ACFTA to double Intra-Africa trade
Intra-Africa trade is expected to double from 18% to 36% by 2035 and uplift millions of African out of poverty when the agreement is fully implemented.
The implementation of the African Continental Free Trade Agreement (ACFTA) is projected to double Intra- Africa trade by 2035 and uplift 100 million Africans out of poverty, Vice President Nangolo Mbumba has said.
Mbumba made the remarks at the launch of the second phase of the “Buy Local, Grow Namibia” Campaign on Tuesday which is aimed to secure market access to locally produced goods with a focus on advancing the Growth at Home Strategy.
Mbumba said Intra-Africa trade is expected to double from 18% to 36% by 2035 and uplift millions of African out of poverty when the agreement is fully implemented.
He said the ACFTA presents immense opportunities for prolonged market access as well as growth and it places a strong emphasis on Small Medium Enterprises (SMEs), the youth and women to ensure that the projected benefits are inclusive rather than being perceived to only serve the interest of big corporations.
The long-awaited Intra-Africa Trade Agreement which was launched in January this year sees a fifty-five-member state of the African Union (AU) creating a single continent-wide market for goods and services that will provide the movement of capital and natural resources.
Competition
“The secret in actualising this projection begins with our own entrepreneurs, by enhancing and developing their capabilities in order to access local retail market shelves. Hence the need to accelerate the training and institutionalising this,” said Mbumba.
ACFTA aims to bring together all 55 AU member states together which covers a market of more than 1.2 billion people, including a growing middle class and a combined Gross Domestic Product (GDP) of US$2.6 trillion.
Meanwhile, Mbumba said it is no secret that Namibian shelves are dominated by foreign imports while local producers find it difficult to access retail shelf space for a variety of reasons which will be addressed through the 'Buy Local, Grow Namibia’ initiative.
A representative from Shoprite Namibia, Patricia Hangula at the event said a few entrepreneurs approach the retailer to collaborate on the sale of their products.
Hangula stressed that local SMEs don’t capitalise on opportunities offered by the retailers in which she urged them to engage Shoprite on possible partnerships and grow the local economy. - Nampa
Mbumba made the remarks at the launch of the second phase of the “Buy Local, Grow Namibia” Campaign on Tuesday which is aimed to secure market access to locally produced goods with a focus on advancing the Growth at Home Strategy.
Mbumba said Intra-Africa trade is expected to double from 18% to 36% by 2035 and uplift millions of African out of poverty when the agreement is fully implemented.
He said the ACFTA presents immense opportunities for prolonged market access as well as growth and it places a strong emphasis on Small Medium Enterprises (SMEs), the youth and women to ensure that the projected benefits are inclusive rather than being perceived to only serve the interest of big corporations.
The long-awaited Intra-Africa Trade Agreement which was launched in January this year sees a fifty-five-member state of the African Union (AU) creating a single continent-wide market for goods and services that will provide the movement of capital and natural resources.
Competition
“The secret in actualising this projection begins with our own entrepreneurs, by enhancing and developing their capabilities in order to access local retail market shelves. Hence the need to accelerate the training and institutionalising this,” said Mbumba.
ACFTA aims to bring together all 55 AU member states together which covers a market of more than 1.2 billion people, including a growing middle class and a combined Gross Domestic Product (GDP) of US$2.6 trillion.
Meanwhile, Mbumba said it is no secret that Namibian shelves are dominated by foreign imports while local producers find it difficult to access retail shelf space for a variety of reasons which will be addressed through the 'Buy Local, Grow Namibia’ initiative.
A representative from Shoprite Namibia, Patricia Hangula at the event said a few entrepreneurs approach the retailer to collaborate on the sale of their products.
Hangula stressed that local SMEs don’t capitalise on opportunities offered by the retailers in which she urged them to engage Shoprite on possible partnerships and grow the local economy. - Nampa
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