January 22, 2024 at 9:36 AM #12156The African MonetaristMemberLagos, Nigeria
An Action Plan to
A comprehensive action plan aimed at accelerating global business and investment in Africa has been unveiled through a white paper launched on January 17, 2024.
The initiative, a collaborative effort between the World Economic Forum and the Friends of the African Continental Free Trade Area (AfCFTA), outlines a visionary plan encompassing goals, initiatives, and commitments from industry leaders across four priority sectors: automotive, agriculture and agro-processing, pharmaceuticals, and transport and logistics. These sectors collectively boast a substantial worth of $130 billion.
The dynamic changes occurring in Africa are increasingly driven by regional integration, further propelled by the AfCFTA — an initiative representing a single market for 1.7 billion people and an estimated $6.7 trillion in consumer and business spending by the year 2030. The full implementation of the AfCFTA agreement is anticipated to result in a 7% increase in real incomes, equivalent to nearly $450 billion.
The action plan highlights various projects, including the mobilization of financing to enhance infrastructure within the transport and logistics sector, the advancement and adoption of green technologies in the automotive sector, initiatives to localize more components of the agriculture value chain within the continent, and commitments from pharmaceutical companies spanning workforce, innovation, finance, policy, and inclusivity.
Collectively, these ambitious commitments from prominent companies operating in Africa send a strong signal to potential investors, indicating that investing in Africa holds the promise of a future characterized by boundless innovation and inclusive prosperity for the continent.
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