South Africa’s Minister of Trade and Industry Rob Davies will address delegates on the importance of building manufacturing capacity in Africa, at the second Nigeria International Investment Forum in Lagos, Nigeria, Thursday afternoon.
Ahead of his trip, Davies said the challenge facing Africa is to transform the continental economy from a resource-dependent one to a dynamic, diversified industrial economy.
He said Africa’s industrial development must be anchored on investment in infrastructure.
“The continent will not harness its comparative advantage of utilising natural resources as a cornerstone of industrial development, converting comparative advantages into competitiveness, without adequate energy and other infrastructure,” he said.
In a statement, government spokesman Sidwell Medupe said Davies’ visit is also intended to promote and strengthen trade, investment and economic cooperation between the two countries, following the signing of a Memorandum of Understanding (MoU) on Economic Cooperation between South Africa and Nigeria in May 2012.
The MoU, which was signed during the Bi-National Commission held in Cape Town, makes provision for bilateral industrial cooperation in the areas of mineral beneficiation, agro-processing and pharmaceuticals; infrastructure development as well technical cooperation in the areas of standards, quality assurance and SMME development.
