agreed to establish, at the national level, programs for industrial linkages between the educational system and the labor market, aimed at promoting the competitiveness of the private sector through the development of soft and hard skills necessary for industrialization in particular in the areas of science, technology, engineering, and mathematics.

The AU, working with development partners, will also produce and disseminate amongst member states an annual Africa's Industrial Development Report based on an African Industrial Development Index, and fast-track the establishment of the African Industrial Observatory.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!
   

Next In World

As ice recedes, Italian ship makes record journey into Antarctic
Cheaters beware: ChatGPT maker releases AI detection tool
French labour minister says raising pensions age is 'non-negotiable' despite mass protests
Tech industry job cuts come rapidly and in big numbers
Electric car sales gain pace despite hurdles
Cannot rule out internal assistance for Pakistan mosque bombing -police
Fire put out at South Korea's space centre during test for next generation space rocket
Spain to send up to six Leopard 2A4 tanks to Ukraine - El Pais
Pope Francis to celebrate Mass in Congo, meet victims of violence
Australia recovers radioactive capsule, finds 'needle in the haystack'

Others Also Read