Urama: African capital should support Africa’s industrialisation
The 2023 African Economic Conference has officially kicked off and is being held in Addis Ababa, Ethiopia. The theme for this year's for this year's conference is “The Imperatives for Sustainable Industrial Development in Africa" and CNBC Africa's Tania Habimana caught with Kevin Urama, Chief Economist, African Development Bank.
Thu, 16 Nov 2023 10:54:50 GMT
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AI Generated Summary
- The urgent need for African nations to prioritize industrial development to enhance value addition, boost intra-regional trade, and build resilient economies against global disruptions
- The challenges facing Africa, including low manufacturing value added and limited regional supply chains, and the importance of strategic industrial policies to drive growth
- The critical role of African capital in supporting industrialization through investment in infrastructure, economic integration, and capacity building to empower African youth and women
The 2023 African Economic Conference kicked off in Addis Ababa, Ethiopia, with a focus on 'The Imperatives for Sustainable Industrial Development in Africa'. CNBC Africa's Tania Habimana spoke with Kevin Urama, Chief Economist of the African Development Bank (AFDB), to discuss the pivotal role of industrialization in Africa's economic growth. Urama emphasized the urgent need for African nations to prioritize industrial development to enhance value addition, boost intra-regional trade, and build resilient economies against global disruptions. He highlighted the challenges facing Africa, including low manufacturing value added and limited regional supply chains, and stressed the importance of strategic industrial policies to drive growth. Urama emphasized the critical role of African capital in supporting industrialization and called for increased investment in infrastructure, economic integration, and capacity building to empower African youth and women. The conference serves as a platform to showcase research on youth and women entrepreneurship, signaling a commitment to harnessing Africa's demographic dividend for sustainable development.
