Africa should be optimistic about Brexit

In fact, scientists in the UK have already come together to demand that EU funding for research at British institutions not be compromised in any exit negotiation.

Whatever the outcome, the possibilities remain strong for Africa to enter into future partnerships with the UK and the EU to advance its own innovation agenda.

In the future, national and supranational issues will, one hopes, matter less for innovation.

But the new competition between EU member states and a non-member UK could lead to renewed investments in science and technology within those countries.

This will take place in traditional innovation hubs – in cities with research universities, existing tech and science sectors, and few regulatory hurdles for entrepreneurs.

Like Silicon Valley, these hubs will become subnational ecosystems with a global presence. So, whether innovations come from the UK, the EU, or elsewhere, there will be opportunities in the international marketplace for African countries that have prepared for them.

This will require adjustments in Africa’s economic diplomacy. Rwanda, Ethiopia, and Kenya have already modified their foreign policies, particularly their placement and selection of ambassadors, to focus on global economic and trade issues.

Moreover, Africa’s position on the global economic stage will improve significantly when the Continental Free Trade Area negotiations conclude in 2017.

The CFTA will comprise a market of more than a billion people with an initial GDP above $3 trillion. It will remove trade barriers and boost investment in infrastructure so that African countries have the industrial capacity to compete globally.

All told, the CFTA is a grand opportunity for Africa to reshape its relations with the UK and the rest of the world.

Post-Brexit forecasts of doom and gloom for Africa’s export-driven economies miss a fundamental fact: these economies will soon be relying far less on commodity exports.

When Africa’s potential for innovation and entrepreneurship is taken into account, a long-term perspective indicates a much brighter future.

By Calestous Juma. This article was first published by Project Syndicate

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