African manufacturers must add value, economist warns
08/12/2016
In his speech, Dr Chang, who is currently based at the University of Cambridge, said “a focus on manufacturing” is likely to be the best way for most African economies to develop. However, he also said that countries often fail to upgrade or add value to their products when they first become industrialised.
He warned that adding value is crucial if newly industrialised countries are to avoid losing benefit of the investment they have made in becoming manufacturing centres. They must upgrade their industries, he said, and create their own value chains to become globally competitive. Investing in technology, research and development and skills is key to this, he said.
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