Paul Kagame, president of Rwanda, emphasised the need for rapid economic development in Africa, pointing out that the current rate is too slow.
On November 25, he delivered the speech while serving as the master of ceremonies for the 17th Extraordinary African Union Summit on Industrialization and Economic Diversification, which was held in Niger.
“The pace of industrialization in Africa remains too slow to achieve Africa’s development goals under Agenda 2063. We need to invest more of our national budgets in industrial policy, and significantly increase energy and infrastructure capacity,” Kagame said.
He continued by saying that in order to foster an innovation culture that welcomes young people, more relationships between African universities and the commercial sector are required.
The research, Africa’s Industrial Revolution, claims that a creative policy mix that combines a focus on traditional manufacturing with a forward-looking focus on new and emerging highly complex prospects will be beneficial for the continent’s drive towards industrialisation.
Kagame emphasised that the African Union Commission, as well as Africa CDC, the African Development Bank, Afreximbank, and many other partners, are championing pharmaceutical manufacture as a crucial new industrial sector for Africa.
In relation to that, he commended the Commission for providing assistance to Rwanda in order for it to promptly operationalize the headquarters of the African Medicines Agency (AMA).
The African Union (AU) has established the AMA as a specialised agency with the goal of facilitating the harmonisation of medical product regulation across the AU to provide access to high-quality, safe, and effective medical products on the continent.
The African Union (AU) has established the AMA as a specialised agency with the goal of facilitating the harmonisation of medical product regulation across the AU to provide access to high-quality, safe, and effective medical products on the continent.
The president and other African leaders have emphasized the necessity of reversing the continent’s reliance on the West by hastening the industrialization process and boosting intra-African commerce, which should be boosted by the full operationalization of the African Continental Free Trade Area (AfCFTA).
He complimented Wamkele Mene, the secretary-general of the AfCFTA, and his team for the positive developments made thus far and for the fact that each year more nations deposit their instruments of ratification for this instrument that is intended to hasten the industrialisation of the continent.
“It is a sign that we are on the right track,” he said, adding that “to create impact, however, we need to move forward in unison and with a sense of urgency. It is important to finalise the remaining protocols and schedules of commitments.
“Times have changed and the economic unity of our continent is more important than ever. We have not come this far to slow down. Time and time again, we are reminded of the importance of working together. No one can make it alone. That is what we need to do in the coming months to fully realize the potential of this historic agreement and of our great continent.”
With a combined GDP of $3.4 trillion, the 1.3 billion potential market size presented by the AfCFTA is substantial.
