The African continent needs heavy funding to boost its economic development, said Moroccan Minister Delegate for African Cooperation, Mohcine Jazouli at the World Economic Forum on Africa held in Cape Town, South Africa Sept.4-6.
Africa also needs a major investment and production to set up a sustainable industrial hub capable of creating jobs and processing raw material on site, added the minister.
He stressed the importance of the African Continental Free Trade Area (AfCFTA), saying its enforcement will bolster intra-African trade and trigger a new dynamic between African countries.
African Free Trade Area aims at progressively eliminating tariffs and removing non-tariff barriers on intra-African trade, creating opportunities for African businesses making the African market – comprising more than 1.2 billion people – the largest free trade area in the world.
The World Economic Forum on Africa gathered over 1000 leaders from 100 countries, representing business, government, academia, civil society, media and the arts
The meeting was held under the theme: “Shaping Inclusive Growth and Shared Futures in the Fourth Industrial Revolution”. Participants discussed ways of improving the funding and regulatory environments for start-ups, fighting corruption and building new partnerships for re-skilling and upskilling workers.
The debates focused on opportunities for green growth, e-commerce for rapid business growth, regional integration, government policies and responsible business practices to provide a foundation for a more inclusive society.