Achieving sustainable industrial development in Africa requires a balanced strategy aligning technological innovation with human capital development, experts said at a pan-Africa forum that wrapped up on Saturday.
At the 2023 African Economic Conference in Addis Ababa, themed “Imperatives for Sustainable Industrial Development in Africa,” researchers emphasized the pivotal role of integrating technological innovation and human capital development for economic progress on the continent, according to a statement released the UN Economic Commission for Africa (UNECA) on Friday.
Experts presented the results of their research during the three-day meeting. According to a paper titled “Enhancing Industrial Productivity and Competitiveness in Africa: A focus on Technological Innovation and Human Capital Development,” implementing policies supporting technological innovation and human capital development is critical for sustainable industrial growth in Africa.
Analyzing data from 32 African nations between 1996 and 2021, the study revealed intricate connections between technological innovation, human capital development, industrial productivity, and competitiveness across the continent.
It emphasized the necessity of collaborative efforts to foster technology transfer partnerships with developed nations and multinational corporations, enabling the introduction of cutting-edge technologies to local industries.
The 2023 African Economic Conference, hosted by the African Development Bank, UNECA, and the UN Development Program has convened policymakers, experts, the private sector, researchers and youth in Addis Ababa. The conference serves as a platform to deliberate on the challenges and potential of industrialization in Africa.