African thought leaders stressed that trade agreements and regional integration are key to driving investment into Africa ahead of the EU/African Union Summit set for 17-18 February 2022.
This is indicated on Tuesday during a discussion organized by the European parliament to discuss Africa’s partnership and cooperation with the EU. Chinelo Anohu, Senior Director of the Africa Investment Forum, joined Secretary General of the African Continental Free Trade Area (AfCFTA) Wamkele Mene and others, to reflect on deepening Africa’s relationship during the public hearing on African trade and finance held Monday.
Mene, in a keynote address, referred to the EU as an example of African integration. He described a strong Africa-Europe partnership as a “win-win.” Africa’s youthful population and middle class presented significant opportunities for European businesses, he said, stressing the pharmaceutical, automobile and agro-processing sectors as hungry for investment.
Anohu was part of a panel discussion, followed by a question and answers session. She called for a determined partnership. “There’s been a lot of talk, and a lot of research but now it’s time for action. How can you make sure that this action is properly translated on the continent By very quickly, clearly, concisely, looking at the transactions themselves.”
The panel also included Junior Davis, Head of Policy Analysis and Research with the United Nations Conference on Trade and Development’s Division for Africa, LDCs and Special Programmes; Kolyang Palabele, President of The Pan-African Farmers’ Organization, and Jane Nalunga, Executive Director of the Southern and Eastern Africa Trade Information and Negotiations Institute, a civil society organization.
Anohu spoke out about the abundance of capital in Africa and the projects that are available, but also stressed the importance of project preparations and due diligence. She noted also that the Africa Investment Forum has been supporting the African Continental Free Trade Area through the Forum’s parent institution, the African Development Bank.
“We were very gratified to hear about the launch of the global gateway and the $300 billion initially earmarked for it,” she said of the EU’s Global Gateway strategy, unveiled in late 2021.
“It’s a start, we’ll need a lot more, but this is something that is very exciting to us at the Africa Investment Forum, because it clearly charts a path where we can have a collaborative effort and ensure that deals on the continent have fruition,” she said.
Nalunga, of the Southern and Eastern Africa Trade Information and Negotiations Institute, urged the European Union not to sign bilateral economic partnership agreements with individual countries but instead to adopt a continental approach. Davis of UNCTAD pointed out that intra-African processing goods trade is higher than in other countries, which suggests the value and importance of the Free Trade Agreement.
Given the opportunities that both AfCFTA and the Africa Investment Forum can leverage to accelerate a strategic alliance between Europe & Africa, this meeting could not have been more timely. targeted tradeInvestment opportunities and the possibility of a return.
Source: newbusinessethiopia
