African Business Council Advocates for Private Sector’s Role in AfCFTA Success

Addis Ababa — The success of the African Continental Free Trade Area (AfCFTA) heavily relies on the private sector’s involvement, according to Amani Asfour, President of the African Business Council (AfBC). In an interview with the Ethiopian News Agency, Asfour emphasized the critical role of the AfCFTA in boosting intra-African trade and called for enhanced support for the private sector, particularly small and medium-sized enterprises, through policy and financial backing.

According to Ethiopian News Agency,achieving the AfCFTA’s goals requires significant private sector capability building, adherence to international standards, and the establishment of industrial linkages to enhance competitiveness. Highlighting Africa’s rich natural resources, she pointed to the opportunity for the continent to add value to its products, such as manufacturing batteries for the anticipated demand for electric vehicles by 2030. Asfour urged African countries to develop interconnected policies and industries, offering incentives for value addition to green minerals.

Moreover, Asfour stressed the importance of investing in youth skills development, education, and digital technology to bolster the private sector’s capacity for manufacturing, investment, and overall human development across Africa. She advocated for the private sector’s active role in creating job opportunities and enhancing trade of local products at the continental level to fully realize the benefits of the AfCFTA.