African Union leaders are looking for the next generation of unicorns that will revolutionize hot new sectors like biotech, gene editing, genomics and artificial intelligence.
The leaders announced the ambitious plan at a virtual summit dubbed the Boma of Africa on July 8
The goal is to channel such investments in such a way as to create a massive impact on health, trade, local manufacturing and job creation.
The 4D Initiative builds on the Trillion Dollar Fund announced in 2020, which initially focused primarily on driving trade in goods manufactured in Africa under the AfCFTA.
Deputy Chairperson of the African Union Monique Nsanzabaganwa said the emphasis will now expand to cover biotech innovation, digital health, artificial intelligence and green economy.
"To ensure that the funds being mobilised have a major social impact, an innovation marketplace and common digital platforms have already been created to ensure that services created by startups can scale up faster," Monique said.
These platforms include the AfCFTA Hub, ProPer, PanaBIOS and Transforma.
Monique also said the commercialisation of research at African universities through spinoffs will also be supported.
At the core of the vision is an innovation-driven marketplace that will encourage cross-border collaboration to shape a greener continent and create climate smart jobs.
Africa is a potential four trillion-dollar market where opportunities for advancing areas such as biomedical, vaccine, biopharmaceutical, e-genomics and biosecurity abound, just waiting to be harnessed.
Monique said signing the 4D pact will jumpstart continental integration, that will drive job creation, and establish stronger knowledge economies.
"This aligns with the Africa Union’s Agenda 2063 outlining the vision for the ‘Africa We Want.’"
Various Presidents and business leaders will also attend, including the Presidents of Ghana, Ethiopia and Comoros (whose leader currently chairs the African Union).
