African and Asian Leaders at Rabat Forum Call for Partnerships to Drive Africa’s Green Industrialization

Africa’s Critical Minerals Surge Spurs Asian Investment: Green Energy Transition Sparks Shift Toward Value-Added Manufacturing.

A dynamic panel discussion at the 2024 Africa Investment Forum (AIF) in Rabat, Morocco, brought together African and Asian leaders to strategize on maximizing the value of Africa’s critical minerals for the global green energy transition. Sponsored by the Japanese government and the Fund for African Private Sector Assistance (FAPA), the session focused on elevating the sector from raw material exports to in-country manufacturing and high-value production.

A Paradigm Shift in Financing

Tatsushi Amano, Managing Executive Officer of the Japan Bank for International Cooperation (JBIC), highlighted a pivot in export credit agency (ECA) policies toward development financing. He noted JBIC’s efforts to fund projects producing essential materials for Japanese industries, emphasizing the need for expertise to convert opportunities into tangible benefits.

African-Led Vision for Transformation

Dr. Kodjo Busia of Green Africa Minerals traced the evolution of Africa’s resource policies from colonial export models to the 2008 Africa Mining Vision. He underscored the importance of policy incentives, skills development, and regional value chains to add value to African resources.

Global Partnerships Drive Innovation

Catherine Zhang, Vice Chairman of the China Africa Business Council, highlighted the burgeoning trade between China and Africa, reaching $282 billion in 2024. She detailed her company Rockcheck Group’s innovations, including zero-carbon logistics powered by solar-generated hydrogen and expansions into EV manufacturing and commodity trading.

Samuel Olu Faleye, CEO of Nigeria’s SAGLEV Inc, underscored Africa’s growing demand for electric vehicles (EVs). He advocated for blended financing and public-private partnerships to address funding gaps and build EV infrastructure, suggesting industrial clusters to optimize resources.

Catherine Kim of the South African Chamber of Commerce in Korea highlighted Korea’s increasing investments in Africa’s mineral sector to mitigate supply chain vulnerabilities. She pointed to partnerships like Samsung and LG’s operations in Zambia as models for sustainable collaboration.

Africa’s Role in the Global Energy Transition

Earlier, African Development Bank President Dr. Akinwumi Adesina emphasized Africa’s dominance in critical minerals essential for green technologies. He cited the continent’s unparalleled reserves of chromium, cobalt, lithium, and platinum group metals as a competitive advantage in the $59 trillion electric vehicle and battery market projected for 2050.

Adesina noted the economic feasibility of building lithium-ion battery plants in Africa, with costs in the Democratic Republic of Congo (DRC) at just one-third of similar facilities in the United States.

A Vision for Inclusive Industrialization

African Development Bank Vice President Solomon Quaynor reinforced Africa’s ambition to move up the value chain, moving beyond raw exports. He pointed to institutions like the Africa Finance Corporation and policy incentives in countries like Morocco as catalysts for green industrialization.

Quaynor declared, “Africa will not replicate the traditional industrialization model. We are embracing transformative partnerships that leverage our resources for sustainable growth.”

Charting the Path Forward

The panel concluded with a call for partnerships to address infrastructure gaps, foster technical expertise, and build resilient value chains. The shared vision emphasized mutual benefit, ensuring Africa’s critical minerals fuel the global green transition while supporting the continent’s economic development.

This session underscored Africa’s readiness to lead in sustainable industrialization, harnessing global partnerships and its rich resource base to shape the future of green energy production.