President Emmerson Mnangagwa has taken over the Common Market for Eastern and Southern Africa (COMESA) chairmanship, with plans to prioritise industrialisation, value addition and greater participation in regional value chains to drive economic growth.
President Mnangagwa took over the COMESA chairmanship from Kenyan President William Ruto during the 25th COMESA Heads of State and Government Summit held in Harare on Thursday.
The summit is being held under the theme “One Market, One Future: Advancing Inclusive Industrialisation, Investment and Regional Integration in COMESA”.
In his acceptance speech, Mnangagwa said Zimbabwe would work with member states to accelerate industrial production, strengthen regional value chains and ensure African countries benefit more from their natural resources.
“The message to the region is that the natural endowments of Africa must industrialise our economies, create jobs and broad-based empowerment which improve the quality of lives of our peoples,” he said.
Mnangagwa said the region needed to address barriers to trade, infrastructure gaps and policy differences while improving access to finance for women, young people and small businesses.
“Persistent non-tariff barriers, infrastructure gaps and policy mis-alignments require bold decisions. Likewise, simplified border procedures, the wider use of digital trade systems and emerging technologies should improve commerce and the movement of business persons across our countries,” he said
He also called for increased investment in roads, railways, energy infrastructure and digital networks, saying affordable and predictable financing was essential to advancing regional integration.
“The realization of our common vision and shared aspirations depend on investment and finance for the integration agenda. Roads, rail, energy infrastructure and digital networks require affordable, predictable and longterm financing,” said the President.
Outgoing chairperson President William Ruto called on member states to turn COMESA’s vision of one market into real benefits for people across the region.
“Under his stewardship and with the support of every member state, I trust that we will turn the ambition of one market, one future into progress our people can see and feel,” Ruto said.
He also called for Africa to take a stronger position in global trade, arguing that the continent should engage international partners as an equal rather than remain on the margins of global economic decisions.
“Africa does not come to sit at the edge of the table; it comes to set up the table as an equal partner,” he said.
Under the chairmanship of President Mnangagwa, Zimbabwe will now lead efforts to boost regional trade, industrialisation and economic growth across COMESA member states.