Mining is a prime economic sector for SADC. It accounts for over 60% of the foreign exchange earned by the region and contributes at least 10% to SADC’s GDP. These are all factors that should catapult the region forward as the African Continental Free Trade Area (AfCFTA) commences this year.
However, over the past decade, the manufacturing contribution of the sector has been steadily declining. Also, the region’s capacity to refine extractive resources and to value-add remains limited.
Currently, SADC exports raw mining resources and imports refined products at much higher prices. Sunc an imbalance is why though the region is endowed with massive mineral deposits, most of its economies continue to struggle.
In response to this challenge, the SADC Heads of States signed the Regional Mining Vision (RMV) in 2019 to promote the development of mining value chains.
In support of this initiative, the SADC Business Council (hosted by the NBF) has been engaging with private sector actors to sensitise them of the purposes and potential of the RMV.
“Private sector adoption of any government instrument is key in ensuring its success. Therefore, we are collaborating with the SADC Secretariat and Mining Industry Association of Southern Africa (MIASA) in engaging mining stakeholders so that we can domesticate and popularise the RMV,” said Mr Peter Varndell, Executive Secretary of the SADC Business Council (SADC BC).
The SADC Business Council working with the SADC Secretariat, have been hosting a series of public-private dialogue to promote the development of Regional Value chains (RVCs) in SADC. The dialogue platforms have been instrumental in informing the public sector of government frameworks such as the RMV whilst the feedback has helped government better understand the concerns and perspectives of the mining industry.