President William Ruto has called on the international community to recognise Africa’s growing importance in shaping the future of global economic growth, urging a shift towards partnerships that promote value addition, industrialisation and job creation on the continent.
Speaking at the G7 Summitbin France, the head of state elaborated that Africa’s large, young population, rapidly expanding economies and rich natural resources, make the continent a major engine of global prosperity.
Also, the President insisted that rather than continuing to follow the old pattern of simply exporting raw materials to be processed abroad, Africa should focus on building the capacity of its local industries and manufacturing sector.
“But Africa is not seeking partnerships built on the extraction of raw materials for processing elsewhere. We seek a different model of growth, one that creates value on our continent.” he added.
He also appealed for more investments in Africa’s mineral processing, manufacturing and industrial sectors and highlighted that this would lead to job creation and the countries benefitting more from their resources.
“Let us process our minerals in Africa, manufacture in Africa, build industries in Africa, and create jobs in Africa, while sharing the benefits through partnerships that create prosperity for both Africa and our global partners.” the President said.
He pointed out a stronger African economy would lead to globally more resilient supply chains, wider markets and greater investment opportunities.
Ruto stated that the economic transformation of Africa isn’t just a matter of continental priority but also a global opportunity that can cause sustainable and inclusive growth.
“Africa’s success is a global opportunity, and the future of prosperity will be shaped by what we build together.” he noted.
His statements coincide with rising demands for enhancing Africa’s industrial capacity, boosting local manufacturing, and sustainable exploitation of its natural resources for long, term economic development.