African countries can become global competitors and benefit from AfCFTA by investing in critical infrastructure, promoting innovation and technology
by the African Union.The AfCFTA Business Forum discussed the importance of seizing opportunities and investments created by a single African market, but emphasized the need to improve the continent's infrastructure, which requires $130-170 billion annually.
AUDA-NEPAD and the government of Senegal jointly hosted the 2nd Dakar Financing Summit for Infrastructure this February to address the infrastructure gap in Africa. The summit highlighted the importance of building partnerships with the private sector and leveraging technology to modernize infrastructure.Priority Action Plan 2 projects in the transport, energy, water, and ICT sectors.
AUDA-NEPAD is working with stakeholders to develop multi-sectoral industries in Africa, including agro-processing, manufacturing , green technology, and minerals development.The Business Forum also discussed the opportunities for Africa's manufacturing sector. Currently, the sector contributes only 10 per cent to Africa's GDP, compared to 20 per cent in East Asia and the Pacific, and 15 per cent in Latin America and the Caribbean.
Furthermore, AUDA-NEPAD is advancing alternative pathways to economic growth, such as industries without smokestacks, including blue economy industries, and tradable services like tourism and ICT. The platform also acknowledged that eliminating trade barriers under the AfCFTA will enable participating countries to develop their comparative advantages, increase productivity, and improve the quality of their goods and services.
This will enable them to build dynamic comparative advantages and perform better than their competitors, which can help overcome the narrative that only a small proportion of African firms can consistently produce high-quality products at scale.Digital trade in Africa was a key topic of discussion at the AfCFTA Business Forum, and it is rapidly gaining traction.
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