Regionalism and Failure of the African Manufacturing Sector: Technology Transfer Policies as a Missing Link
In comparison to 20 years ago, Africa has many opportunities for economic transformation and development in general. Macroeconomic policies in many African countries are becoming favorable aiming for economic growth and development. For more than 5 years now, economic growth for African countries has been impressive (AfDB 2017). Increased Foreign Direct Investment (FDI) and trade between Africa and Asia have been on increasing record (OECD 2008). However, development of the manufacturing sector has remained almost stagnant compared to the state led economic approaches that were adopted by African countries soon after independence from the 1960s to late 1980s. For instance, Africa’s total world export share from 2000 to 2007 was at the average of three percent (3%) (ECA 2009). For East African Countries, the manufacturing share to Gross Domestic Products has remained below 10% for over 20 years (UNIDO 2008).
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