Working together for Africa

DR KINGSLEY MAKHUBELA 

'Africa Rising" is frequently discussed at most business, investment and global economic forums and refers to the continent's wealth of potential, resources including human capital, and the large emerging consumer markets which make Africa an increasingly attractive and competitive destination.

Africa has historically stood on the periphery of global politics, investment and development issues.

However, over the past decade the continent has been on an upward trend prioritising critical development issues and socio-economic growth relationships with other regions and continents.

Addressing this marginalisation, and with a view to enabling Africa to claim its place among the global community of nations, is the Southern African Development Community's (SADC) Summit - a platform that aspires towards greater regional integration.

The SADC Summit provides an opportunity for key regional business, investment, trade, development and governance players to meet, discuss and workshop ideas to tackle the unique African challenges. The Summit also provides an opportunity to tap into the rich potential of Africa's young human capital which will yield great benefits for all who invest in the continent's development.

With the 37th Ordinary SADC Summit of Heads of State and Government currently under way in Pretoria until August 20, under the theme "Partnering with the Private Sector in Developing Industry and Regional Value Chains", South Africa as the host country is utilising the environment to further deepen co-operation with member states, the continent and the world in order to take full advantage of trade, investment and development opportunities provided for the African continent and our people.

Driven by regional integration that represents not only a united SADC region, but also a unified Africa, the SADC's political leadership seeks to strengthen mutually beneficial relationships with the international community, with the view to rationalising these partnerships to enhance the benefits of Africa's transformation and integration efforts with the world.

This will be determined by increased trade and investment between African states, such as the Tripartite Free Trade Area (TFTA) that aims to connect the SADC, the East African Community (EAC), and the Common Market for Eastern and Southern Africa (Comesa), to frame a free trade area that spans 26 countries from the Cape to Cairo.

This form of regional integration enables countries to overcome the obstacles represented by their relatively small domestic markets, by enabling producers to realise greater economies of scale and benefit from the establishment of regional infrastructures. Globalisation and the advances in the information technology sector have provided unprecedented opportunities for countries and regions with the right policies to make significant advances and lift huge sections of populations out of poverty, improve incomes and catalyse economic and social transformations.

The regional approach also allows countries to assert their interests from a stronger and more confident position in the international arena, and requires us to invest in regional value chains to transition from commodity-dependent to value-addition, knowledge-intensive and industrialised economies.

Contextually, Africa is inspiring change through inclusive political and socio-economic reforms compelled by the shared values of ownership, leadership and partnerships, based on the AU vision of "an integrated, forward-looking, prosperous, dynamic and peaceful Africa, representing a dynamic force in global arena." Making substantial advancements in governance policies has led to sound macro-economic performance despite the adverse impact of the current global financial and economic crises.

Notwithstanding the impact of the global financial and economic crisis on Africa, the continent has been growing at unprecedented rates, re-affirming its commitment to global and balanced partnerships with the international community as the continent's vision lends credence to its potential for growth and development.

South Africa is taking over from Swaziland as the chair of the SADC from this month to August 2018, and will pursue to position the region's potential to serve as a fundamental contributor to Africa's economic recovery and stability by becoming a beacon of growth, investment and development. We will continue to work together to ensure economic growth, development and investment in respective member states and within our region.

The unprecedented high-level political will and involvement by African Heads of State and Governments, and the rest of the world in creating conditions for sustainable development, progress for new growth and investment prospects and implementing Africa's socio-economic development programmes sets the tone for ensuring favourable global trade and investment relations.

Our natural resource-rich continent, steady population growth rates, the rise of the black middle class, as well as improved governance and business settings in many African countries, are giving rise to Africa's growing recognition as an evolving market that is shaping up to be an ideal investment destination.

Within the present-day global context, Africa is faced with a plethora of factors that present great development and investment opportunities and South Africa is confident that the spirit of partnership within SADC will permeate the corridors of the 2017 SADC Summit as we work together to find solutions towards the strengthening sustainable development in the region, for Africa and the world-at-large.

Source: Working together for Africa