A new structure to strengthen the South-South economic and political axis was launched in Mauritius last month. The inaugural African Economic Platform (AEP), an Agenda 2063 programme, was attended by the Chairperson of the African Union, several Prime Ministers and high profile personalities of the continent. The AEP is an initiative driven by Africans to provide the policy space for Africans across all key sectors, to set their own agenda, explore realistic continental and global opportunities, and ways of implementing this agenda. Organized by the African Union Foundation, the African Economic Platform is an event to analyze the strengths and weaknesses of African economies and to identify opportunities in various sectors.
The AEP created an avenue for dialogue amongst a range of sectors, including the African political leadership, business leaders in the private sector, universities and intellectuals. All these different stakeholders are critical to driving the economic transformation agenda. The private sector plays a key role in investment, industrialisation and intra-African trade. The higher education sector provides skills development and are the locus for research and innovation. Governments ensure the implementation of fiscal and macro-economic policies and other environments for economic transformation.
The idea for an Africa focused economic platform originated from the need to ensure that annual meetings among African policy makers and regional business leaders do serve the top priorities in Africa’s drive for development and growth. The launch focused on the employment challenges arising from the skills gap witnessed by the disconnect between Africa’s industry requirements for economic growth and the output from academia. The need to develop an integrated African economy to enable the continent to realise its potential for stronger competitiveness in the global economy was also at stake. The outcome of the inaugural AEP, which focused on South-South cooperation, a commitment to Made in Africa and intra-African trade, bodes well for the continent.
At this launch Forum, measurable short to medium term milestones were set in relation to the promotion of intra-Africa trade through the food and agricultural products that the continent produces: livestock, poultry, fish, seafood, among others. Strategies were developed following the conference, including the establishment of a joint standing committee to facilitate trade relations; to remove the obstacles to the movement of goods and services; and to promote joint efforts among African financial centers to facilitate investment. Africa needs USD 200 billion annually over the next four years to reach its targets, while Foreign Direct Investment is USD 60 billion a year. Air connectivity was also reviewed, with the development of a master plan for the African continent in the pipeline.
The AEP launch was a meeting of great minds to discuss how the continent can harness its vast resources to enhance the development of the African people. It is now time to come forward with concrete plans to accelerate investment and competitiveness in Africa. NEPAD has already been active on the front of Human Skills Capital Development through its Skills Initiative for Africa Programme, launched this April. Leveraging the potential of the African Diaspora to participate in and advocate for Africa’s integration and development is a point we will take up next week.