Pretoria, 17 August 2022 (TDI): Wamkele Mene, the Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat met the Black Industrialists Exporters.
The exporters belonged to Pretoria, South Africa. This is so to create a single African market to make trade better.
The Secretary-General of the #AfCFTA Secretariat @MeneWamkele‘s remarks during the meeting with the Black Industrialists Exporters earlier today in #Pretoria #SouthAfrica.#CreatingOneAfricanMarket #Africa #Trade pic.twitter.com/6NoiYP44XT
— AfCFTA Secretariat Official (@AfCFTA) August 16, 2022
The Secretary-General said, “We are under no illusion of the difficulties we are getting in, we are under no illusion under how long it will take.
But if we do not take actions and create conditions for export and boost intra-Africa trade, I can assure you that our continent will remain on the periphery of the global economy.”
Black Industrialists Program
South Africa is working to increase the number of Black Industrialists in the country. The main purpose is to hasten change and make sure that Black-owned companies are significant contributors to the national economy.
Through the Black Industrialists program, the South African government has assisted black-owned and conditions attached companies over the previous seven years. This was done as they expanded into important productive sectors of the economy.
Furthermore, these enterprises got both financial and non-financial help, which allowed the industrialists to invest in significant economic value chains. This also led to the industrial areas globally that they otherwise would not have been able to afford.
Moreover, this initiative has helped more than 800 Black industrialist enterprises. The progressive finance agencies awarded 2.5 billion of debt to 180 black industrialists back in 2021 alone.
Aside from that, given the evolving economic and global dynamics, particularly the devastating effects of coerced business closures have caused troubles in the markets.
This was during the Covid-19 outbreak hence, it is critical that the government redoubles its funding commitments and assistance to Black-owned companies.
AfCFTA: An Overview
The African Continental Free Trade Area (AfCFTA) is a trade agreement that was founded on 1st March 2018, aiming to create the biggest free trade area in the world by uniting the over 1.3 billion people who live in Africa and enhancing economic cooperation.
