03 Jul 2022

Industrialisation will now form the backbone of SACU efforts to integrate and generate revenue generation, the trading bloc’s chairperson, President Dr Mokgweetsi Masisi, said in his concluding remarks at the end of its summit Friday. 

He said henceforth SACU would develop a strong manufacturing base and export orientation in order to regenerate and broaden its economic base.

“The SACU Strategic Plan 2022-27 focuses on industrialisation through the development of regional value chains, being investment attraction and export promotion, financing for industrialisation, as well as the implementation of the African Continental Free Trade Agreement (AfCFTA),” Dr Masisi said. 

He said the SACU Council of Ministers had already developed the strategic plan, and identified leather and leather products, fruits and vegetables, meat and meat products, textile and clothing as well as cosmetics and essential oils as priority sectors for boosting industrialisation.

He said the sectors offered extensive opportunities for the development of value chain addition across SACU.

This would enable the region to realise its vision of becoming Africa’s and international industrial, investment, manufacturing and innovation hub and taking advantage of the opportunities offered by AfCFTA. 

He said that as SACU moved toward the implementation phase, it would require significant financial resources and cooperation among member states, hence the need to start mobilising resources to support its industrialisation agenda and Trade Facilitation and Logistics Programme.

He added that the various pillars of the SACU Strategic Plan would ensure synergy of purpose for the union, but there remained areas that still needed to be addressed to ensure greater regional cohesion. 

“Additional efforts are required to conclude other critical issues. These include work related to the formulation of common policies, tariff setting, regional financial integration, review of the revenue sharing formula and operationalisation of institutions set out in the SACU Agreement of 2002 that have been deferred in the medium term,” President Masisi said.

Heads of State and Government comprising from Botswana, South Africa, Namibia, Lesotho and eSwatini attended the summit. Ends