"The infrastructure gap in African countries is particularly striking when comparing infrastructure development indicators in Africa to those in other regions of the world," stated the King Mohammed VI in his message to participants in the 4th edition of the Africa Investment Forum addressed on Wednesday, November 8 in Marrakech.
"The establishment of integrated infrastructure networks is a necessary condition to boost the creation of regional value chains," affirmed His Majesty King Mohammed VI, emphasizing that the infrastructure deficit in the African continent is one of the main factors hindering its full potential for economic growth and achieving development goals.
"The infrastructure gap in African countries is particularly striking when comparing infrastructure development indicators in Africa to those in other regions of the world," specified the Sovereign.
Africa's delay in infrastructure development "concerns al of us and must be quickly addressed" to promote regional value chains that can accelerate the productive transformation of African countries, continued the Sovereign in this message, which was read by His Majesty's Counselor, Omar Kabbaj.
Furthermore, the Sovereign highlighted that the energy sector is one of the most illustrative examples of Africa's lag in infrastructure development, noting that the access rate to electricity remains significantly low compared to other developing regions, despite the continent's considerable energy potential, both in terms of fossil and renewable energies.
It is essential, affirmed His Majesty King Mohammed VI, to recognize the magnitude of this problem and commit to solving it decisively because quality infrastructure not only leads to economic growth but also to human development, by facilitating access to health and education services and stimulating the productivity of small and medium-sized enterprises.
Moreover, the Sovereign argued that the current international context, with its real and potential impacts on the African continent, "urges us all to redouble our efforts to enhance our national productive capacities to build stronger and more resilient continental value chains."
And His Majesty the King added that the development of integrated regional value chains allows, as demonstrated by the experience of some countries, especially in East Asia, to intensify productive investment in these regions and increase the competitiveness of businesses through better resource allocation.
"The experience of promoting regional value chains as a means to achieve economic and social development demonstrates that the creation of a regional production-sharing system has a catalytic effect on the rapid growth and transformation of developing economies," observed the Sovereign, specifying that African countries are called upon to adopt an integrated approach to development in "our continental space that will gradually establish a common production system based on platform sharing."
His Majesty welcomed, in this regard, the work accomplished by pan-African bodies for the establishment of the African Continental Free Trade Area (AfCFTA), which perfectly aligns with the Sovereign's vision for an integrated and prosperous Africa.
"The realization of this African dream will lay the foundations for the creation of regional value chains, becoming a necessity to increase the continent's resilience to external shocks and valorize its production and prosperity potential," wrote His Majesty the King in this message.
Recalling the multiple challenges facing African countries, significantly reducing their ability to reconcile the needs of economic and social development with the imperatives of budgetary and external balances, the Sovereign indicated that faced with the magnitude of financing needs for development in Africa, the role of the private sector becomes increasingly important in achieving the development goals of African countries.
"In fact, public action alone is not able to ensure all necessary investments, including in promising sectors with high potential and high employment intensity," noted His Majesty the King, estimating that Africa, with its investment opportunities for private operators, more than ever needs bold and innovative initiatives to encourage private initiative and unleash the full potential of the continent.
Initiatives such as the Africa Investment Forum, supported by the African Development Bank, are, according to His Majesty Mohammed VI, a welcome platform to channel private investments into the most promising economic sectors and further strengthen the integration of African economies into global value chains.
