Vusumuzi Dube
The economic power, natural wealth, and ambitious development plans of the Southern African Development Community (SADC) are poised to become a magnet for global investors in the years ahead, Vice President General (Rtd) Constantino Chiwenga has said.
In his keynote address to delegates attending the Investment conference on the sidelines of the 7th SADC Industrialization Week, Vice President Chiwenga painted a compelling vision of the investment opportunities available across southern Africa.
VP Chiwenga highlighted SADC’s impressive economic clout, noting that the bloc’s 16 member states contributed 27.78 percent of Africa’s Grioss Domestic Product and attracted over 55 percent of the continent’s Foreign Direct Investment (FDI) in 2021. “The SADC region holds significant investment potential.
We boast valuable mineral resources, offering opportunities in extraction, beneficiation, and value addition.
“Recent discoveries of lithium in the Democratic Republic of Congo and Zimbabwe, in particular, present enormous prospects. Not only can these reserves be refined and processed, but they also pave the way for the manufacture of lithium-ion batteries and electric vehicles.
“SADC member states should capitalize on these resources and invest in value addition to maximize foreign currency earnings,” he said.
To facilitate such investment, VP Chiwenga cited the SADC Regional Infrastructure Development Master Plan (RIDMP), adopted in 2012. He said the initiative has prioritized the development of key projects across six sectors namely energy, water, transport, meteorology, tourism, and ICT.
VP Chiwenga noted that the SADC Secretariat had developed a Compendium of SADC Investment Opportunities, which highlights 45 critical regional infrastructure projects that should be implemented as they are essential for sustainable regional growth.
He said the Africa Continental Free Trade Area (AfCFTA) presents an opportunity for the SADC region to position itself as a premier investment destination in Africa.
“Collaboration to enhance productive capacities, competitiveness, and attract Foreign Direct Investments (FDI) is crucial,” he said.
“Let us leverage our comparative advantages, such as peace and stability, educated populace, natural resources, favorable climate, and integrated transport infrastructure, to boost productivity and seize trading opportunities under the AfCFTA.”
The theme for this year’s SADC Industrialization Week is, “Promoting Innovation to Unlock Opportunities for Sustainable Economic Growth and Development Towards an Industrialized SADC.”
The Investment Conference aligns with the SADC Industrialization Strategy and Roadmap, aimed at enhancing the policy environment for industrial development, improving investment efficiency, and creating regional value chains.
New Ziana
Online Reporter