Korrigeringer

Focus on Africa Industrialization Day (AID) For an effective and sustainable industrialization some arrangements must be made.

One of it, is CFTA.

The Continental Free Trade Area (CFTA) was launched by African Heads of States in 2015 to create a single market for Africa.

The CFTA aims to open the economies of fifty-four African countries to trade, combined possessing a population of more than one billion people and a gross domestic product of more than US $3.4 trillion.

When implemented, the CFTA will significantly help to drive structural transformation and poverty eradication in Africa.

The CFTA will enable the free movement of business persons and investments, expand intra-African trade, resolve challenges of multiple and overlapping memberships, and enhance competitiveness at the industry and enterprise level.

Trade liberalization can help countries exploit opportunities for scaled production, continental market access and better reallocation of resources, but not without key contributors to industrialization such as upgrading productive capacities, increasing technological transfer and institutional capabilities, prioritizing strategic industrial sectors where Africa has comparative advantages, and investing in relevant infrastructure improvements.

In order for the CFTA to create structural transformation, coherent, rapid and robust industrial policy strategies must be implemented at the country level.

To conclude, AID plays a special role in promoting the acceleration of sustainable industrial development in Africa.

A Continental Free Trade Area, based on all that has been said above, is the key to make Africa one and to catalyze its development.