ADDIS ABABA- President Sahle-Work Zewde said Africa needs to formulate a strategy to form a new and sustainable ways of developing the fashion value chain and invest in creative sectors to become a major player in the global fashion industry.
The president made the remark today while opening the Pan-African Fashion Initiative which was being held at the sidelines of the 32nd Ordinary Summit of the AU.
She said that consolidated effort of AU member states is crucial to unleash the untapped potential of the fashion industry and to make the sector a powerful tool for Africa’s economic transformation and the achievement of Agenda 2063. Beyond the 1.2 billion potential customers that Africa holds, a growing fashion-sensitive Middle-Class is also a huge asset for the continent’s fashion business.
Noting Africa’s minimal contribution in the global fashion industry, President Sahle-Work stated that the sector’s development would contribute significantly to boost Africa’s employment growth and reduce its trade deficit. “Africa’s fashion industry is currently valued at three billion USD and it would expand to 15 billion USD and this is a tremendous pocket of hidden opportunity to tap on.”
The president indicated that Africa’s rich and diverse traditions, cultural colors and clothing are increasingly being embraced and the demand for the continent’s textiles and garments is also thriving globally. “African products are getting recognition as truly fashionable and iconic pieces with international fashion houses and now there is more African influences in the latest collections.”
Stating fashion inwards the ultimate expression of cultural values, President Shale-Work expressed optimism that the time is right for Africa to step in the pace in the fashion industry.
The key players in Africa’s fashion business need to mobilize the pan-African consumer and to engage in addressing the challenges to make Africa’s fashion heritage a great potential for the future, she remarked.
African Union Trade and Industry Commissioner, Albert M. Muchanga said on his part that the growing African Middle Class is giving a new dynamism to the growth of Africa’s fashion industry.
The commissioner noted that a new competiveness model for the African fashion value add supply chain would contribute to the employment and incomes of African people as well as expansion of intra-African trade.
The value of the global fashion industry is around 2.4 trillion USD and Africa accounts marginal share from this value at less than five percent.
BY BILAL DERSO
