• Home
  • Radio
  • TV
  • Advertisement
  • Disclaimer
  • Public Notice
    • Opinion
  • New Africa Business News
  • Contact
  • Log In
facebook
    • News
    • Business
    • Video
    • Entertainment
    • Sport
    • Jobs
    • Government
    • Immigrants
    • Investment
    • Gallery
      • Animal
      • Africa Map
    • NGO
    BREAKING NEWS
    African Development Bank’s 2023 African Economic Outlook Projects Africa to Become the Second-Fastest Growing Region After Asia
    AfDB President Dr. Akinwunmi Adesina has underscored the significance of Africa Restraining its Reserves and Manufacturing Lithium Batteries for Electric Vehicles to be part of the Global Electric Vehicle Revolution
    Ambassador Albert Muchanga African Union Commissioner for Trade And Industry – exhorted African Administrations to Marshal Mobile Domestic Finance by ways to carry out AU’s Agenda 2063
    African Nations Exhorted to take on Modern Sustainable City Planning to enable Stave Off Prospective Emergencies
    South Africa’s Informal Economy Shows Signs of Movement to Switch toward Cashless Economy, Study
    $11.70 million Expended by the Africa Development Bank to Facilitate Access to Fertilizers for African Agricultural Producers
    TRANSCO – CLSG wields Impressive Coordination Meetings for the Development of the Gambia River
    650,000 BPD Dangote Petroleum Refinery and Petrochemicals plant Commissioned by Erstwhile Nigeria’s President Buhari
    …Curtail the usage of Charcoal and save the Environment Immense Liquefied Gas Depot opened in Tanga City of Tanzania
    $3.5 Billion in reimbursements to White Agriculturalist by the African Development Bank as Financial Instruments to “Fast Track and Front Load” to White Agriculturalist land…was taken from them by the Zimbabwe Administration President of AfDB disclosed

    AU Urges African Businesses to take Advantage of Continental Free Trade Area

    Posted On 22 Jun 2019
    By : New Africa Business News, Staff Correspondent
    Comment: 0

    BY YESMAN ANTOH-

     

    African Union Map
    Photo Credit: Wikipedia

    NEW AFRICA BUSINESS NEWS, Accra, Ghana- THE AFRICAN Union Commission (AUC) has urged African businesses to take the advantage in exploiting trade and economic opportunities in the African Continental Free Trade Area (AfCFTA) which entered into force in May.

    A senior official in the AUC, Khauhelo Mawana, said multi-national businesses were already positioning themselves for the market and it was prudent for African businesses to be on the forefront in their own market.

    Mawana was speaking at a consultative forum to come up with Zimbabwe’s national strategy on implementing the AfCFTA in the capital Harare.

    “Multi-national businesses are already strategising to take full advantage of the AfCFTA market. Some business delegations have visited the AUC enquiring on how they can invest on the continent within the context of the AfCFTA. African businesses should take the lead in trading in the AfCFTA market.

    He said it was important for Africa’s private sector to be fully prepared to do business in the continental free trade area.

    United Nations Economic Commission for Africa (UNECA) Southern Africa Office director, Said Adejumobi, said African countries must move with speed to exploit opportunities in the AfCFTA.

    “The AfCFTA is obviously a moving train, and the earlier countries engage it, and strategize to benefit from it, the better for our member-states. There is a lot to gain, and opportunities to explore in being part of the AfCFTA initiative,” Adejumobi said.

    He said the AfCFTA has immense opportunities for increasing intra-regional trade, enhancing production, promoting economies of scale, creating jobs, raising incomes and improving the standard of living of the African people.

    Studies, he added, suggest that if successful, Africa’s manufacturing sector will double in size, with annual output increasing from 500 billion U.S. dollars in 2015 to 1 trillion dollars in 2025, and contributing additional 14 million stable, well paid jobs.

    Estimates from UNECA also suggest that the AfCFTA has the potential to boost intra-African trade by over 50% through elimination of import duties.

    “However, the AfCFTA has to be backed up by increased production capacity, enhancing regional value chains, and removing internal obstacles to the growth of SMEs so that African countries can compete well in the liberalized regional market,” said Adejumobi.

    The UNECA official said Africa’s tourism sector remains underdeveloped and there were tremendous opportunities for intra-Africa tourism in the continental free trade area.

    “The AfCFTA can unlock such potentials as goods and services move freely and expectedly soon, human mobility will accompany such process,” he said.  Source: Xhinhua

    BY YESMAN ANTOH, NEW AFRICA BUSINESS NEWS, BUSINESS & POLITICS, GLOBAL CORRESPONDENT

    Facebook: newafricabusinessnews.com

    Email: Info@newafricabusinessnews.com

    AFRICA’S MOST READ AND FASTEST GROWING GLOBAL NEWSPAPER – www.newafricabusinessnews.com

    ADVERTISING OPPORTUNITY
    NEW AFRICA BUSINESS NEWS IS GOING TO START ADVERTISING FOR COMPANIES, GOVERNMENTS, NGO’s AND FOUNDATIONS IN A FEW MONTHS TIME. YOU CAN ADVERTISE AS LOW AS $11,000.00 PER MONTH PRICE LOCKED FOR UP TO 60 MONTHS. TAKE ADVANTAGE OF THIS GLOBAL, UNLIMITED, OPPORTUNITY WITH AFRICA’S FASTEST GROWING GLOBAL NEWSPAPER. FOR INFORMATION CONTACT US @ INFO@NEWAFRICABUSINESSNEWS.COM

     

    About the Author
    New Africa Business News Staff Correspondent
    • google-share
    Previous Story

    Aker Energy Touches Lives of Ghanaians

    Next Story

    $2 Billion Proposed Lungi Bridge Sparks Reactions- Sierra Leone

    Leave a Reply Cancel reply

    *
    *

    Members Area

    • Members Log In

    RECENT

    POPULAR

    COMMENTS

    African Development Bank’s 2023 African Economic Outlook Projects Africa to Become the Second-Fastest Growing Region After Asia

    Posted On 01 Jun 2023

    AfDB President Dr. Akinwunmi Adesina has underscored the significance of Africa Restraining its Reserves and Manufacturing Lithium Batteries for Electric Vehicles to be part of the Global Electric Vehicle Revolution

    Posted On 31 May 2023

    Ambassador Albert Muchanga African Union Commissioner for Trade And Industry – exhorted African Administrations to Marshal Mobile Domestic Finance by ways to carry out AU’s Agenda 2063

    Posted On 30 May 2023

    New Africa Business News, Africa Leader of the Year 2022-2023 Goes to Ethiopia's Prime Minister Dr. Abiy Ahmed

    Posted On 24 Feb 2023

    New Africa Business News 2022-2023 Person of The Year Goes to Professor Patrick Loch Otieno Lumumba (PLO Lumumba)

    Posted On 05 Jan 2023

    New Africa Business News, Person of the Year 2021-2022, Goes to African Women

    Posted On 29 Jan 2022

    Thanks for reading, Africa’s fastest...

    Posted On 26 Feb 2023

    Thanks for reading, Africa’s fastest...

    Posted On 26 Feb 2023

    Thanks for reading, Africa’s fastest...

    Posted On 26 Feb 2023

    Facebook

    Latest Posts

    African Development Bank’s 2023 African Economic Outlook Projects Africa to Become the Second-Fastest Growing Region After Asia

    AfDB President Dr. Akinwunmi Adesina has underscored the significance of Africa Restraining its Reserves and Manufacturing Lithium Batteries for Electric Vehicles to be part of the Global Electric Vehicle Revolution

    Ambassador Albert Muchanga African Union Commissioner for Trade And Industry – exhorted African Administrations to Marshal Mobile Domestic Finance by ways to carry out AU’s Agenda 2063

    Recent Posts

    • African Development Bank’s 2023 African Economic Outlook Projects Africa to Become the Second-Fastest Growing Region After Asia
    • AfDB President Dr. Akinwunmi Adesina has underscored the significance of Africa Restraining its Reserves and Manufacturing Lithium Batteries for Electric Vehicles to be part of the Global Electric Vehicle Revolution
    • Ambassador Albert Muchanga African Union Commissioner for Trade And Industry – exhorted African Administrations to Marshal Mobile Domestic Finance by ways to carry out AU’s Agenda 2063
    • African Nations Exhorted to take on Modern Sustainable City Planning to enable Stave Off Prospective Emergencies
    • South Africa’s Informal Economy Shows Signs of Movement to Switch toward Cashless Economy, Study

    Categories

    • Business
    • Education
    • Entertainment
    • Featured
    • Government
    • Immigrants
    • Investment
    • News
    • NGO
    • Obituary
    • Opinion
    • Public Notice
    • Sport
    • Video

    Tag Cloud

    african economy business africa

    Contact Form

    1. Name *
      * Please enter your name
    2. Email *
      * Please enter a valid email address
    3. Message *
      * Please enter message
    Copyright 2019 New Africa Business News, Inc. A Global International Company, Inc. All Rights Reserved.