From Africa Recovery, Vol.13#2-3 (September 1999), Watch page

INVESTMENT
Africa seeks more industrial partnerships

The need to accelerate Africa's industrial development was the theme of a special session held during the June summit meeting of the Organization of African Unity (OAU) in Algiers (see article "UN promotes African peace efforts"). Addressing the session -- the first time a "mini-summit" devoted to a specific economic development issue was held within an OAU summit -- UN Industrial Development Organization (UNIDO) Director-General Carlos Magariños stressed that since "industrial development is the most sustainable way to create employment and reduce poverty, it deserves much higher priority in the spectrum of social and economic development strategies." More foreign direct investment also should be attracted, participants agreed, by highlighting the continent's considerable investment potential (see article "Africa's untapped investment potential").

Organized by the Presidential Patrons Group of the Alliance for Africa's Industrialization (AAI), which is chaired by President Henri Konan Bédié of Côte d'Ivoire, the meeting pledged to spare no effort to double Africa's industrial production by the year 2010.

According to UNIDO figures, manufacturing value added (MVA) in Africa (excluding South Africa) amounted to around $50 bn in 1996, but may reach as much as $60 bn this year, with South Africa accounting for another $25 bn. Although the bulk of manufacturing output is generated by about 10 countries, a number of smaller African economies have achieved significant growth in industrial MVA during this decade (see graph). Nevertheless, Africa's total MVA remains only about 1 per cent of the world figure, compared with 5 per cent for Latin America and 8 per cent for Asia (excluding China).

With the aim of attracting greater external investment and donor assistance for Africa's industrialization efforts, UNIDO, OAU, AAI, the UN Economic Commission for Africa and the African Development Bank are organizing a conference on "Industrial Partnerships and Investments in Africa" in Dakar, Senegal, on 20-21 October 1999. African governments will outline their investment incentives and industrial policies and present carefully worked-out investment projects.

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