Industrialization will help Africa fully join world economy: UN chief

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Industrialization can serve as "a critical engine of economic growth and development" for Africa, which, like the rest of the world, continues to feel the impact of the global economic and financial crisis, UN Secretary- General Ban Ki-moon said Friday.

"UN figures indicate that the world economy is poised for recovery, but for Africa to benefit the continent must focus on industrialization as a critical engine of economic growth and development," Ban said in his message to mark the Africa Industrialization Day, observed annually on Nov. 20 and whose theme this year is "Industrialization for integration."

Armed conflict, inadequate infrastructure, weak governance, limited financing and technological abilities, and policies that stifle entrepreneurship, limit competition and raise the cost of doing business are hindering the industrialization that Africa needs to fully join the global economy, he said.

 "Efforts to address these challenges must be rooted in a shared global responsibility for our planet's prosperity," he said.

 "We know what is needed, including a green agricultural revolution linked to industrial transformation. Indeed, there is great industrial potential in the emergence of a new, green economic paradigm," he said.

African leaders must provide a supportive regulatory and financial framework for such changes to gain strength, he noted.

Meanwhile, the international community must work with African governments and institutions to do the research, make the investments and deploy the technologies for a climate-resilient, low-carbon growth path to feed Africa's growing population and raise living standards by building the industries of the future, he said.

 Ban cited encouraging economic growth on the continent in the past few years but stressed that increased industrialization is necessary if the transformation of African economies is to be sustained.

"Industrialization will help Africa increase its share of global output and trade, and become more fully and meaningfully a part of the global economy," he said. "But integration itself will help Africa industrialize, since African economies need improved access to global markets if its industries are to be competitive."

"Greater integration of regional markets on the continent itself can also foster industrial development by making it easier to produce at economic scale," he said. 

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Source: Xinhua

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