Sustainable growth will only be achieved at a regional level

South Africa's Minister for Trade and Industry, Rob Davies, recently discussed the importance of industrialization and regional integration in Africa during an interview with CNBC Africa. Minister Davies highlighted the necessity of looking at industrialization from an inclusivity point of view, emphasizing that sustainable growth can only be achieved at a regional level. He provided insights into South Africa's industrial policy plan, which includes actions like localization, an industrial development approach to tariff setting, and a variety of incentives to support industrial development in the country. While acknowledging the progress made in South Africa, Minister Davies acknowledged that true deep industrialization can only be achieved through regional and continental cooperation. He pointed out that countries like India and China have shifted focus to domestic markets and innovation to drive industrial growth. Minister Davies stressed the importance of regional integration to create regional value chains where both small and large industrial economies can participate. South Africa has been actively engaged in regional integration efforts, including trade negotiations with other African nations and the development of a regional industrial policy for the Southern African Development Community (SADC). Minister Davies highlighted the need to address challenges faced by SADC members, such as liquidity issues, currency devaluations, and non-consolidated policies on natural resources, through collaborative efforts. He emphasized the significance of promoting cross-border regional value chains to drive industrialization in the region. Looking ahead, Minister Davies discussed the key priorities of South Africa's industrial policy plan, including a focus on labor-absorbing manufacturing sectors, preparation for the Fourth Industrial Revolution, and the promotion of Black Industrialists. The government aims to support 100 Black industrialists by the end of the financial year, showcasing a commitment to inclusive economic growth through entrepreneurship and empowerment. Minister Davies reiterated the importance of creating opportunities for individuals to actively participate in the productive economy, emphasizing the need to build a more inclusive manufacturing sector. The interview with Minister Davies shed light on South Africa's efforts towards sustainable industrial growth and regional cooperation, underscoring the role of regional integration in driving economic development and inclusivity in Africa.