industrialisation

Topics: Africa, Industry, African Union Pages: 21 (8272 words) Published: April 19, 2014
UNITED NATIONS
ECONOMIC AND SOCIAL COUNCIL
ECONOMIC COMMISSION FOR AFRICA
Forty-sixth session of the Economic Commission for Africa

Sixth Joint Annual Meetings of the ECA Conference of African Ministers of Finance, Planning and Economic Development and
AU Conference of Ministers of Economy and Finance

AFRICAN UNION
COMMISSION
Eighth session of the Conference of African
Ministers of Economy and Finance

Distr.: General
E/ECA/CM/46/2
AU/CAMEF/MIN/2(VIII)
7 March 2013

Abidjan, Côte d'Ivoire
25 and 26 March 2013

Original: English

Industrialization for an Emerging Africa
Issues paper

E/ECA/CM/46/2
AU/CAMEF/MIN/2(VIII)

Contents
Acronyms and abbreviations .............................................................................................................. ii  Introduction ........................................................................................................................................ 1  I. 

Africa’s experience with industrialization and structural transformation .................................. 2 

II. 

Role of industrialization in Africa’s emergence ..................................................................... 5 

III. 

Addressing the key constraints to industrial development...................................................... 6 

IV. 

Industrializing for Africa’s economic emergence: emerging global issues ............................ 8 

V. 

Planning and accelerating Africa’s Industrialization ............................................................ 10 

VI. 

Financing Africa’s industrialization...................................................................................... 14 

References ........................................................................................................................................ 16 

i

E/ECA/CM/46/2
AU/CAMEF/MIN/2(VIII)

Acronyms and abbreviations
AfDB
AIDA
AU
AUC
DFI
ECA
FDI
GDP
ISI
MIGA
NEPAD
NIE
ODA
SAP
SME

African Development Bank
Action Plan for Accelerated Industrial Development for Africa African Union
African Union Commission
Development Finance Institutions
Economic Commission for Africa
Foreign direct investment
Gross domestic product
Import substitution industrialization
Multilateral Investment Guarantee Agency
New Partnership for Africa’s Development
Newly Industrializing Economies
Official Development Assistance
Structural Adjustment Programme
Small and Medium Enterprise

ii

E/ECA/CM/46/2
AU/CAMEF/MIN/2(VIII)

Introduction
1.
A consensus on the potential for Africa to become the new pole of global growth emerged at the 5th Joint Annual meetings of the AU Conference of Ministers of Economy and Finance and the ECA Conference of African Ministers of Finance, Planning and Economic Development. Indeed, over the last decade, especially prior to the 2008 global financial crisis, Africa experienced accelerated growth rates. Despite the negative influence of the global crisis, the performances of Africa’s economies remain significant. In 2012, the growth rate in over 80 per cent of African countries was higher than the global growth rate of 2.7 per cent. In addition, 16 African countries were among the top 30 to be experiencing the highest growth rates in the world. 2.

However, the growth performance, thus far, remains highly vulnerable to external shocks and has not translated into meaningful job creation for most countries. This is well exemplified by the impact of the recent global economic crisis on Africa’s growth performance. Other factors include weather vagaries and global commodity price volatilities due to the continent’s reliance on agriculture and primary commodities for its performance. Moreover, while the total unemployment rate across Africa marginally declined from 9.7 per cent in 2000 to 8.3 per cent in 2011, the share of vulnerable employment in total employment remains very high, at about...

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