Africa finds itself at the lower end of the global value chain, accounting for only about 3% of global manufacturing. Its economies remain largely reliant on raw materials. Since 2013, manufactured goods have only represented 18.5% of exports, while 62% of all imports were manufactured goods, creating a trade imbalance that deprives the continent of its wealth.
![Mr. Kenneth Mwige, Director General of Kenya Vision 2030, Government institution - Jobs and advanced industrialization in Africa](https://www.europacooperation.eu/wp-content/uploads/2024/06/Copie-de-Jobs-and-advanced-industrialization-in-Africa-1024x576.jpg)
This situation is worse in countries where a combination of structural constraints and political instability jeopardizes any effort towards diversification and economic transformation led by the private sector. Following the debilitating impact of COVID-19 and navigating through an uncertain global environment characterized by tightening global financial conditions, the fallout from the invasion of Ukraine by Russia, and persistent climate threats.
![Mr. William Carew, Head Secretary-General of the Economic, Social and Cultural Council - African Union (ECOSOCC) -Jobs and advanced industrialization in Africa](https://www.europacooperation.eu/wp-content/uploads/2024/06/Copie-de-Jobs-and-advanced-industrialization-in-Africa-1-1024x576.jpg)
Thus, most countries have not created the necessary jobs to absorb the large number of youth, forcing hundreds of thousands of them to leave either through brain drain or the flight of manual labor. The issue of employability in Africa and the urgent need for advanced industrialization of the continent is undoubtedly the greatest challenge for African institutions and the private sector.
![Mr. Houndolo Deo-Gracias Sedjro Oloyede, Director General of the African Institute for Monitoring and Evaluation of the Impact of Development Policies, Programs and Projects - Jobs and advanced industrialization in Africa](https://www.europacooperation.eu/wp-content/uploads/2024/06/Copie-de-Jobs-and-advanced-industrialization-in-Africa-2-1024x576.jpg)
The 59th Annual Meeting of the Board of Governors of the African Development Bank and the 50th Annual Meeting of the Board of Governors of the African Development Fund will be held from 27 to 31 May 2024 at the Kenyatta International Conference Centre in Nairobi, Kenya.
![Mr Gabriel MVOGO SAINT, UN Ambassador for the SDGs, President of the European Cooperation System - Founder of the Youth Organization for the European and African Union. Jobs and advanced industrialization in Africa](https://www.europacooperation.eu/wp-content/uploads/2024/06/Page-1-1024x576.jpg)
The Meetings provide a platform for reflection on the Bank Group’s commitment to fulfilling its mission of developing the African continent and improving the living conditions of its people. It is therefore with great honour that our speakers will discuss jobs and industrialisation in Africa.