The African Continental Free Trade Area (AfCFTA) secretariat has identified the automotive industry as one of the four priority sectors that offer a lot of opportunities for maximising intra-African trade and industry, based on extensive research.
Themba Khumalo, a representative of the AfCFTA secretariat, said this during the Auto Forum held on the third day of the Intra-African Trade Fair (IATF 2023). Khumalo stressed that logistics is the most important factor in boosting the automotive industry, explaining that the African continent spends $47bn on transportation and logistics.
He also highlighted the importance of developing trade and transport corridors, customs procedures, and the use of modern technology to facilitate 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 pointed out that the government of Ghana is working to develop a policy for industrialization, especially in the field of cars, and that Afreximbank can support 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.”