The Executive Secretary of the Economic Commission for Africa (ECA) Claver Gatete has stressed the urgency of strengthening Africa’s value chains to boost the continent’s economic growth and industrialisation.
“Africa has a wealth of resources, yet its participation in global value chains remains underdeveloped,” Gatete told participants attending the Eighth Africa Business Forum kicked off Monday at the historic Africa Hall in Addis Ababa.
This Forum provides the platform to turn potential into prosperity by mobilizing investments into the continent’s regional value chains.”
He said the African Continental Free Trade Area (AfCFTA) is enabling the continent to overcome trade barriers, fostering partnerships that will elevate the continent’s economies.
A prosperous Africa will emerge from our collective efforts to develop strong regional value chains,” underscored Monique Nsanzabaganwa, Deputy Chairperson of the African Union Commission at the opening session, focusing on the strategic importance of regional cooperation to enhance intra-Africa trade and investments.
Ethiopia’s president Taye Atsek Selassie on his part highlighted the importance of creating sustainable value chains to reduce Africa’s dependency on external markets.
“The African Continental Free Trade Area is a powerful tool that can unlock the continent’s potential by promoting industrialization and reducing food imports,” he remarked during his address.
“Resilient infrastructure, investing in human capital, and embracing digital transformation will be essential to Africa’s growth,” he added.
The AfCFTA will be the largest free trade area since the formation of the World Trade Organisation, given Africa’s current population of 1.2 billion people, which is expected to grow to 2.5 billion by 2050.
MG/as/APA