Africa Industrialization Day: The Acceleration of the Industrial Development of Africa and the Need for Value Addition and Industrial Transformation

Article excerpt

THE continent of Africa is endowed with abundant natural resources, and in recent years, African countries have experienced sustained economic growth. But the continent is lagging behind other regions in the global endeavor to reach the Millennium Development Goals, the world's common vision for creating a better world for all in the 21st century.

Africa remains industrially underdeveloped and the challenge is to transform the economy from a primary resource-dependent continent to a more dynamic and diversified industrial economy. To mobilize the commitment of the industrial community to the industrialization of Africa, Africa Industrialization Day is celebrated on November 20 each year.

This year's theme "The Acceleration of the Industrial Development of Africa and the Need for Value Addition and Industrial Transformation" highlights the opportunities offered by globalization and acknowledges how the benefits of industrialization can be hastened by increasing industrial development and adding value to its industries and transforming these industries to meet the requirements of a global economy.

Midway into the Millennium Development Goals by 2015, many African states are not on track to halve extreme poverty, reduce maternal mortality, reverse the spread of AIDS, and reach other development targets. …