Investments, Trade and Industry Cabinet Secretary Salim Mvurya has rooted for increased trade among African countries.
Addressing an African Continental Free Trade Area (AfCFTA) meeting in Kigali, Rwanda, Mvurya noted that less than 17 per cent of Africa's exports are intracontinental, compared to 59 per cent in Asia and 69 per cent in Europe.
“This stark contrast illustrates the untapped potential waiting to be unleashed through trade and investment,” he told the Second Edition of the AfCFTA Business Forum dubbed Biashara Afrika 2024.
Present at the event were Rwandan President Paul Kagame, Secretary General of the AfCFTA Wamkele Mene, Prime Minister of the Kingdom of Eswatini Russell Dlamini, Prime Minister of Grenada Dickon Amiss Thomas Mitchell and former President of Niger, and AfCFTA Champion Mahamadou Issoufou.
AfCFTA creates a single continental market for goods and services in Africa. It further aims to reduce trading problems, such as different regulations from one African country to another.
Mvurya added that Africa is a continent rich in resources, talent, and opportunities. “However, the lack of internal trade has hindered its development for far too long” he explained.
Mvurya maintained that to realise the full potential of the AfCFTA, nations must address the barriers to trade.
“We need better roads, railways, and ports. We need energy solutions that power our industries and ensure every African has access to reliable electricity. We need digital infrastructure that connects every corner of our continent so that no African is left behind in this digital age,” he stated.
The CS emphasised that global economies are intertwined; with technology redefining borders.
He said challenges such as climate change, food insecurity, and inequality require innovative, collective solutions.
“We see the AfCFTA as a first step in finding these solutions,” he said.
He added that the AfCFTA has the potential to revolutionise the economic landscape of the continent and pave the way for unprecedented growth and prosperity.
“The significant milestones achieved under the AfCFTA within a relatively short period of time is testament to the political will, power of cooperation and shared vision of Africa’s political leadership,” he said.