ECA, ICC Launch Centers of Entrepreneurship in Africa to Develop Skills of Young People
The Economic Commission for Africa (ECA) and International Chamber of Commerce (ICC) on Thursday have jointly launched Centers of Entrepreneurship in Africa to develop the skills of young people who face uncertain employment prospects.
ECA said that the Centers of Entrepreneurship will help to bring together businesses, chambers of commerce, academic institutions, intergovernmental and governmental agencies, to connect local entrepreneurs to global markets and enhance regulatory conditions for Small and Medium Enterprises (SMEs) to thrive.
The entrepreneurship centers will develop the skills of young people who face uncertain employment prospects to mentoring local start-ups and entrepreneurs. The centres are expected to develop the next generation of African business leaders.
Speaking during the virtual launching program, Director of the Africa Centre for Statistics at the ECA, Oliver Chinganya said the launch of the Centers of Entrepreneurship comes at the right time when Africa is trying to build back better from the effects of Covid-19.
“We believe that these Centers, based in different regions of the continent, and with tailored-made solutions, can mobilize the next generation of entrepreneurship in Africa,” the director pointed out.
Chinganya added the Centres will provide Micro, Small and Medium Enterprises (MSMEs) with the tools and pathways to expand their business and play an effective role in the goods and services supply chain.
They will also provide pathways to accelerate women and youth empowerment a necessary action to accelerate Africa’s growth and recovery from the pandemic, he said.
ICC Secretary General, John Denton said on his part the entrepreneurship Centers are an important platform to scale globally the most successful local and regional entrepreneurial initiatives driven by chambers of commerce and innovative partners.
“SME plays a major role in economy and are contributors of employment and 40 percent of national income. But they are the most challenged on the continent. Their contribution could be higher if informal SME are included and are supported to thrive in the market,” said Denton.
He cited the lack of proper training on digitalization, excessive business regulations in most countries, and poor infrastructure as some of the challenges faced by MSMEs and entrepreneurs in Africa.
“These are issues that need to be resolved in order for the entrepreneurs in Africa to compete with the others at the global market,” secretary general urged expressing commitment to help SME and entrepreneurs in the region by raising awareness for potential opportunities.
ECA estimates show that the potential of the digital economy in the next 20-30 years could be 47 trillion US dollars, 20 times the GDP of all of Africa today.
Moreover, with a population of 1.3 billion, Africa has the world’s youngest population, with 70 percent under the age of 24 and more than 750 million under the age of 35.
Source: Ethiopia News Agency