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The African Continental Free Trade Area (AfCFTA) agreement holds immense potential for African economies. However, much remains to be done to translate this into concrete results for businesses and citizens.
The agreement could help reduce fragmentation, improve market access, and create a more predictable environment for investors.
South Africa is counting on AfCFTA to deepen trade integration, unlock cross-border investment and establish itself as a strong gateway for investors seeking access to the continent's expanded markets.
Under the trade agreement, Kenya's strategy aims to integrate the sector into the broader African market, with 40 percent of its total exports already going to other African countries.
The trade ministry says the country's collective efforts should focus on developing export-ready enterprises, leveraging digital trade platforms and Investing in Harmonization of Standards and infrastructure connectivity to strengthen its competitive edge.
AfCFTA is Africa's most ambitious economic integration project, transforming the continent from 54 fragmented markets into a single, integrated market of 1.4 billion people with a combined GDP of more than US$3.4 trillion ($442 trillion). Speaking during the Africa CEO Forum, Brand South Africa Chief Marketing Officer Mamafuthi Rankapole said the continent has already taken an important step through the establishment of the AfCFTA, but stressed that the agreement now needs to be put in place to work practically.
“AfCFTA is a fantastic initiative. We just need to work on it because it opens up, it connects us, it integrates countries, it harmonizes the way we work,” he said.
And as South Africa presents itself not only as an investment destination, but also as a continental partner ready to build stronger economic ties with other African countries, it remains the key gateway to the African continent, offering developed financial markets, an extensive logistics network and an emerging digital hub.
Rankapol said South Africa's investment proposal builds on years of infrastructure development, a deep pool of talent and recent progress in addressing challenges that previously weighed on investor confidence, including energy constraints. Credit rating concerns.
He said the country is now focusing on priority sectors like renewable energy, agriculture, digital economy, mining, automotive manufacturing, logistics, tourism and financial services. Global narratives about Africa continue to focus disproportionately on instability, conflict and risk.