Africans Urged to Boost Investment in Human, Financial Capital to Accelerate Industrialization

Africa Urged to Boost Investment in Human and Financial Capital for Sustainable Industrialization and Economic Growth

Addis Ababa, August 18/2023 (ENA) – Africa should prioritize investment in human and financial capital in order to accelerate its sustainable industrialization and achieve economic growth, according to Antonio Pedro, the acting Executive Secretary of the Economic Commission for Africa (ECA).

Key Points:

1. Africa needs to align its education systems with market and societal needs.
2. Investment in science, technology, and innovation is crucial to move away from resource extractivism and promote value chains.
3. A strong African position within the global geopolitical economy is necessary to overcome global shocks and crises.
4. A paradigm shift in approach is needed to achieve the Sustainable Development Goals (SDGs) and Agenda 2063.
5. An ecosystem for transformational change and leadership should be established, involving the government, private sector, and other stakeholders.
6. Creating an enabling environment for domestic investors, particularly small and medium-sized enterprises, is essential for job creation.
7. Mobilizing domestic resources through pension funds and expanding finance beyond aid can enhance productive capabilities.
8. Carbon credit markets can support industrialization in Africa and generate significant revenue.

Details:

• Pedro made these remarks at the 43rd Southern African Development Community (SADC) Ordinary Summit of the Heads of State and Government in Luanda, Angola.
• Despite having the necessary resources, much of Africa is off track to meeting the SDGs and Agenda 2063.
• African countries should align their education systems with market and societal needs to ensure sustainable industrialization.
• Investment in science, technology, and innovation is crucial to move away from the resource extractivism model and promote value chains.
• A strong African position within the global geopolitical economy is necessary to overcome global shocks and crises.
• A paradigm shift in approach is needed to accelerate the pace of industrialization and achieve impactful structural transformation.
• An ecosystem for transformational change and leadership should be established, involving the government, private sector, and other stakeholders.
• The emergence of a strong and competitive small and medium-sized enterprise sector will create the jobs needed for the youth.
• Industrial policies should be at the center of development policies to drive economic growth.
• Mobilizing more domestic resources through pension funds can enhance productive capabilities.
• Carbon credit markets can support industrialization in Africa and generate significant revenue.

In conclusion, Africa must prioritize investment in human and financial capital to accelerate sustainable industrialization and achieve economic growth. By aligning education systems with market needs, investing in science, technology, and innovation, and establishing a strong position within the global geopolitical economy, Africa can overcome challenges and achieve the SDGs and Agenda 2063. It is crucial to create an ecosystem for transformational change and leadership, involving all stakeholders, and to focus on creating an enabling environment for domestic investors. By mobilizing domestic resources and exploring carbon credit markets, Africa can enhance its productive capabilities and drive industrialization.

SDGs, Targets, and Indicators

1. Which SDGs are addressed or connected to the issues highlighted in the article?

The SDGs that are addressed or connected to the issues highlighted in the article are SDG 4: Quality Education, SDG 9: Industry, Innovation, and Infrastructure, SDG 12: Responsible Consumption and Production, and SDG 17: Partnerships for the Goals.

2. What specific targets under those SDGs can be identified based on the article’s content?

Based on the article’s content, the specific targets that can be identified are:

– Target 4.4: By 2030, substantially increase the number of youth and adults who have relevant skills, including technical and vocational skills, for employment, decent jobs, and entrepreneurship (under SDG 4: Quality Education)

– Target 9.2: Promote inclusive and sustainable industrialization and, by 2030, significantly raise industry’s share of employment and gross domestic product, in line with national circumstances, and double its share in least developed countries (under SDG 9: Industry, Innovation, and Infrastructure)

– Target 12.2: By 2030, achieve the sustainable management and efficient use of natural resources (under SDG 12: Responsible Consumption and Production)

– Target 17.1: Strengthen domestic resource mobilization, including through international support to developing countries, to improve domestic capacity for tax and other revenue collection (under SDG 17: Partnerships for the Goals)

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

No indicators are mentioned or implied in the article that can be used to measure progress towards the identified targets.

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Source: ena.et

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