Story by Owen Mandovha, Business Reporter
THE acceleration of investment and innovation was made a top priority to leverage on the SADC region’s huge potential to become a strong economic bloc that matches its vast natural resource endowments.
The SADC region is not pulling its weight enough to spearhead the industrialisation of the region despite it being endowed with vast mineral and industrial resources.
55 percent of world diamond production is from the region and 75 percent of platinum group of minerals, which are also mined in the region.
However the Afreximbank has emerged as a key partner is spearheading the development of the region through a variety of interventions.
“Afreximbank, apart from assisting several SADC countries in financing industrial projects, we are also establishing a settlement payment system for Africa designed to serve Africa businesses in a way that minimize the need for foreign currency in settlement,” Afreximbank Executive Vice President, Mr Denys Denya.
Concerns have also been raised over the limited intra-African trade on the region which is also affecting the growth of the region.
“The need to increase intra-Africa trade is quite urgent than ever as the current statistics prove that we are not trading with each other enough. SADC as a regional block is positioned well to work together in devising ways to allow the easy free movement of goods and people so as to harness regional trade,” noted African Continental Free Trade Area Secretary General, Mr Wamkele Keebetswe Mene.
While decrying high borrowing costs for international capital and a global financial architecture that is tilted against the region, the Minister of Finance, Economic Development and Investment Promotion, Professor Mthuli Ncube rallied regional economies to work together towards a strong economic regional bloc.
“The regional block requires to work together to spearhead its robust industrialisation pace to match its resource endowment. We need to eradicate a lot of bottlenecks that hinder the development of the region by leveraging on the SADC unity to foster development,” he said.
The SADC Industrialisation week continues on Day three this Tuesday and more deliberations are expected including a session that is going to look at the progress made in the implementation of the SADC Industrialisation Strategy.
