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African heads of state and global CEOs at the World Economic Forum Annual Meeting to take place in Davos backed the launch of the first of its kind report on how public-private partnerships can support the implementation of the African Continental Free Trade Area (AfCFTA)
African heads of state and global CEOs at the World Economic Forum Annual Meeting to take place in Davos backed the launch of the first of its kind report on how public-private partnerships can support the implementation of the African Continental Free Trade Area (AfCFTA).
AfCFTA: A New Era for Global Business and Investment in Africa outlines high-potential sectors, initiatives to support business and investment, operational tools to facilitate the AfCFTA. It also lists illustrative examples from successful businesses in Africa to guide businesses in entering and expanding in this area.
The report aims to provide a pathway for global businesses and investors to understand the biggest trends, opportunities and strategies to successfully invest and achieve high returns in Africa. It also delves into developing local, subregional and continental value chains and accelerating industrialization.
The AfCFTA is the largest free trade area in the world, by area and the number of participating countries. Once fully implemented, it will be the fifth-largest economy in the world, with the potential to have a combined GDP of more than US$3.4 trillion.
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The report highlights the sense of excitement as the AfCFTA lowers or removes barriers to trade and competitiveness. The promising gains from an integrated African market should be a signal to investors around the world that the continent is ripe for business creation, integration and expansion. The report focuses on four key sectors that have a combined worth of $130 billion and represent high-potential opportunities for companies looking to invest in Africa: automotive; agriculture and agro-processing; pharmaceuticals; and transport and logistics.
