African countries rallied to trade more at IATF

African countries are making moves to boost intra-regional trade, with a focus on industrialization as a key pathway to prosperity. The continent has historically lagged behind in intra-regional trade compared to other regions. Only 16% of Africa's global trade occurs within the continent, while Europe, Asia, and North America boast significantly higher intra-regional trade percentages of 70%, 60%, and 30% respectively. To address this disparity, the recent Intra-African Trade Fair (IATF) in Cairo served as a platform for African businesses to explore opportunities and discuss policies, including the Africa Continental Free Trade Agreement. CNBC Africa's Kenneth Igbomor spoke to Kingsley Moghalu, Chairman of the Africa Private Sector Summit, to shed light on the significance of industrialization and the role of the private sector in driving intra-regional trade. Moghalu emphasized the critical role of industrialization in fostering intra-regional trade, citing the importance of skilled labor and innovation. He highlighted the need for African countries to prioritize education and infrastructure development to attract investments and propel industrial growth. The Africa Private Sector Summit, under Moghalu's leadership, advocates for a private sector bill of rights to ensure an enabling business environment for trade and investment. The summit aims to collaborate with governments to create policies and guarantees that support private sector participation in intra-regional trade. Furthermore, Moghalu stressed the need for alignment between industrialization efforts and trade strategies in Africa. He emphasized the significance of education in equipping the continent with the necessary skills for industrial development. Additionally, he underscored the importance of infrastructure, particularly in areas such as electricity and transportation, as crucial factors in attracting investment. By focusing on education, infrastructure, and creating a conducive business environment, African governments can unlock economic prosperity and drive intra-regional trade forward. In conclusion, the discussion at the IATF underscored the pivotal role of industrialization in enhancing intra-regional trade in Africa. As the continent strives to increase its share of global trade, initiatives like the Africa Continental Free Trade Agreement and the Africa Private Sector Summit are instrumental in promoting collaboration between governments and the private sector. By investing in education, innovation, and infrastructure, African countries can pave the way for sustainable industrial growth and foster a vibrant intra-regional trading network that drives economic prosperity across the continent.