KEPSA CEO Ms Carole Kariuki led the Kenya private sector in the opening session of the three-day African Private Sector Dialogue on African Continental Free Trade Area (AfCFTA) in Nairobi on the 29th May 2023. The conference brought together top businesses in Africa to deliberate on private sector growth and development in the continent. It also included a working retreat for the Council of Africa Trade Ministers to develop an AfCFTA implementation matrix and road map. 

The opening session was attended by H.E President William Ruto, H.E Azali Assoumani, President of the Union of Comoros, and Chairperson of the AU Assembly of Heads of State and Government, Champion of the AfCFTA and Former Niger President Issoufou Mahamadou, H.E. Wamkele Mene the Secretary General of AfCFTA, African Trade Ministers, top government officials and members of the private sector.

In his remarks, Cabinet Secretary for Trade, Investment and Industry Hon. Moses Kuria noted that Kenya is committed to the integration of Africa, being one of the eight African nations that pioneered the guided trade initiative. He added that for many years the AfCFTA journey was a conversation between Governments but the conference will provide an avenue for the private sector and policymakers in form of African Trade Ministers to add their voice on the Agreement. 

“The Africa we want as outlined in the Agenda 2063 is a vision of an integrated prosperous and peaceful continent as is also the theme of the year of the African Union is accelerating the implementation of the AfCFTA. To get there we need to change our mindset and change the challenges we face into opportunities. AfCFTA is one of the solutions to the socio-economic challenges that we face. We must focus on the increasive and sustainable programs that add value to our economies and also improve the lives of our population.” Said Hon. Chantal Nijimbere, 1st Vice-Chairperson of the Council of Ministers and Burundi Minister for Trade. 

On his part, H.E Wamkele Mene said that the conference is critical because it will enable the private sector and the Trade Ministers to conclude on the remaining areas of rules of origin and also focus on the acceleration of the implementation of custom systems that are required for the realization of AfCFTA. He mentioned that the annual spending by consumers and businesses in Africa is estimated to reach $7 trillion by 2030 which is an increase from $4 trillion in 2015, a fact that underscores the importance of the private sector as a driver for industrial development for Africa, creating job opportunities for young Africans and for innovation. 

In his remarks, President Ruto said that Africa urgently needed to work its way steadily and rapidly up from the bottom of the global value chains by unlocking the full potential of abundant endowments of minerals, energy, natural resources and human capital through industrialisation, mineral processing and manufacturing. He noted that African exports are among the world’s least diversified, with commodities accounting for over 60% of the total merchandise exports in 45 out of 55 of our countries. Furthermore, he pointed out that the intra-Africa trade was remarkably low, at 17% compared to 40% in Asia, 60% in the USA and Europe’s 70%, adding that the bulk of Africa’s imports and exports relate to markets outside the continent. The Head of State noted that Africa needed to be intentional about rehabilitating its economy as a continent from these grave deficiencies.

“I am glad for this opportunity that we shall have at this Dialogue to share experiences on past endeavours to undertake regional integration, assess the current status of ongoing processes, and use the best of our collective knowledge to forge the way into the future of African prosperity,” Added President Ruto.

Alluding to the disruptions caused by the previous pandemic of Covid-19 and the drought, H.E Azali Assoumani called on the unity of the African nations to ensure autonomy in all sectors by strengthening Africa’s production capacity not only to avoid supply insufficiencies but also to add value to primary resources. This, he said can only be achieved through a proper coordination of individual African nation’s efforts to realize economic freedom.

The program transitions into the 3rd Kenya International Investment Conference (KIICO 2023) on the 30th and 31st of May 2023.