"Africa is transforming, but the pace of economic transformation can be accelerated," says the Chief Economist of the African Development Bank (AfDB), Prof. Mthuli Ncube.
"How can emerging Africa accelerate its structural transformation and achieve a strong, sustained and inclusive growth?" Ncube asks. The African Development Institute under the Chief Economist Office will on 27 May 2013 in Morocco organize this year's Bank Group Annual Meetings High-level seminar on the theme: "Africa's Structural Transformation," to attempt to answer the above-stated question. The meeting will bring together eminent scholars, public sector officials, development agencies, as well as private sector practitioners, international investors and members of the civil society, to brainstorm on issues relating to Africa's structural transformation.
Participants will review among other things, Africa's progress in structural transformation, the level of investment in infrastructure, the pressing need for industrial upgrading, the characteristics of Africa's agriculture and agricultural productivity, skills training, education and technological innovations. They will also pay special attention to factors that drive growth including notably, middle class growth and demographic dividends, cities and urbanization, as well as institutions, regulatory environment, Africa's natural resources and above all, new partners for Africa.
The seminar will seek to make proposals and recommendations on the way forward expected to leapfrog Africa's new drive to inclusive structural economic transformation. According to the Chief Economist, Africa must go global and offer transformational opportunity to both African and international investors. "Investing in transformational and inclusive infrastructure will require not only a robust private sector development and innovative entrepreneurship, but also harnessing Africa's natural resource boom, as well as the full potential of Information and Communication Technologies (ICTs) and mobile telephony, with appropriate entrenchment of property rights of security of ownership of assets," Ncube underscored. The theme of the Symposium is line with AfDB long-term vision for Africa's development.