Luanda: The secretary-general of the African Continental Free Trade Area (AfCFTA), Wamkele Mene, announced on Monday that Africa’s consumer and business spending could reach 16.1 trillion US dollars by 2050, highlighting a significant opportunity for US investors to expand their presence on the continent. This statement was made during the ‘Special Observations on the AfCFTA’ presentation, which took place on the first day of the 17th United States-Africa Summit. The summit is being held in Luanda under the theme ‘Pathways to Prosperity’ and continues until Wednesday.
According to Angola Press News Agency, Mene emphasized the need for decisive and constructive engagement between the United States and Africa to reinforce the multilateral trading system, especially during challenging global times. With a population of 1.4 billion, a combined GDP of 3.4 trillion US dollars, and the youngest demographic globally, Africa presents a promising business opportunity, as pointed out by the African Development Bank.
Mene noted that the AfCFTA, ratified by 49 member countries of the African Union, aims to enhance economic integration across the continent. This initiative is expected to ensure predictability and continuity in trade, particularly within the framework of the African Growth and Opportunity Act (AGOA).
Highlighting the critical role of industrial production in Africa’s development strategy, Mene stated, “Our economic future cannot depend solely on trade. It is essential to expand production capacity, add value to essential minerals, and generate sustainable jobs for young Africans, based on a green and digital economy.” He also mentioned the adoption of the Digital Trade Protocol by the African Union’s heads of state in February, as a crucial step in boosting the continent’s digital economy. The International Finance Corporation (IFC) projects this sector could surpass 700 billion US dollars by 2035.
Mene commended the efforts of the African Business Council and the Angolan government in fostering trade ties and promoting economic integration between Africa and the US. He acknowledged the African Growth and Opportunity Act’s role over the past decades in supporting trade and investment between the two regions.
The Summit will cover various topics, including trade, investment, and cooperation in strategic sectors like electricity, infrastructure, agribusiness, digital technologies, health, and creative industries. The program features high-level plenary sessions, sectoral dialogues, private roundtables, networking sessions, and an exhibition of technological solutions.
This year’s Summit in Luanda holds additional significance as Angola celebrates 50 years of national independence on November 11. Since its inception in 1997, the Corporate Council on Africa (CCA) has organized sixteen editions of the US-Africa Summit, alternating between US cities such as Washington, Baltimore, Chicago, and Dallas, and African countries like South Africa, Ethiopia, Mozambique, Morocco, and Botswana.