Africa’s Drive for Industrialization Picks Up Momentum
The Democratic Republic of the Congo (DRC) and South Africa are forging a closer partnership to boost industrialization across the African continent. The 12th Session of the Bi-National Commission between the two countries recently took place, highlighting the importance of their relationship and the need to address shared challenges.
Both nations recognize the economic potential that lies within Africa, from its vast resources to its young and tech-savvy population. South African President Cyril Ramaphosa stressed the importance of expanding and diversifying Africa’s industrial capacity, moving away from a reliance on raw material export. He emphasized the need to capitalize on Africa’s manufacturing potential, especially in the aftermath of the COVID-19 pandemic, which exposed the continent’s lack of resources to combat the crisis.
The pandemic taught Africa a valuable lesson: the continent must strengthen its industrial base. Africa faced shortages of essential medical supplies, such as face masks, ventilators, and testing kits, and was heavily reliant on imports. As a response, Africa successfully repurposed its manufacturing capabilities and became a producer and exporter of these critical medical products.
To fully realize Africa’s industrial potential, South Africa and the DRC aim to lead the way in processing raw materials on the continent itself. By combining their resources, skills, technology, and capital, they seek to develop an integrated supply chain that can manufacture products such as electric vehicle batteries and boost economic growth and job creation across Africa.
The potential for collaboration between South Africa and the DRC is vast. From opportunities in the food industry to the supply of mining equipment and services like telecommunications, banking, and retail, there are numerous sectors where both nations can invest and thrive.
President Ramaphosa has set a target of raising R2 trillion in new investment over the next five years in South Africa. He invites Congolese businesspeople to invest in South Africa and expand their businesses by setting up subsidiaries. By strengthening trade ties and addressing challenges faced by the private sector, South Africa and the DRC aim to grow their overall investment base and boost economic development.
Africa faces its fair share of challenges, but it is determined to take control of its destiny. The continent aims to ensure that all Africans benefit from global growth and development. By harnessing its resources and leveraging its industrial capabilities, Africa can propel itself into the forefront of the new green industrial revolution.
As Africa’s appetite for industrialization grows, the partnership between South Africa and the DRC highlights the continent’s commitment to achieving sustainable economic growth, reducing dependency on external markets, and creating opportunities for its young and aspiring population. With collaboration and investment, Africa has the potential to become a leading manufacturer and drive its own path to a prosperous future.
