28 November 2007
Ndola — PRESIDENT Levy Mwanawasa has called for speedy economic diversification in the region to counter the effects of high oil prices, climate change and globalised financial crises.
And Dr Mwanawasa has said Zambia is elated to note that there is consensus on the need for policy harmonisation among the three sub-continent bodies.
Dr Mwanawasa said this in Lusaka yesterday when he opened the 24th Common Market for East and Southern Africa (COMESA) council of ministers meeting at the COMESA secretariat.
In a speech read for him by Vice-President Rupiah Banda, Dr Mwanawasa said that economic diversification had become cardinal to continued success of the economy in the region and in Africa because of the threatening global conditions.
"Your meeting is taking place against a background of developments in the global economy that threaten the sustained growth of our economies that we have experienced in recent years.
"The annual average rate of five per cent that our economies have enjoyed in the past three years have given us cause for optimism that, indeed we can banish to the dustbin of history, the painful memories of the 1980's and early 1990's " he said.
Dr Mwanawasa said the economic gains, however, were being threatened by the soaring oil prices, climate change and the global financial crises, hence the need to diversify the economies.
He said although the fuel prices were being mitigated by the favourable prices of local products like copper it was uncertain that the commodity prices would be sustained.
The effects of the climate change as evidenced by droughts, floods and other adverse conditions, in sectors like agriculture, could not be overemphasised.
Dr Mwanawasa said recent developments, including global financial crises, should stimulate the leaders in Africa to expedite the implementation of regional integration.
On regional cooperation, Dr Mwanwasa said that it was encouraging that three regional bodies had reached consensus on the need to harmonise policies.
He said the consensus among COMESA, East African Community (EAC) and the Southern African Development Community (SADC) on policy and programme harmonisation was long over due.
The three regional organisations were supposed to be building-blocks to the African economic community at continental level.
He hoped that the forthcoming joint summit for the three organisations would decide on the need for a single market in the region and Africa as a whole.
He said the other source of concern was the Doha Development Round, which held a lot of promise when it was launched but nothing seemed to have materialised.
Dr Mwanawasa paid tribute to COMESA secretary general, Erastus Mwencha who announced that he would be leaving the organisation next year.
Speaking earlier, Mr Mwencha said COMESA had scored several successes and hailed member governments for their continued support.
Mr Mwencha, who leaves the organisation after being at helm of COMESA for about 10 years, said through integration the region had established the largest trading arrangement.
He said intra-COMESA trade alone was projected at U.S. $7.5 billion by the end of this year.
Mr Mwencha said other institutions under the regional body had continued to progress and the future was even brighter.
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