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Africa Can Reduce Imports and Generate $50bn in Revenue

Africa Can Reduce Imports and Generate $50bn in Revenue

27 June 2019 – Africa has the potential to reduce its imports and generate $50 billion in annual revenue, according to the Department of Trade and Industry (dti).

Speaking at the Big 7 exhibition in Johannesburg yesterday, chief director of Trade Invest Africa at the dti, John Rocha, said Africa’s estimated annual spend on food imports amounted to $50 billion.

“This figure presents an opportunity that the continent cannot continue to overlook – to ensure that this US$50 billion accrues to African economies.”

Rocha added that the implementation of the African Continental Free Trade Agreement (AfCFTA) is an example of an endeavour that will increase African intra-trade.

With African intra-trade estimated at a low 15%, Rocha has urged businesses to familiarise themselves with the AfCFTA and the opportunities it presents.

“We can no longer afford to lose this much-needed income and opportunity to increase trade amongst us and to build stronger developed trading partners.”

The three-day exhibition for food and beverage professionals concluded on Tuesday. Source (F&T Weekly) https://bit.ly/2IRdH24