Investment, Trade and Industry Cabinet Secretary Salim Mvurya has called on African countries to collectively address infrastructure gaps and tariff related barriers to increase trade within the continent under the Africa Continental Free Trade Area (AfCFTA).
Speaking during the Second Edition of the AfCFTA Business Forum dubbed Biashara Afrika 2024 in Kigali, Rwanda, CS Mvuria called mobilization of resourced in order to develop its infrastructure such as roads, railways, ports and energy to power industries and encourage industrialization to enhance intra-trade.
“Africa is a continent rich in resources, talent, and opportunities. However, the lack of internal trade has hindered its development for far too long. Currently, less than 17pc of Africa’s exports are intercontinental, compared to 59pc in Asia and 69pc in Europe. This stark contrast illustrates the untapped potential waiting to be unleashed through trade and investment,” said Mvurya.
According to Mvurya AfCFTA has the potential to revolutionize the economic landscape in Africa by developing industries to create the value chains, and lead the transformation of African economies.
This comes as Kenya embarks on the process of developing a Green Supplement as part of the National Africa Continental Free Trade Area (AfCFTA) to ensure sustainability in the tea and coffee sectors.
“Africa can lead the world in green technology, renewable energy, and climate-smart agriculture. We must invest in sustainable practices that not only drive economic growth but also safeguard our continent for centuries to come,” said Mvurya.
During the Biashara Afrika 2024 AfCFTA Secretariat also launched the Guided Trade Initiative Phase II which now includes the services component.
