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In its stride to reposition the regional bloc and attract investment with the aim to grow its economy and foster a better life for its member states, the Southern African Development Community (SADC) and ALBA-TCP signed an MoU on industrialisation.
The Executive Secretary of SADC H.E Mr. Elias Magosi, led the signing of the Memorandum of Understanding (MoU) with Mr. Jorge Arreaza, the Executive Secretary of the Bolivian Alliance for the People of Our America-People Trade Treaty (ALBA-TCP) during a virtual meeting held on 26th February 2025.
The objectives of the Memorandum of Understanding is to provide a framework upon which the two organisations will collaborate on various programmes and activities, promote close cooperation and consultation on matters of mutual interest and strengthen collaboration between the parties in the discharge of their respective mandates, to promote industrialisation, regional and international trade, peace and security, tourism development and to contribute to the economic, social and human development of the their respective Member States.
The objectives of the Memorandum of Understanding is to provide a framework upon which the two organisations will collaborate on various programmes and activities, promote close cooperation and consultation on matters of mutual interest and strengthen collaboration between the parties in the discharge of their respective mandates, to promote industrialisation, regional and international trade, peace and security, tourism development and to contribute to the economic, social and human development of the their respective Member States.
According to SADC, during the signing ceremony, Arreaza, applauded SADC for the historic event, describing it as the pinnacle of the relationship between the two organisations. He noted that ALBA-TCP, an intergovernmental organisation founded in 2004 by Cuba and Venezuela, comprises ten member countries focused on political and economic integration among Latin American and Caribbean nations.
In addition to its ten member countries, ALBA-TCP includes guest and observer countries from North America, Europe, and the Middle East. The Executive Secretary emphasised ALBA-TCP’s commitment to fostering a more equitable and integrated Latin America and Caribbean region, championing environmental sustainability, cultural exchange, political solidarity, economic cooperation, social welfare, and equity. He expressed hope for greater collaboration between ALBA-TCP and SADC through the newly signed Memorandum of Understanding.
Magosi thanked ALBA-TCP for the Memorandum of Understanding that had been signed. He mentioned that discussions on the MOU had started in 2021, and its signing marked a significant step forward in the cooperation between SADC and ALBA-TCP. He noted that the SADC Council of Ministers, the highest decision-making body of SADC, had already approved the MOU and was looking forward to its implementation.
Magosi said that the two organisations have a lot in common, such as the promotion of peace and security and the promotion of economic and regional integration, making it very beneficial to cooperate for the benefit of the two organisations and their citizens.
