More engineers can boost Africa's economic development

Ichikowitz is the founder of Paramount Group, Africa's largest privately owned defence and aerospace business, which employs 1 500 people, including hundreds of highly skilled engineers.

"Doctors are clearly essential, but all too often they end up reacting to medical emergencies such as natural disasters which are made worse through weak infrastructure due to a lack of adequate engineering skills. If we dedicated more engineers and investment to pro-actively tackling these problems in the first place then we could save many more lives across the continent and doctors could tackle other emergencies," Ichikowitz says.

South Africa, the most developed African state, only has 473 engineers per million people, as opposed to developed countries such as Japan which have 3 306 per million. Engineers are critical to most economies, providing the backbone for large public projects such as hospitals, roads and environmental defences.

Production has doubled

Paramount is one of the fastest growing defence and aerospace companies in the world. Both the workforce and production in its South African land systems facility have more than doubled since the start of the year to meet global demand. Under the leadership of Ichikowitz, the group has seen annual growth soar by up to 50% year after year and turnover is expected to reach US$1billion by 2015.

Entering the Middle East, South America and Asia has boosted demand for Paramount Group's products, with even NATO countries now approaching the firm about its innovative and affordable defence solutions. While global defence spending has suffered due to a slowing economy, in Africa it continues to increase, with governments understanding that internal peace and stability are as important as sound economic policy for further growth.

Key to Paramount's success is its approach to finance and manufacturing in an economically challenged era: offering emerging economies a complete defence and aerospace solution from protected/armoured vehicles to reconnaissance and supersonic aircraft, training, maintenance and life cycle support. It also allows them to finance the cost over several years to smooth the budget as well as manufacture the armoured vehicles in their own countries, boosting jobs, skills and the overall economy.

Africa can overtake Asia

"Africa has the potential to overtake Asia as the world's manufacturing hub. The role of the defence and aerospace industry in this is critical but mostly its importance is widely underestimated. No advanced economy has developed without a strong defence industry. Africa will be no different. Paramount Group is a developmental asset and we hope to transfer our technology and skills to boost jobs and economies across the continent," Ichikowitz said.

"South Africa, together with other developing nations such as Brazil, is already involved in defence collaboration. This is an important signal of a new era where developing nations will join forces to manufacture cutting-edge technologies that can compete globally and in time bolster the countries' local economy and skills base.

"Africa is proving that despite the global downturn it is one of the most innovative places in the world to do business. Across all sectors of the economy - particularly defence - its CEOs and workers are coming up with ground-breaking ideas that are essential to the future prosperity of the continent," Ichikowitz added.