THE SADC, rich in coveted natural resources, must seek home-grown solutions such as domestic resource mobilisation and innovative financing for climate sustainability as the region has the potential to overcome several socio-economic challenges.
This was said by United Nations Economic Commission for Africa, executive secretary Mr Clever Gatete said.
The region boasts a wealth of gold, copper, cobalt, lithium, chromium, graphite, and platinum deposits, along with substantial livestock and agricultural resources.
By harnessing the resources through mineral beneficiation, making use of potential wind and solar energy and upscaling agriculture sector value chains and fostering regional integration towards industrialisation, the region has vast potential to be an economic powerhouse.
In his inaugural address at the just-ended highly successful 44th SADC Summit, Mr Gatete said the summit was held at a time when the continent is facing major challenges, especially financing, security, soaring debt levels and climate change.
He noted that sovereign debt in Africa is over US$1 trillion, causing a severe fiscal crisis, with more than one in three countries in or at high risk of debt distress.
In addition, climate change is eroding five percent of gross domestic product (GDP) on average annually.
"These impacts are quite evident in the SADC region. That is why we are working on an African position on the reform of the global financial architecture so that Africa's needs are taken into account at next month's Summit of the Future and at the Fourth Financing for Development Conference that will take place next year, in Spain," said Mr Gatete.
To that end, he said the region has "no choice but to look inward for homegrown solutions including domestic resource mobilisation and innovative financing for climate to sustain our development. SADC can be a leader on this imperative."
He cited four key areas that offer SADC innovative and scalable solutions.
One of them is the development of regional value chains, which is possible in the whole of SADC.
"Regional agglomeration remains a ticket to sustainable industrialisation because fragmented approaches will not generate the jobs we need, nor will it reduce poverty and inequality," he said.
He noted that recent visits to Botswana, Namibia and Ethiopia to study the beef and leather value chains concluded that all of SADC offers enormous potential to increase the export markets within these sectors.
"That is why we partnered with the Arab Bank for Economic Development in Africa (BADEA), who have now approved grant financing for a feasibility study in the beef sector for Botswana that will be conducted by ECA, working closely with the SADC secretariat and partners.
"This will be replicated to other SADC member countries. We also plan to do similar work for the leather sector."
In tandem, is the energy regional value chain which should approach energy solutions from a regional perspective. For instance, SADC is using only one percent of its solar and wind energy potential and this "means that SADC can be a continental energy provider with the development of this value chain."
Another key area that offers opportunity is food security.
"There is no reason why Africa should import food to the tune of US$120 billion per year when SADC can be Africa's breadbasket. This is also why we are embarking on the establishment of the Zambia-Zimbabwe Common Agro Industrial Park, again working with BADEA, who have also approved grant financing for a study to move forward with this initiative."
Mr Gatete added that mineral development can deliver fair and inclusive prosperity for the region, noting fundamentals for this agenda are stronger than anywhere else in the world.
However, he said the window of opportunity is closing.
He said they were using the study on the DRC-Zambia electric-battery initiative as proof of a concept that can and should drive mineral beneficiation.
A roadmap is underway to translate this into a reality that will allow expansion to other minerals, such as diamond.
Leveraging technology is another strategic area highlighted to the Heads of States.
"Our work with Botswana on the Lobu Small Stock Farm shows the benefits of using smart agriculture technologies for climate change adaptation.
"With the right investments, we can scale-up innovations like this, and not just in the agricultural sector, but in health, education, finance and transport, amongst others."
ECA is now developing a platform that showcases innovations across Africa, which can be accessed by all countries.
However, he said although significant investments and critical infrastructure development were needed to unlock these opportunities, various Governments could not go it alone.
The private sector can play its part with the right incentives and de-risking mechanisms, he said.
At a Public Lecture at the University of Zimbabwe, SADC Chairman, President Mnangagwa said the region should never play second fiddle in the arena of international economic relations.
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"Leveraging on our combined resource endowments and human capacities, the region must emerge as a competitive economic bloc with the requisite capabilities to produce a wide array of goods and services. As SADC Member States, we have all it takes to succeed.
"In our quest to address the critical questions before us, it is critically important that we remain confident in our identity and capabilities. We are Africans and proud Southern African peoples, with a rich history of development and exploits, including conquering the oppressive, racist colonial regimes from our territories.
The 44th SADC Summit of Heads of State and Government was held under the theme of "Promoting innovation to unlock opportunities for sustained economic growth and development towards an industrialised SADC."
Established by the Economic and Social Council (ECOSOC) of the United Nations (UN) in 1958 as one of the UN's five regional commissions, the United Nations Economic Commission for Africa's (ECA's) mandate is to promote the economic and social development of its member states, foster intraregional integration and promote international cooperation for Africa's development.
ECA is made up of 54 Member States and plays a dual role as a regional arm of the UN and as a key component of the African institutional landscape.
