Industrialists see opportunity in AfCFTA
CONFEDERATION of Zimbabwe Industries (CZI) chief executive officer, Ms Sekai Kuvarika, says the establishment of the African Continental Free Trade Area (AfCFTA) implementation committee is critical in providing an opportunity for intermediary and regulatory institutions to pursue a collective objective.
The AfCFTA came into force in January 2021, and Zimbabwe is among the first countries that embraced the deal, which is expected to be a driver of local production and increased intra-regional trade across the continent.
Ms Kuvarika said the initiative will help ease business problems that are being faced by industries in the country.
“I see the requirement to establish the AfCFTA implementation committee and/or coordination mechanism as a golden opportunity to provide all our intermediary and regulatory institutions the opportunity to have a “collective objective” to work towards,” she said.
“This will definitely move the needle on some of our problematic business regulations. They will hold each other accountable for enabling or obstructing our progress to seize this continental opportunity.
“I am hoping we can have a “Team Zimbabwe” towards AfCFTA and develop our exports.”
The AfCFTA is a flagship project of the African Union’s Agenda 2063, which aims to boost intra-African trade by providing a comprehensive and mutually beneficial trade agreement, among the member states, covering trade in goods and services, investment, intellectual property rights, and competition policy.
Under the agreement, Africa expects the AfCFTA implementation to increase the mobility of the continent’s people, goods, and services with attendant necessities for institutions to harmonise and integrate much of its operational systems, regulations, and mechanisms.
African Continental Free Trade Area
Estimates indicate the AfCFTA could boost the continental economy from about US$3 trillion (2020) to about US$8 trillion by 2030.
Zimbabwe is pursuing the revitalisation of strategic industrial value chains as part of efforts to enhance domestic productivity and substituting imports while positioning local businesses to tap into trade opportunities under AfCFTA.
Guided by the National Development Strategy (NDS1:2021-2025), the Government and the private sector are agreed on the need to up-scale industry operations through leveraging on comprehensive policy reforms being undertaken by the Second Republic led by President Mnangagwa.
Under NDS1, the country has committed to spearheading a dual strategic thrust towards private sector-led economic growth and export-led growth. —-chronicle
