Africa needs rapid industrialisation to compete globally, say experts
BY MADUABUCHI EFEGADI
-
Manufacturing B2B chases $666.3bn by 2030
With Africa’s business-to-business (B2B) spend in manufacturing projected to reach $666.3 billion by 2030, experts advise that the continent needs rapid industrialisation to become globally competitive.
This is coming ahead of a new manufacturing platform in Africa planned for May next year, which will provide unprecedented opportunities and access to accelerate the industrialisation of the continent. Known as Future Manufacturing Africa Trade Fair (FMATF), the platform, according to Carol Weaving, managing director at RX Africa, will gather local and international companies to showcase and demonstrate new technologies, machinery, and equipment to enable African industries to invest and increase manufacturing output on their home soil.
“We have seen how the disrupted supply chains during the COVID-19 pandemic forced and inspired many African companies to source locally in order to meet the growing demand for goods and services. This has provided a much-needed momentum to take local manufacturing on the continent to the next level,” Weaving said.
She believes the numbers speak for themselves and the huge opportunities are clear.
“The manufacturing growth in Africa is outpacing the global growth rate, with the business-to-business spend in manufacturing in Africa projected to reach $666,3 billion by 2030; that is over $200 billion more than in 2015,” Weaving said.
“This growth will not only be as the result of established economies in Africa but also the emerging economies entering the manufacturing industry,” she said.
She informed that the Future Manufacturing Africa will gather hundreds of experts in manufacturing equipment, machinery, systems and services, as well as decision-makers from at least 25 countries from across the continent. In particular, there is great interest in agro-processing, textiles and apparel, metallic minerals, non-metallic minerals, chemicals, environmental, energy and water sustainability solutions and financial and investment services.
Africa is regarded as the next frontier when it comes to investment and growth through industrialisation and the creation of much-needed employment, say development experts. The continent will also vastly benefit from the experience of the veritable explosion of intelligent and smart systems already seen in leading manufacturing countries during the last decades being used in mass production, such as AI, machine learning and optimisation.
The Future Manufacturing Africa will provide companies and consultants who are specialists in manufacturing technology and services the opportunity to showcase their offerings, including manufacturing and warehousing technology and services, industrial machinery, equipment, components and support systems, laboratory equipment and technology and analytical instruments, and sustainable technology for the manufacturing industry.
As an in-person event in the hub of South Africa’s powerhouse and business capital of Johannesburg, FMA will have plenty of planned B2B, B2G and G2G business matchmaking meetings and networking opportunities between exhibitors and decision makers, including an invitation-only business connect programme. There would also be live and online technical workshops and demonstrations, conference sessions, a finance and investment roundtable that will provide financial solutions in planning, investment and acquisition.
Visitors and delegates will learn how to improve efficiencies and produce higher quality products, while experts will demonstrate proven alternative energy and water solutions to the manufacturing industry supporting environmental needs. Success stories will be shared about the creation of a circular economy through circular manufacturing to increase profits in a more sustainable way of doing business.
The organisers believe that, in the spirit of the African Continental Free Trade Area (AfCFTA), seen as the world’s largest free trade area connecting almost 1.3 billion people across 54 countries, cross-border trade of quality raw materials within the African continent will be promoted at the event to expand the economic integration of Africa.
Future Manufacturing Africa is lumped with the 25-year-long Africa Automation Technology Fair (AATF), the continent’s most comprehensive and focused automation technology platform.