Sikhulekelani Moyo [email protected]
GREEN industrialisation and the circular economy should be viewed as business opportunities rather than environmental obligations, Common Market for Eastern and Southern Africa (COMESA) Business Council First Vice-President Dr Sheriff El Gabaly has said.
Speaking at the COMESA Green Industries Connect in Harare on Monday, Dr El Gabaly said the shift towards sustainability had become an economic imperative for African businesses.
“Green industrialisation and the circular economy should be viewed not as environmental obligations, but as business and investment opportunities capable of strengthening competitiveness, creating jobs and unlocking new sources of growth across the COMESA region,” he said.
He said global markets were changing rapidly, with buyers, investors and regulators increasingly demanding greener products and more efficient production systems.
“Global buyers, investors and regulators are increasingly demanding products with lower emissions, greater resource efficiency and stronger traceability, making sustainability an economic imperative for businesses seeking to remain competitive in regional and international markets,” he said.
Dr El Gabaly highlighted the economic potential of the circular economy, which focuses on reducing waste by reusing, repairing and recycling materials.
“While the global economy is currently only about 7,2 percent circular, circularity represents an estimated US$4,3 trillion economic opportunity and could create up to 142 million jobs globally,” he said.
He urged COMESA member states to help local businesses, particularly small and medium-sized enterprises (SMEs) and young entrepreneurs, take advantage of the emerging opportunities.
“COMESA member states must position their enterprises, particularly SMEs and young entrepreneurs, to benefit from this transition through investments in recycling, refurbishment, repair services and resource-efficient production systems,” he said.
The COMESA Green Industries Connect is part of a series of business engagements being held in Harare ahead of the COMESA Heads of State Summit, with green value chains, sustainable trade and regional industrialisation high on the agenda.
