M a r k e t N e w s
U.S AMBITIOUS TO STRENGTHEN THE FOOTHOLD FOR TRADE AND INVESTMENT IN AFRICA
Posted on : Friday, 22nd March 2019
The FDI promotion and Technology Transfer Affairs Directorate General of the MoFA took part in the U.S.-Africa Trade and Investment Forum organised by the Corporate Council on Africa (CCA) and the U.S. Mission to the African Union in Addis Ababa On February 12, 2019.
In order to examine ways to advance private sector-led economic growth in Africa, the event brought together the African and U.S. private sector, African heads of state, ministers, senior U.S. Government officials, representatives of multilateral institutions and other stakeholders.
The evolution made under the ACFTA in creating a single continental market gave a changed momentum to the attraction of productive investments in Africa The high level event, supported private sector engagement in the African Continental Free Trade Area (AfCFTA) and worked to drive USAfrica trade, investment, and business involvement.
“There are many positive and effective things taking place in Ethiopia and the export of products to the US market is an example to what Africa can do and is doing across the continent,” President and CEO of the Corporate Council on Africa, Florizelle Liser said.
The AU Trade and Industry Commissioner, Albert Muchanga told work is underway to develop regional value and supply chains and constructing a more constant and certain policy framework to guide business decisions and strategies on investing and trading in Africa. He pointed out that work is advancing on liberalization of trade in goods and services as well as establishment of a payment and settlement platform that will give operational content to the deal coming into force. “Through the African Continental Free Trade Area, we are contributing large economies of scale and scope to the private sector,” he said, adding that the content trade liberalization and continental assimilation gives the incentives to invest in larger scale and for a longer period. Some forty-nine countries have signed the African Continental Free Trade Agreement, and 18 of the 22 needed to bring it into force have already confirmed it.
The AU Trade and Industry Commissioner, Albert Muchanga told work is underway to develop regional value and supply chains and constructing a more constant and certain policy framework to guide business decisions and strategies on investing and trading in Africa. He pointed out that work is advancing on liberalization of trade in goods and services as well as establishment of a payment and settlement platform that will give operational content to the deal coming into force. “Through the African Continental Free Trade Area, we are contributing large economies of scale and scope to the private sector,” he said, adding that the content trade liberalization and continental assimilation gives the incentives to invest in larger scale and for a longer period. Some forty-nine countries have signed the African Continental Free Trade Agreement, and 18 of the 22 needed to bring it into force have already confirmed it.
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