President Ruto Urges COMESA to Embrace Value Addition for Industrialization
Ruto calls for new trade approach at COMESA summit, , writes Winston Mwale.
LUSAKA, Zambia - In a powerful address at the 22nd COMESA Summit of Heads of State and Government in Lusaka, Zambia, President William Ruto of Kenya emphasised the need for the Common Market for Eastern and Southern Africa (COMESA) member countries to adopt a new approach to trade, writes Winston Mwale.
President Ruto called for a systemic shift within the bloc to fully exploit its untapped potential and promote industrialization.
During his speech on Thursday, President Ruto highlighted the importance of value addition, particularly in the agricultural sector, to enhance productivity and drive economic growth.
He stressed that embracing value addition would not only yield higher returns but also incentivize industrialization, enhance competitiveness, and create employment opportunities.
"The shift will also offer higher returns, incentivize industrialization, boost our competitiveness, and create employment," President Ruto asserted.
In attendance at the summit were notable leaders, including Presidents Abdel Fattah El-Sisi of Egypt, Hakainde Hichilema of Zambia, Lazarus Chakwera of Malawi, Évariste Ndayishimiye of Burundi, and COMESA Secretary General Chileshe Kapwepwe, among others.
President Ruto further emphasised the importance of Africa moving away from primary production and the export of raw materials and instead focusing on manufacturing.
He highlighted the colossal potential for intra-COMESA trade and emphasised the growing demand for value-added products.
"The potential for intra-COMESA trade is colossal; the demand for value-added products is bound to keep growing well into the future," President Ruto explained.
He encouraged COMESA member states to leverage the 580 million-strong market demand within the bloc to enhance trade and strengthen regional integration.
President Ruto also underscored the significance of utilising Africa's abundant clean energy resources to drive industrial development.
He advocated for the radical repositioning of Africa as a clean and green continent, leveraging the opportunities arising from the transition to green industrialization.
Additionally, President Ruto called for the consolidation of COMESA, the East African Community, and the Southern African Development Community to enhance the effectiveness of the African Continental Free Trade Area agreement.
He also urged the elevation of the African Union's power to negotiate for the collective interests of Africa, aiming to boost Africa's bargaining power on the global stage.
The summit marked the conclusion of President Abdel Fattah El-Sisi's chairmanship, as he handed over the role to President Hakainde Hichilema.
True apart from green energy. On energy African nations should go for reliable and cheap energy production systems. Green is unreliable and expensive.