Mulenga: Why its important to implement a digital way of doing business

In a bid to enhance efficiency and drive economic growth, Africa has taken a significant step towards embracing digitalization in the way business is conducted. Chipoka Mulenga, Minister of Commerce, Trade, and Industry in Zambia, shared insights on the country's digitalization strategy and the broader continental response to global trade challenges. Speaking at the inaugural AfCFTA Digital Trade and Services Forum in Lusaka, Zambia, Minister Mulenga emphasized the importance of transitioning from traditional to digital methods of doing business. He highlighted the numerous barriers that hinder progress and emphasized the need for a digital platform to streamline processes and drive economic growth in Africa. The shift towards e-commerce, digital platforms, and other technological advancements offers a more inclusive and efficient way of conducting business, connecting individuals and businesses across the continent in a seamless manner. Minister Mulenga stressed the significance of African nations not falling behind in the digital era, urging for the adoption and implementation of digital practices to improve efficiency, productivity, and ultimately accelerate economic development across the region. Addressing concerns about readiness in terms of systems, mindsets, and procedures for implementation, Minister Mulenga acknowledged the need for infrastructural improvements and mindset shifts to fully embrace digital transformation. He commended the leadership of Secretary General Wamkele Mene for spearheading efforts to advance digital platforms within the African Continental Free Trade Area (AfCFTA), underscoring the importance of collective action towards digital integration. Minister Mulenga emphasized the need to move beyond merely adopting external directives towards initiatives that enhance self-improvement. He outlined the necessity of instilling confidence in digital infrastructure among users and fostering a culture of belief in the transformative power of technology. By leveraging social media platforms for constructive purposes and economic gains, Africa aims to capitalize on digital tools for sustainable economic growth and prosperity. Looking ahead, Minister Mulenga shed light on the ambitious targets set by African ministers, including a projected $712 billion in digital trade across the continent by 2050. He elucidated on the detrimental effects of capital flight resulting from foreign-owned payment systems, highlighting the significant economic losses incurred through simple transactions like card swipes. Minister Mulenga proposed the establishment of an African-owned digital platform to retain transaction commissions within the continent, potentially saving billions annually and bolstering regional economies. As Africa embraces the digital revolution, the journey towards economic growth and self-reliance is propelled by a collective commitment to digital transformation and innovation. Through strategic partnerships, technological advancements, and a mindset shift towards digital inclusion, African nations are poised to unlock new opportunities and drive sustainable development in the digital age.