The African Industrialization Week started Monday at the headquarters of the African Union (AU) in the Ethiopian capital, Addis Ababa.
This year’s edition of the event was under the theme “Positioning African Industry to Supply the AfCFTA Market,” referring to the African Continental Free Trade Area (AfCFTA).
More than 1,000 people from such fields as manufacturing, tourism, healthcare, automotive, textiles, fertilizers, and finance are present..
At an opening ceremony, AU Commissioner for Trade and Industry Albert Muchanga said the event will drive Africa’s industrialization momentum by effectively analyzing the various opportunities and challenges.
The continental industrialization week “would further mobilize African leaders, policymakers, and private sector and development cooperating partners to enhance dialogue on the pan-African industrialization agenda,” he said.
It would inject a positive impetus to the development of regional and continental value chains, which would further serve as “a major catalyst toward boosting industrial production capacity,” Muchanga said.
According to an AU statement, “with the AfCFTA ushering in a market space of at least 3.4 trillion U.S. dollars, and a consumer base of 1.27 billion people, there is no doubt that moving the continent’s industrial production frontier becomes critical, as enterprises tap into large scale opportunities on the back of free trade.”
Organizers of the continental industrialization week include the AU Commission’s Department of Trade and Industry in collaboration with International Trade Center (ITC), the Ethiopian Ministry of Trade and
Industry, the Africa Free Zones Organization (AFZO), the UN Industrial Development Organization (UNIDO), the UN Conference on Trade and Development (UNCTAD), the UN Economic Commission for Africa (UNECA), and the European Union. Enditem