As we mark the 32nd Africa Industrialization Day, we look back briefly on our early role as active participants in Africa's industrialization and measure our impact as partners of Africa's ongoing industrialization progress.

Industrialization has always been an essential pillar of Africa's development strategy, contributing significantly to the continent's sustained and inclusive economic growth. Economic diversification has never been more crucial to African economies if they are to ride out external shocks and continue to grow. Focusing its operations in sub-Saharan Africa, Webcor is perfectly positioned to measure the potential offered by the continent's resources for the private sector to create jobs and promote equitable economic transformation through local manufacturing and commodity-based industrialization processes. 

In its nearly four decades of existence, from the early days as a single retail outlet to its current position as one of Africa's most successful and sustainable industrial leaders, Webcor's development has accompanied that of Africa's evolving industrial landscape, growing through a combination of tradition, innovation, heritage, and adaptive change. Webcor has witnessed steady development and, in the past five years, has invested and will continue to invest more than $300 million in several industrial units such as flour mills (Grandes Moagens de Angola), an edible oil factory (Mendes Gonçalves Angola), the acquisition and modernization of the Lactiangol milk processing plant, a pasta production unit and, next up, the production of confectionery, biscuits and a soap factory. Besides investing heavily in the food processing sector, Webcor's subsidiary, IMEX, recently inaugurated the region's largest raffia bag manufacturing unit.

As Africa approaches its fourth decade of industrialization, it falls in step with the Fourth Industrial Revolution (4IR), characterized by the fusion of technologies in the physical, digital and biological spheres, with particular emphasis on vocational training and skills development. This dovetails perfectly with the Group's strategy to improve production through automation, quality management, improved processes, and training. According to CFO Frederic Marret, "We are promoting value creation, formal employment, and favorable business outcomes while reducing Angola's dependence on imported finished products. As a result, our company processes more than 400,000 tons of wheat into end products such as flour, pasta, and biscuits. An achievement we can all be very proud of."