By Merit Ibe
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 made the remark during the Lighting of the African Trade Torch for the implementation of the Africa Continental Free Trade Agreement (AfCFTA), where he 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 AfCFTA.
Meshioye, who is also president of the Mnaufacrurers 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%, 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 Liberalized 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 the Africa trade torch lighting kicks off the implementation of AfCFTA, adding that manufacturing and industrialisation is critical to the realisation of the trade agreement.
She also called on institutions across the continent to fully support the African private sector, as they are critical to the successful operation of AfCFTA.
Representative of the Africa Youths Entrepreneur from Chad, Idris Adoum Idriss, noted that the initiative is important for youth entrepreneurs in the continent, as they contribute largely to the growth of the economy.