Officials are seen at the African Union (AU) Headquarters in Addis Ababa, capital of Ethiopia, on Feb. 15, 2023. (Xinhua/Michael Tewelde)
The African Union (AU) said it has intensified efforts to foster the growth of start-up ventures in the African continent.
ADDIS ABABA, Sept. 2 (Xinhua) -- The African Union (AU) said it has intensified efforts to foster the growth of start-up ventures in the African continent.
The AU, in a statement issued Friday, said micro, small and medium enterprises (MSME) are the driving force behind innovation in Africa, playing a significant role in the development of new technologies, products and services.
According to figures from the AU, MSMEs are the backbone of the African economy, accounting for 80 percent to 90 percent of all businesses and providing employment to around 85 percent of the continent's workforce.
The AU said as part of the ongoing efforts, it is set to host the second edition of the annual AU MSMEs Forum from Sept. 4 to 8 at the AU headquarters in Addis Ababa, the capital of Ethiopia.
The forum, which will be held under the theme "Start-up Acts: An Instrument to Foster Development and Innovation in Africa," will dwell on the importance of policies that serve as incentives for young people to start a venture, investors to put their money into promising companies, and other ecosystem actors to lend their support in start-up enterprises.
Officials are seen at the African Union (AU) Headquarters in Addis Ababa, capital of Ethiopia, on Feb. 15, 2023. (Xinhua/Michael Tewelde)
The AU said the focus of the 2023 annual MSME forum on how MSMEs can promote African innovation and growth is a strategic move to support the implementation of the commitments from the 17th extraordinary summit on industrialization and economic diversification. The industrialization and economic diversification summit emphasized the importance of increasing domestic resource mobilization to support sustainable industrialization.
According to the AU, with MSMEs accounting for a much higher share of the total employment and 30 percent of exports in Africa, there is an undeniable need for comprehensive policies and strategies to support their growth.
The upcoming forum is expected to bring together more than 200 key stakeholders from across the continent who are committed to driving Agenda 2063, the AU's 50-year continental development blueprint, the AU said.
It is also expected to facilitate knowledge exchange, strengthen policy frameworks, and build and strengthen cross-border collaboration. ■
