Africa is holding the AfCFTA Business Forum from 16-19 April 2023. The hosts are the AfCFTA Secretariat and the Government of South Africa in Cape Town. Additionally, this is Africa’s biggest business event. It aims to quicken the implementation of AfCFTA. Also, it aims to activate trade and investments within Africa.
AfCFTA Business Forum’s target market
Moreso, the AfCFTA Business Forum’s aim is to promote the Private Sector. Africa’s Private Sector is on the rise, and it is rising fast. This speed needs recognition, support and mentorship. African nations have relied on the Public Sector for a number of goods and services in the past. Therefore, the focus on the rise en masse of the Private Sector to fill in the gap left by the Public Sector is commendable. It will enable this sector to serve the African population with solutions generated by its population.
Also, the Business Forum aims to highlight the importance of MSMEs, especially those led by women and youths. Women and Youths in Micro-Small and Medium-sized Enterprises (MSMEs) contribute to African countries’ economic growth. Women are more empowered and surer of themselves now than before. Furthermore, they provide for their families and themselves without relying on men. This growing empowerment is being recognised by AfCFTA and its Business Forum to nurture and sustain it.
Also, entrepreneurship by youths is on the rise. After they graduate, employment is hard to come by. Their solution is to create their own employment and hire their peers. In addition, the largest proportion of the African population are youths. This means that Africa’s future is in their hands. Importantly, their involvement in business is important for Africa’s economic growth. Therefore, the AfCFTA Business Forum is making youth involvement possible to ensure that they take part in Africa’s economic growth.
Why hold the AfCFTA Business Forum?
Firstly, the Forum will engage businesses in agro-processing, automotive, pharmaceuticals, transport and logistics and digital trade. Women and youths in these areas have the opportunity to showcase their businesses. Africa’s economy relies heavily on the agriculture sector. Moreso, the continent boasts of vast tracts of land. However, some of the agricultural produce goes to waste and agro-processing will help minimise that. The other mentioned trades provide solutions to some of the problems Africa is facing.
Secondly, the AfCFTA Business Forum will provide deep understanding of the current business and investment opportunities in AfCFTA. The gathering of African businesspeople and investors in one area will aid in this. They will share their experience, knowledge, advice and investment to upcoming businesses. Furthermore, the Forum will open doors for new players in the African business and investment arena. With women and youths being at the forefront of these benefits.
Thirdly, the Forum’s environment will highlight policies and investment opportunities. This will be for areas mentioned above. For the same explanation as above, the Forum brings together progressive minds that will point out these policies and investment openings. A policy that is interpreted and understood well will open doors to vast opportunities. Additionally, this will not only be for investments but for transparency and reaching goals of said policies.
Last but not least, the AfCFTA Business Forum will make it possible for businesses to pitch ideas to investors. Not only ideas, but projects as well, to get funding. This will be to a panel of potential investors and business leaders. This gives companies and entrepreneurs a chance to showcase their innovative projects. Similarly, it enables them to attract investments, partnerships and mentorship. It will help promote economic integration and growth in the continent.
Summary
In summation, the AfCFTA Business Forum is a chance for businesses to be seen. Besides this, the Forum focuses on the Private Sector with special attention to women and youths. The investment opportunities in Africa are centred on problems Africa is facing. The Forum also aims to activate trade and investments within Africa. This is something Africa needs to break the cycle of abject poverty.
