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international competitiveness and economic transformation.
Economic Planning and Investment Promotion Minister Tapiwa Mashakada made the remarks yesterday during the official opening of the 19th session of the Intergovernmental Committee of Experts of the UN Economic Commission for Africa sub-regional office for Southern Africa taking place in Harare.
“Africa should unlock its industrial potential and aggressively diversify its export base as a narrow export base exposes our economies to commodity price shocks in face of faltering world economic growth.
“These challenges call for a diversification of our sources of growth and the optimisation of the benefits from commodities exploitation and transformation,” he said.
Minister Mashakada said Government considers industry as a critical aspect in its quest for economic growth and development at large.
“My Government considers industry to be a critical driver of economic growth and development and has further developed an Industrial Development Policy (2012-2016) to realise this vision,” he added.
The minister added that Zimbabwe has a comparative advantage in fields that include agriculture and manufacturing with the pharmaceuticals sector being number two in Sadc.
“The pharmaceuticals manufacturing sector is the second largest in Sadc and has potential to stimulate and revitalise the domestic manufacturing sector as well as boost intra-regional trade,” he added.
United Nations Economic Commission for Africa Southern Africa director Ms Beatrice Kiraso said Africa boasts a huge internal market and there is need to increase intra-trade on the continent which currently stands at below 10 percent to accelerate economic transformation and Africa’s industrialisation.
“Africa has an enormous internal market and that increased intra-Africa trade which stands at less than 10 percent will spur economic transformation and industrialisation for the continent,” she said.
Ms Kiraso said the Tripartite Free Trade Area, which was approved by regional heads of state and launched in 2011, emphasises on three critical factors, namely market integration, infrastructure development and industrial development.
“Africa must address infrastructural challenges to facilitate trade and market integration as Southern Africa’s infrastructural debt currently stands at an estimated US$100 billion,” added Ms Kiraso.
The two-day 19th session is running under the theme “Industrialisation for economic transformation and sustainable development in Southern Africa: Addressing the gaps”.
The government of Mauritius hosted the previous session in February 2012.
Online Reporter