AfBC Underscores Crucial Role of Private Sector in Making Continental Free Trade Area Succesful

Addis Ababa February 21/2024 (ENA)The President of the African Business Council (AfBC) has stressed the pivotal role of the private sector for the African Continental Free Trade Area (AfCFTA) to succeed. 

In an exclusive interview with the Ethiopian News Agency, AfBC President Amani Asfour said that the Continental Free Trade Area has a major role in promoting intra-Africa trade.

And in order for the AfCFTA to succeed Africa needs to increase intra-regional trade between the countries by building the capabilities of the private sector, financing it and improving policies.

According to the president, medium and small sectors need supportive policies and legislation so that they can grow in Africa.

She stressed that governments should support the sector by no less than 40 percent and not importing products found in Africa.

The private sector should on its part build its capabilities to meet international standards and link institutions with industrial technology in order to  enhance competitiveness, Asfour elaborated.

The president, who noted the abundance of natural resources in Africa, underlined that countries must support the private sector to strengthen African industry so that African resources can have added value.

Asfour pointed out as an example that lithium is found in Africa and there is a demand for batteries at the continental level in Africa because 40 million electric cars are needed by 2030. These cars need batteries and Africa can manufacture the batteries.

To achieve this, however, there must be interconnected policies and industries. Countries should give incentives to the private sector to add value to these green minerals, she elaborated.  

With regard to enhancing the provision of job opportunities, the president said that the private sector must have a role in developing skills, education, and promoting digital technology among young people as this enhances human development on the continent.

She pointed out that building the capabilities of young people and arming them with technology is one of the ways to play a role in strengthening the private sector for manufacturing, which enhances investment and human development in Africa.

Asfour further stated that African countries must develop the experience of trading local products at the continental level in order to increase their trade, and implement the Continental Free Trade Area Agreement.