The Pan-African Manufacturers Association (PAMA) has called for deliberate development of industrial inputs to reduce the intensity of reliance on global supply chain to facilitate trade.
President of PAMA, Francis Meshioye, who made the remark, emphasised the critical role of the private sector in transforming trade in Africa and affirmed the commitment of its members to the seamless operationalisation of he African Continental Free Trade Agreement (AfCFTA).
Meshioye, who is also president of the Manufacturers Association of Nigeria (MAN) said the estimate that AFCFTA will boost Africa’s export by more than $600 billion with wage gain of more than 10 per cent, presents a unique opportunity for increased production capacities and trade volume and above all is a catalyst for significant reduction in poverty.
He said it offers opportunities for ramping up production, upscaling trade volume and creating enduring wealth for the continent.
According to him, PAMA, sees the “Single Liberalised Market for Free Trade in Goods and Services”, which AfCFTA offers, as a lifetime opportunity for African countries to trade more with each other, refocus national economic, investment and industrial policies to be in sync with continental aspirations to enhance private sector development, grow national economies, increase the number of African multinational companies and fastrack the process of fully integrating the continent into the global market.
“The framework is expected to facilitate inflow of investment into the continent, ensure upscaling of trade in manufactured goods through improved industrial capacity, as well as inclusion of women, youth, innovation and technology development in the implementation roadmap.
Also, President, Africa Business Council, Dr. Amany Asfour, said African countries must work closely to realise AfCFTA to boost economies of the continent.
Asfour said the council is looking forward to the integration of Africa to ensure its economies grow despite the challenges in the continent.
She added that manufacturing and industrialisation is critical to the realisation of the trade agreement, calling on institutions across the continent to fully support the African private sector, as they are critical to the successful operation of AfCFTA