ABIDJAN: AFRICAN Union (AU) member states are pushing to turn Africa’s vast natural wealth into industrial growth, stronger trade and sustainable economic prosperity.
The agenda is taking centre stage at a key African Union (AU) meeting that opened here on Friday, bringing together finance, trade and industry ministers and senior experts from across the continent.
The meeting is focusing on how African countries can add value to their raw materials, strengthen regional value chains and create a business environment that attracts long-term, productive investment.
Tanzania is represented by Deputy Minister for Finance, Engineer Mshamu Ali Munde, on behalf of the Minister for Finance, Ambassador Khamis Mussa Omar, who is leading the country’s delegation.
Delegates said Africa has the resources and human capital to become a major global manufacturing and trade hub, citing its vast natural resources, arable land, strategic mineral reserves and youthful population.
They, however, stressed that unlocking this potential will require stronger economic and financial systems to support industrial growth and reduce the continent’s reliance on exporting raw materials.
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The meeting is also examining ways to boost domestic revenue mobilisation, improve natural resource management and step up the fight against tax evasion, which delegates said are essential to closing the financing gap for infrastructure and other development priorities.
Ministers and experts also highlighted the need for financial systems that can provide long-term capital at affordable borrowing costs and encourage greater private sector participation in development projects.
The discussions come as African countries seek to deepen regional integration and strengthen the continent’s position in global markets by expanding intra-African production, trade and investment.
Resolutions from the meeting are expected to guide the implementation of AU economic, trade and industrial policies, with the broader aim of strengthening sustainable growth and boosting Africa’s competitiveness in the global economy.