Kenya’s Cabinet Secretary for East African Community and Arid and Semi-arid Lands, Hon. Rebecca Miano, has underscored the importance of a vibrant private sector in promoting economic growth at the national, regional and continental levels in Africa.
Hon. Miano said that the Private Sector accounts for 80 per cent of Africa’s total production, two-thirds of investment and three-quarters of credit in addition to employing 90 per cent of the continent’s working-age population.
Hon. Miano said that a robust private sector was indispensable to the realisation of Africa’s sustainable and economic transformation. “The success of Africa’s economic integration is premised on the role of the private sector in achieving growth objectives of Africa’s economies, and by extension, creating greater wealth and expanding employment opportunities,” said the CS.
In her remarks, the Chairperson of the East African Business Council, Ms. Angelina Ngalula, said that the successful implementation of the AfCFTA will lead to an increase in Africa’s income by US$450 billion by 2035, the creation of more decent jobs, improved welfare, better quality of life for all citizens, and sustainable development.
Ms. Ngalula urged State Parties to the AfCFTA in collaboration with the private to carry out a mass awareness campaign on the opportunities for trade under the AfCFTA to ensure meaningful trade integration at the continental level.
“Expedite and finalise negotiations on the AfCFTA Rule of Origin (RoO) specifically on textiles and motor vehicles as a key step for harmonising rules and determining the nationality of products traded across Africa. This should go along with formulating a common position on the status of the goods produced under the EPZ/SEZ.