The recent World Bank/International Monetary Fund Spring meetings in Washington DC, the Director-General of the World Trade Organisation, Ngozi Okonjo-Iweala, highlighted the crucial role of global value chains in job creation and inclusion, as evidenced during the COVID-19 pandemic.
She emphasized that global value chains, which make up 45 to 55 percent of world trade, are forces for inclusion and job creation, leading to increased per capita incomes.
Okonjo-Iweala cited the example of the COVID-19 vaccine supply chain, which spanned 19 countries and 86 manufacturing sites, demonstrating the potential of global value chains in creating employment opportunities.
ALSO READ: IMF projects Nigeria’s economy to grow by 3.2% in 2023
She stressed that global supply chains should not be limited to China and India/Indonesia, but should be expanded to more developing countries, including Morocco, Nigeria, Senegal, Bangladesh, Brazil, and Costa Rica, to bring in SMEs and women into the value chains.
She urged stakeholders to see the current trend of building resilience in global supply chains by diversifying beyond a single country as an opportunity to promote inclusion and job creation. She further emphasized that global value chains can be a powerful force for inclusion when approached with a broader perspective.
