Economist Highlights Need for US-Africa Industrial Transformation Investment

Luanda: Within the framework of business partnerships between the United States and Africa, the summit of which took place in Luanda from the 23rd to the 25th of June, economist Paulo Félix advocates increased investment in industrial transformation and not just in the primary branch of the production process. Speaking to ANGOP recently in Ondjiva, Cunene province, he pointed to the need for US/Africa business partnerships aimed at industrialising raw materials, transforming them into manufactured products and reducing imports. According to Angola Press News Agency, Paulo Félix added that Africa has natural resources coveted by any other continent, from the land itself to water, mineral, forestry and fauna resources that are little explored. He clarified that most African countries are strong in the export of raw materials, as well as in the transport of ornamental stones among other miners, logs and animals, which after being exported return to the country through the import of their derivatives. "If we lo ok at our economic balance, we are more of a raw material supplier, a fact that needs to be reversed. The focus should be on producing goods and services to satisfy the needs of the population and ensure job creation," he emphasised. With regard to Angola, he said it had great natural potential, with a focus on the productive sector and plenty of labour capable of leveraging sustainable development. He pointed to human capital, where most of the population is young, making up an active and physically robust workforce capable of leveraging productivity, arable land and mineral resources such as oil, gold, diamonds, iron and granite, which are still in the primary exploration phase. However, he emphasised the need to develop the primary sector, particularly agriculture, in order to reduce imports and guarantee food security for the population. To this end, he believes it is necessary to create conditions to improve communication routes, in order to guarantee greater mobility for investors, as well as investin g in the education and training of its staff, with a view to research and innovation. He also pointed to the electrification process for industrialisation as fundamental, in which Angola is self-sufficient in terms of production, but currently needs investment in transport and then distribution.