Both State, Private Sectors Key to Driving Africa’s Economic Growth: AfCFTA Official

KIGALI, Xinhua: The African Continental Free Trade Area (AfCFTA) is poised to continue its growth trajectory, with the involvement of both state and private sectors, according to Secretary-General of the AfCFTA Secretariat Wamkele Mene.

Speaking at a press conference in the Rwandan capital of Kigali on Tuesday ahead of the second edition of the AfCFTA Business Forum, branded “Biashara Afrika 2024,” Mene underlined the growing participation and critical role of both governments and businesses in realizing the full potential of the trade agreement.

“AfCFTA is not just about bringing governments together; it is about engaging the private sector in ways that drive meaningful trade across Africa. Biashara Afrika 2024 will serve as a platform to tackle the pressing issues that continue to hinder our progress, such as trade finance and logistics,” Mene said.

Rwandan Minister of Trade and Industry Prudence Sebahizi highlighted Rwanda’s proactive role in the establishment of the AfCFTA, reaffirming the country’s commitment to spearheading initiatives within the framework of the agreement.

“Rwanda has always been eager to take the lead in every aspect of the AfCFTA, from its establishment to its full implementation. We urge our private sector to embrace and take ownership of this agreement to reap its full benefits,” Sebahizi said.

He emphasized Rwanda’s focus over the next five years on boosting industrial production and positioning the country as a manufacturing hub to better leverage the broader AfCFTA market.

“We are committed to increasing industrial output and using Rwanda’s strategic location to serve as a key production center within the larger African market,” he said.

The press conference set the tone for what promises to be a dynamic and insightful series of discussions at Biashara Afrika 2024, with both officials calling for collective efforts to empower the private sector and drive economic growth across the continent.

Under the theme of “Dare to Invent the Future of the AfCFTA,” the upcoming business forum is expected to unfold from Wednesday to Friday in Kigali. This year’s event will center on addressing key challenges hindering intra-African trade, such as trade finance, logistics, and more, setting the stage for collaborative solutions to unlock the continent’s economic potential.

The AfCFTA, a flagship project of the African Union’s 50-year continental development blueprint, Agenda 2063, is designed to eliminate trade barriers across the continent, significantly boosting intra-Africa trade, particularly in value-added goods.

With a market of 1.3 billion people and a combined gross domestic product of 3.4 trillion U.S. dollars, the AfCFTA is the world’s largest free trade area and holds the potential to create regional value chains, spur investment, and generate jobs across Africa.