AU Chair Urges Private Sector to Lead Africa’s Industrialization at High-Level Dialogue
At a high-level dialogue on “The Role of the Private Sector in Realizing Africa’s Agenda 2063,” held on the sidelines of the 39th Assembly of the African Union (AU) in Addis Ababa, H.E. Mahmoud Ali Youssouf, Chairperson of the AU Commission, called on African businesses to take the lead in transforming the continent’s economy.
Speaking this afternoon, Youssouf emphasized the need to move away from Africa’s historical pattern of exporting raw materials while importing value-added goods. “Africa’s era of exporting raw materials and importing value-added goods must end. With 1.4 billion people, 30% of the world’s critical minerals, and the AfCFTA as a foundation, the continent has the assets to industrialize, integrate, and lead,” he said.
He noted that public policy alone would not be sufficient to drive industrialization and economic growth. “Industrialization, energy transition, digital innovation, and value chain development require full private sector partnership,” Youssouf added.
The AU Commission chairperson also assured participants of measures to support businesses, including strengthening regulatory coherence, reducing non-tariff barriers, and launching a Permanent Presidential Mechanism for strategic dialogue with African enterprises, with a focus on measurable results.
Concluding his remarks, Youssouf highlighted the broader social impact of investment and employment: “Every job is a contribution to peace… every investment is a vote of confidence in Africa’s future.”
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