AfCFTA HOSTS A REMARKABLY SUCCESSFUL FIRST IN-PERSON BUSINESS  FORUM 

For Immediate Release

Date: Monday, 08 May 2023

AfCFTA HOSTS A REMARKEBLY SUCCESSFUL FIRST IN-PERSON BUSINESS  FORUM 

Cape Town – In a show of force and conviction, Africa’s private sector showed up in large  numbers to attend the first in-person Africa Continental Free Trade Area (AfCFTA) Business  Forum in Cape Town, South Africa recently. 

Convened by the AfCFTA Secretariat under the patronage of the His Excellency, President  Cyril Ramaphosa, the President of the Republic of South Africa, the conference attracted over  1000 physical attendees and just under 2000 virtual participants representing Africa’s private  sector, strategic investors, financial institutions, investment promotion agencies, business  councils, multilateral organisations, chambers of commerce, multinational corporations,  African women and youth business organisations, as well as political leadership from 63 countries across the African continent, the African diaspora, Asia, Europe and the Americas. 

The Forum, noted as one of the biggest business events in Africa, was addressed by various  company CEOs representing the private sector and political leadership tasked with driving  Africa’s economic integration. Headline conference speakers included His Excellency,  Mahamadou Issoufou, Former President of the Republic of Niger and AfCFTA Champion, the  Deputy President of South Africa, Honourable Paul Mashatile, The Secretary General of  AfCFTA Secretariat, His Excellency, Wamkele Mene, Ms. Ojiambo Sanda, Assistant  Secretary General of UN Global Compact, Honourable Minister Ebrahim Minister Patel,  Minister of Trade, Industry and Competition of the Republic of South Africa, , Her Excellency,  Dr Monique Nsanzabaganwa, Deputy Chairperson of the African Union, His Excellency, Prof.  Benedict Oramah, President and Chairman of the Board of Directors of the Afreximbank and Mr. Samaila Zubairu, President and CEO of Africa Finance Corporation.  

A key aspect of the Forum was its ability to pull together leading African and global thinkers  as speakers and moderators from a wide variety of business sectors and industries to offer their  perspectives on how to drive intra-African trade in the most meaningful and pragmatic manner.  

The key objectives of the event were to create awareness of the current trade and investment  opportunities in AfCFTA among Africa’s business community; connect businesses to funding  opportunities for AfCFTA value chains; establish a private sector engagement platform for  continued consultations on private sector needs in the implementation of the AfCFTA; and to  promote a private sector-friendly environment, especially for Small, Micro and Medium  Enterprises (SMMEs) led by Women and Youth, to unlock more accessible and affordable  trade finance opportunities.

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The AfCFTA Secretary-General, His Excellency, Wamkele Mene urged the private sector to  become the drivers of the AfCFTA. He said, “in order for us to see the results that we all desire,  the private sector should play a critical role in the implementation of the AfCFTA”. 

He underlined the fact that “it is the private sector that drives trade, and therefore creating an  integrated One African Market hinges upon effective private sector participation in the  implementation of the AfCFTA”.

Participants noted that there were several key challenges that needed to be tackled if the  AfCFTA was to become a reality. Key amongst these were the lack of access to finance, poor  infrastructure, and the high cost of doing business. The conference agreed that there was a need  to support investment in infrastructure, including energy, transport, and ICT, to reduce business  costs whilst stressing the need to promote regional value chains and the development of local  industries to increase intra-regional trade.

Various speakers and delegates urged the private sector to identify opportunities for investment  in value chains that will increase intra-Africa trade.

The forum was the launchpad of the HerAfCFTA movement which seeks to bring the issues  affecting women in trade to the centre stage by creating a platform that will supercharge export  readiness of women to explore the opportunities offered by the AfCFTA. This initiative is  particularly important as the Protocol on Women and Youth in Trade is being negotiated.

The Business Forum provided an excellent opportunity to introduce businesses to the AfCFTA  HUB, a unified electronic gateway connecting e-government portals, business & consumer  apps and supranational platforms into one continental digital ecosystem.

Among the key topics discussed, the conference explored challenges and opportunities  pertaining to key sectors such as Pharmaceuticals, Automotive, Agribusiness, Transports and  Logistics and Digital Trade. In addition, operational tools such as the Pan African Payment  and Settlement System, and other digital solutions developed to allow seamless flow of data,  capital and services were highlighted. 

The Forum was also an opportunity to discuss with the private sector the opportunity of the  investment regulatory framework adopted under the AfCFTA which will facilitate key  investments on the continent for increased intra Africa trade.

At the conclusion of the Forum, the AfCFTA Secretariat introduced the new name for the  forum moving forward – “Biashara Africa” – Trade Africa and announced that the next  edition would be held in May 24th – 25th 2024 at a venue to be communicated well in  advance. 

–ENDS —

About the African Continental Free Trade Area (AfCFTA)

The African Continental Free Trade Area (AfCFTA) is one of the flagship projects of Agenda  2063: The Africa We Want and entered into force on 30 May 2019. It is a high ambition trade  agreement, which aims to bring together all 55 Member States of the African Union, covering  a market of more than 1.3 billion people, with a comprehensive scope that includes critical  areas of Africa’s economy, such as digital trade and investment protection, amongst other  areas. By eliminating barriers to trade in Africa, the objective of the AfCFTA is to significantly  boost intra-Africa trade, particularly trade in value-added production and trade across all  services sectors of Africa’s economy, at a potential of 52.3 percent.

For further information, please contact:

Ms. Grace Khoza, Principal Communications Advisor | African Continental Free Trade Area  (AfCFTA) Secretariat | E-mail: [email protected] | Accra, Ghana 

Ms. Elydora Matubanzila, Communications Officer | African Continental Free Trade Area  (AfCFTA) Secretariat| E-mail: [email protected] | Accra, Ghana

Communication | Marketing | Advocacy Division, African Continental Free Trade Area | E-mail: [email protected]

To find out more, please visit our website: https://au-afcfta.org

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