The African Continental Free Trade Area (AfCFTA) secretariat has prioritized the automotive industry as one of four sectors with significant potential for enhancing intra-African trade and industry, following extensive research.
Themba Khumalo, a representative from the AfCFTA secretariat, stated this during the Auto Forum on the third day of the Intra-African Trade Fair (IATF 2023).
Khumalo emphasized the significant role of logistics in boosting the automotive industry, stating that the African continent spends $47bn on transportation and logistics. He underscored the significance of establishing trade and transport corridors, enhancing customs procedures, and utilizing advanced technology to streamline trade in the African market.
He said: “We work with partners to solve issues, and one of the solutions is establishing trade corridors. We cannot focus on everything at the same time, but we focus on success factors.”
The AfCFTA secretariat revealed that Ghana's government is developing industrialization policies, particularly in the automotive sector, and Afreximbank can assist in these efforts.
He added: “We are present at the exhibition to help and we would like to work to achieve sustainability and maximise investments, and part of our message today is that countries can develop work to benefit from the agreement and countries can add new value.”
