Browsing: AfCFTA digital hub

The report indicated that AfCFTA has the potential to attract greater FDI, required for Africa to diversify into new industries such as agribusiness, manufacturing and services. The report projects that this could create 18 million new jobs by 2035, with 2.5 per cent of the continent’s workers moving to new industries. In addition, more significant FDI could raise Africa’s exports to 32 per cent by 2035, with intra-African exports growing by 109 per cent, especially in the manufactured goods sectors. All countries will record an intra-African export increase, such as Tunisia by 165%, Cameroon by 144%, Ghana by 132%, Tanzania by 126% and South Africa by 61%.

Breaking trade barriers will increase investment and export sectors likely to grow the most: textiles and apparel, rubber, chemical and plastic products, and processed foods. Deeper integration would lower trade costs and boost capital inflows, bolstering exports from service sectors such as communication, transport and hospitality.

According to the ‘Futures Report: Which Value Chains for a Made in Africa Revolution’ prepared by the UNDP and AfCFTA Secretariat, there are opportunities that need to seizing for the One African Market, such as pharmaceuticals; automotive; cultural and creative industries; cocoa; soya; leather and tanned products; mobile financial services; lithium-ion batteries; textiles and apparel; vaccine manufacturing. In view of this, governments and entrepreneurs on the whole, can identify which opportunities are best suitable for their nation’s entry into the AfCFTA market.