Mene commended the organizers, including Attijariwafa Bank Group, the African Development Club, and Al Mada, for creating a platform for dialogue and collaboration on Africa’s economic challenges and opportunities. He highlighted FIAD’s role in fostering South-South cooperation, a key principle for African development.
Mene underscored the theme of FIAD24, “Here We Invest,” reflecting Africa’s need for investment to achieve economic growth and sustainable development. He emphasized the critical role of the AfCFTA, operational since January 2021, in attracting investment and fostering market integration.
Mene stressed that investment is essential for developing infrastructure and logistics needed for cross-border trade. This, in turn, enables the creation of regional value chains in manufacturing and industry, a key objective of the AfCFTA.
Investment is crucial for African businesses to improve their competitiveness. Increased access to capital, technology, and expertise will allow them to enhance productivity, quality, and compete effectively within the AfCFTA market.
Mene highlighted the need for investment to transform African value chains, spur industrialization, and promote economic and social inclusion. He emphasized the low participation rate (2.7%) of African businesses in regional value chains compared to other regions. The AfCFTA aims to change this by promoting industrial development and strengthening regional value chains.
The AfCFTA is implementing the FTAAP Private Sector Engagement Strategy, targeting key sectors like agriculture, automotive, pharmaceuticals, and transport & logistics. This strategy aims to promote private sector participation in regional value chains.
A collaborative effort with Mastercard Foundation and TradeMark Africa to support regional value chains and trade facilitation in the fisheries sector, aiming to create jobs and increase fish production and trade. A continental strategy for vaccine manufacturing, in collaboration with Africa CDC and AUDA-NEPAD, aims to achieve 60% self-sufficiency by 2040. A $1 billion fund from Afreximbank aims to leverage Africa’s mineral resources to become a leader in electric vehicles. The African Minerals Development Centre is identifying potential in battery and electric vehicle value chains.
Mene highlighted the crucial role of investment in transportation infrastructure for industrialization and economic growth. He cited the African Development Bank’s estimate that Africa needs $170 billion annually for infrastructure investment.
By emphasizing the need for targeted investment across various sectors, Mene positioned the AfCFTA as a driver for Africa’s economic transformation and a magnet for investors seeking opportunities within the vast African market.
MN/ac/fss/abj/APA