The industrial sector’s share in Angola’s Gross Domestic Product (GDP) could reach 10% by 2027, up from the current 7.5%, projected the Minister of Industry and Commerce, Rui Miguêns de Oliveira, on Wednesday in Luanda.
Speaking at the panel on “Industrial Financing”, part of the 3rd Summit on Financing Infrastructure Development in Africa — which concludes this Thursday — the minister noted that the industrial sector, excluding mining, oil, and gas, also seeks to play a key role in adding value to African economies’ GDP.
He acknowledged that despite the launch of the Action Plan for the Accelerated Industrial Development of Africa (AIDA) in 2008, the continent’s industrialization continues to show low value-added levels, mainly due to its dependence on raw material exports, infrastructure deficits, and financing gaps.
According to the minister, the industrialization process remains largely focused on low-tech products, limiting growth in the manufacturing value-added ratio to GDP, with Africa’s contribution in this area remaining below 13%.
He stressed that the continent’s economic and social challenges are evident in the need to improve living conditions for about 1.3 billion people, create over 15 million jobs for young people in the coming years, and bridge the gap separating Africa from the ongoing Fourth Industrial Revolution.
In this context, he emphasized the importance of African states taking the lead in financing their own development by funding structural projects with domestic resources, while still attracting foreign investment.
“To achieve this, Africa’s assets must be properly valued and monetized to generate the savings required for investment,” he reinforced.
Under the patronage of the President of the Republic and the African Union, João Lourenço, the third Summit on Financing Infrastructure Development in Africa is co-organized by the African Union Commission (AUC) and the African Union Development Agency (AUDA-NEPAD). The event brings together African leaders, international investors, financial institutions, and development partners.
The summit, which concludes on Friday, aims to mobilize up to 160 billion US dollars for the continent. Angola will present 16 major projects in transport and logistics, renewable energy, and technology — including the Lobito Corridor and port infrastructure initiatives.
The country will also showcase its ongoing efforts in infrastructure rehabilitation and expansion, aligned with the Sustainable Development Goals (SDGs) and the African Union’s Agenda 2063.
With 2,000 delegates expected, the summit includes an exhibition area of around 2,000 square meters, where national and international companies and institutions will display project information and financing solutions.
The event features thematic sessions, business forums, and bilateral meetings bringing together policymakers, technical experts, and investors.
The summit will conclude with the adoption of the Luanda Political Declaration, reaffirming the commitment to developing structural projects across the African continent.
Source: Angop
