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Nelson Gahadza-Business Reporter
African countries should band together, leveraging collective strengths and comparative advantage to attract investment, foster innovation and drive industrial transformation on a continental scale, a Cabinet minister has said.
Industry and Commerce Minister Mangaliso Ndlovu said this in a speech read on his behalf by permanent secretary, Dr Thomas Utete Wushe, at an annual Sub-Saharan Manufacturing Indaba held at the Sandton Convention Centre in South Africa.
Minister Ndlovu emphasised the critical need for African nations to forge collaborative partnerships in industrial development, indicating that cultivation of robust regional value chains as a catalyst for sustainable growth and prosperity across the continent is critical.
“African countries should band together, leveraging collective strengths and comparative advantage to attract investment, foster innovation and drive industrial transformation on a continental scale,” he said.
He said effective industrialisation strategies, harnessing Africa’s abundant natural resources and growing consumer markets, necessitated a comprehensive approach.
“This approach entails boosting value addition, expanding market reach, stimulating investments, nurturing partnerships and upholding sustainability practices.
“By harmonising these strategies with local development objectives and investor expectations, governments can cultivate robust and competitive manufacturing sectors that serve as cornerstones of broader economic advancement,” said Minister Ndlovu.
The Manufacturing Indaba, hailed as the premier manufacturing event in Sub-Saharan Africa, convened a distinguished gathering of policymakers, industry luminaries, manufacturing experts, and international speakers.
This year’s event, held on October 22, 2024, served as a pivotal platform for fostering collaboration and innovation within the manufacturing sector.
The annual indaba unites business owners, industry stalwarts, government officials, financing partners, and seasoned professionals to collectively explore new horizons and amplify the growth trajectories of their manufacturing ventures.
Furthermore, Minister Ndlovu underscored the Government’s introduction of Education 5.0, a transformative initiative aimed at fortifying heritage-based science, technology, engineering and mathematics (STEM) education and innovation.
He said this visionary programme was designed to equip the youth with the skills needed for emerging sectors, empowering scholars to transition into entrepreneurs capable of propelling economic growth and effecting social transformation.
In addition, Minister Ndlovu highlighted the pivotal role of Government policies and incentives as decisive factors influencing investment choices within African manufacturing.
He said establishing an enabling regulatory framework, offering targeted incentives, ensuring macroeconomic stability, and investing in critical infrastructure are paramount steps that can markedly enhance a nation’s attractiveness to both foreign and domestic investors.
“By strategically focusing on these key domains, governments can catalyse increased foreign direct investment (FDI), foster job creation, and fuel overall economic expansion within the manufacturing sphere,” he said.
The minister also emphasised his call for collaborative industrialisation, which serves as a beacon of hope and unity, heralding a new era of shared prosperity and sustainable growth across the African manufacturing sector.
At the indaba, participants also received a presentation of a case study on South Africa’s automotive industry, where it was noted that South Africa is producing 350 000 vehicles and China is producing 30 million vehicles.
It was noted that African countries can collaborate and produce motor vehicles, taking advantage of the African Continental Free Trade Area.
Online Reporter