Dr. Ahmed Hamdi, an Egyptian economic expert, emphasized that President Abdel Fattah El-Sisi's call for African leaders to enhance technology transfer and localize industry is a crucial economic direction. This approach will support the continent's ability to achieve sustainable growth. Hamdi highlighted that the next phase requires shifting from relying on exporting raw materials to manufacturing and increasing the added value of African resources and wealth.
According to Hamdi, localizing technology is one of the most important factors that can support the structural transformation of African economies. This can be achieved by developing production capacities, creating job opportunities, and reducing dependence on imports. Possessing and localizing technology within African markets opens the door to building more competitive industries and increasing export capabilities.
Africa has significant elements that qualify it to be one of the world's economic growth centers. However, maximizing the benefit from these elements requires attracting industrial investments, transferring experiences and technology, supporting the private sector, and enhancing partnerships between governments, financing institutions, and investors. Hamdi made these remarks in a statement to Veto.
The economic expert explained that supporting infrastructure projects, development corridors, and renewable energy represents a fundamental element in improving trade movement. It also creates wide investment opportunities. Developing transportation networks, energy, and connecting African markets contributes to reducing production and trade costs, increasing the continent's attractiveness to investments.
Egypt can play a pivotal role in supporting this trend, leveraging its geographical location and capabilities in infrastructure, energy, and industry. Enhancing African economic integration and converting initiatives into actual projects will support growth, create job opportunities, and strengthen the ability of African economies to compete globally.
Hamdi pointed out that the upcoming phase requires transitioning from relying on exporting raw materials to manufacturing and increasing the added value of resources and wealth. This approach will support the continent's ability to achieve sustainable growth and create more competitive industries.
The localization of technology and industry is crucial for Africa's economic growth and sustainable development. By developing production capacities and creating job opportunities, African economies can reduce their dependence on imports and increase their export capabilities, ultimately enhancing their global competitiveness.
Key points
- Dr. Ahmed Hamdi emphasizes the need for Africa to transition from exporting raw materials to manufacturing and increasing added value.
- Localizing technology is crucial for supporting the structural transformation of African economies.
- Egypt can play a pivotal role in supporting African economic integration and growth.
