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]
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