'We don't master intellectual property'

Dr. Carlos Lopes, Executive Secretary, UN Economic Commission For Africa, made a huge revelation at the ongoing New York Forum Africa during the Future Flash session.

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In conversation with Alan Kasujja on Africa's transformation at the New York Forum Africa, Dr Lopes revealed that Africa has enough to finance her own innovations.

In his words, 'One of the reasons why Africa's trade is not so valuable is that we don't master intellectual property. Africa has enough to finance her own innovations: she has more than $500bn in savings that should be leverage.'

Speaking further, Lopes said 'Africa has $60 billion yearly in remittances and hundreds of billions in central banks. Money that can be invested in innovation but there is a need for consistent policies.'

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The New York Forum Africa is an annual event which brings together political and business leaders from around the world as well as journalists in order to create a global meeting where economic issues and growth can be discussed with solutions proferred.

The NYFA is created by Richard Attias, former organizer of the World Economic Forum and co-founder of the Clinton Global Initiative.