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KEPSA AND EABC CALL ON AFRICAN PRIVATE SECTOR TO DRIVE INTRA-AFRICAN TRADE AND INNOVATION
- Published On: 2024-08-29
KEPSA and the East African Business Council (EABC) convened a workshop to explore Africa’s evolving trade landscape and its future opportunities. The event underscored the urgent need for Africa to leverage its rapidly growing population by focusing on intra-African trade and reducing dependence on imports.
In his opening remarks, Mr. Jas Bedi, the Board Chair highlighted Africa's potential, with its population set to double by 2050, making it a key player in the global economy. The Chair stressed the importance of regional cooperation and urged the private sector to prioritize trade within Africa, fostering a mindset of positive competition and collaboration.
The workshop also addressed the increasing importance of digital trade, with GIZ emphasizing the need for harmonized policies and robust frameworks to support the digital economy across the continent. The private sector was identified as crucial in driving the African Continental Free Trade Area (AfCFTA), which is seen as a cornerstone for Africa’s economic growth.
The Ministry of Trade highlighted the growing domestic demand in Africa and urged SMEs to position themselves as key investors in the AfCFTA. They also called for greater awareness and utilization of existing policies and agreements to boost trade and economic inclusion.
The workshop concluded with a call to action for Africa’s private sector to embrace innovation, strengthen regional ties, and create sustainable opportunities for the continent’s youth, ensuring that Africa’s future is shaped from within.