PANAPRESS
Panafrican News Agency
Experts say African industrial policies disappointing
Abidjan, Cote d’Ivoire (PANA) – Experts, meeting here ahead of the Conference of African Ministers of Finance and Economic Development, Thursday painted a gloomy picture of the industrial policies in Africa, saying that since independence most African nations have been unable to take off.
“While industrialization had widely contributed to the increase of exports and creation of jobs in countries such as Malaysia and China, and made Korea one of biggest ship and microchips producers across the globe, Africa has remained stagnant in terms of their industrialization policies," the experts bemoaned.
The experts blamed the situation on the "extractive policy" put in place by former colonial powers and which newly-independent African countries have failed to change.
When African countries achieved independence, the structure of their economies did not aim at processing raw materials in a move to create added value, it rather favored the extraction of the raw materials in a bid to export them, the experts said in a statement.
They said that the situation was not corrected even after the independence, regretting that "It was even made worse by policies imposed from abroad, including the import substitution policy and then the Structural Adjustment Programmes which caused African countries to de-industrialize themselves.
"In the early 1960s, industrialization of the continent was considered the central element on which Africa’s development was to rest."
The experts’ meeting which began Thursday is being held ahead of the sixth joint-conference of the African Economy, Finance, Plan and Economic Development ministers, slated for Monday under the theme: "Industrialization for Africa’s Emergence."
Co-sponsored by the African Union and the United Nations Economic Commission, the conference will brings together African Economy, Finance, Plan and Economic Development ministers and African Central Banks’ governors to exchange views on the current economic challenges impeding Africa emergence.
-0- PANA IT/JSG/IBA/PAN/VAO 21March2013
“While industrialization had widely contributed to the increase of exports and creation of jobs in countries such as Malaysia and China, and made Korea one of biggest ship and microchips producers across the globe, Africa has remained stagnant in terms of their industrialization policies," the experts bemoaned.
The experts blamed the situation on the "extractive policy" put in place by former colonial powers and which newly-independent African countries have failed to change.
When African countries achieved independence, the structure of their economies did not aim at processing raw materials in a move to create added value, it rather favored the extraction of the raw materials in a bid to export them, the experts said in a statement.
They said that the situation was not corrected even after the independence, regretting that "It was even made worse by policies imposed from abroad, including the import substitution policy and then the Structural Adjustment Programmes which caused African countries to de-industrialize themselves.
"In the early 1960s, industrialization of the continent was considered the central element on which Africa’s development was to rest."
The experts’ meeting which began Thursday is being held ahead of the sixth joint-conference of the African Economy, Finance, Plan and Economic Development ministers, slated for Monday under the theme: "Industrialization for Africa’s Emergence."
Co-sponsored by the African Union and the United Nations Economic Commission, the conference will brings together African Economy, Finance, Plan and Economic Development ministers and African Central Banks’ governors to exchange views on the current economic challenges impeding Africa emergence.
-0- PANA IT/JSG/IBA/PAN/VAO 21March2013
