The Deputy Prime Minister and Foreign Affairs Minister of Ethiopia, Demeke Mekonnen, said that AU member states should redouble their efforts to industrialize and boost intra-African trade.
Speaking at the Extra-Ordinary Summit on Industrialization and Economic Diversification held in Niamey, Niger today, Demeke said industrialization determines whether Africa can transform its natural endowments into tradeable products or depend on imported products from outside.
Deputy Prime Minister Demeke who underscored the importance of allocating necessary resources to kick-start industrialization in the continent and transform the economy also called on AU member states for determinations and change the visions into practical actions.
Ethiopia implemented Homegrown Economic Reform program with the sole purpose of creating conducive economic environment for the private sector by removing structural red tapes in a number of industrial policies over the past few years with impressive results, Demeke elaborated.
He also said Ethiopia throws its weight behind the AU’s initiative to industrialize the continent.
Participants of the Summit said industrialization is not an event but a process which Africa has all the assets for job creations and industrialization.
Source: Ethiopia News Agency