Geneva, 17 September 2022 (TDI): United Nations Conference on Trade and Development (UNCTAD) is organizing a side event at the 8th Tokyo International Conference on African Development. The event will take place on 21 September 2022.
Join @UNCTAD at the #TICAD8 side event on “Promoting export diversification: the catalytic role of services” to exchange views on how to support unlocking high knowledge-intensive services to enhance the diversification of African economies.
✅ 21 Sep
➡️ https://t.co/N8rfoDzxmc pic.twitter.com/bsOQRR2mYG— UNCTAD (@UNCTAD) September 17, 2022
The main theme of this side event is “Promoting Export Diversification: The Catalytic Role of Services”.
Export Diversification in Africa
United Nations Conference on Trade and Development (UNCTAD) is of the view that African countries must diversify their exports to survive economic shocks from global crises such as the COVID-19 pandemic and the war in Ukraine.
According to the UNCTAD Economic Development in Africa Report, African countries can diversify their economies by taking certain initiatives. It includes boosting exports of high-value services, expanding private businesses’ access to financial services, tapping into new financial technologies, and implementing effective policies.
In addition, highly knowledge-intensive services, such as information technology and financial services, could be a game-changer for Africa. African countries should promote the use of high knowledge- and technology-intensive inputs. This will enable them to manufacture and export more complex goods and services rather than primary commodities.
Moreover, it calls on African countries to implement policies to better link trade in high-value services with other sectors, especially manufacturing.
Also read: UNCTAD releases report of ASYCUDA program (thediplomaticinsight.com)
About UNCTAD
Established in 1964 by the United Nations General Assembly, UNCTAD is a permanent intergovernmental body. It is the UN’s leading institution dealing with trade and development.
Moreover, it is part of the UN Secretariat and has a membership of 195 countries. UNCTAD supports developing countries to access the benefits of a globalized economy more fairly and effectively.
The organization provides economic and trade analysis. It also facilitates consensus-building and offers technical assistance to help developing countries use trade, investment, finance, and technology for inclusive and sustainable development.
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