Swazi Observer

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PRIVATE SECTOR URGED TO GRAB BUSINESS ALLIANCES

By Sifiso Nhlabatsi | 2023-04-18

The private sector has been urged to consider requests of business partnerships with USA, EU, India and South America.

This, it has been disclosed, was because there have been increasing requests for business partnerships from these countries.

This was said by Deputy Chairperson of the African Union Commission Monique Nsanzabaganwa at the African Continental Free Trade Area (AfCFTA) Business Forum held in Cape Town International Convention Centre, South Africa.

The Deputy Chairperson urged the private sector to tap into the opportunity of the continent’s recovery process.

She promised that governments of the Member States will always do their best to ensure that the relevant infrastructure and security are in place.

She said at the level of policy advisory, the commission was working with Member States to ensure that there was sufficient evidence-based information on regional value chains, market intelligence, resilient health infrastructure, food security and peace.

“More importantly, we need strong collaboration on green industrialisation. While the continent contributes less than 2 per cent to the carbon emissions, it is equally important that should not regress from this best practice as we industrialize,” Nsanzabangwa stated.

She explained that in recent months, there have been incessant requests for business partnerships from the USA, EU, India, China, and South America. “It is from those alliances that we incubate ideas for Continent-to-Continent Free Trade. Unlike in the 1970s, in this technological era, businesses lead government policy decisions.

Hence, I encourage you to own the African Business Space,” Nsanzabaganwa stated.
The deputy chairperson said as they gather for the next four days, they must ensure that they create business-to-business relationships under the AfCFTA.

“We have to start somewhere, and this AfCFTA business forum is an opportune moment to do so,” she stated.

She further explained that most importantly they must remember to include women-and youth-owned businesses and SMEs because, for decades, the business world has been led by big conglomerates often overlooking the dynamic potential and contribution offered by SMEs which account for around 80 per cent of the regions businesses and yet continue to struggle to penetrate markets.

“I therefore encourage women and youth led SMEs in attendance of this AfCFTA Business Forum to position yourselves in such a way that you identify and seize market opportunities and expand business networks while I further urge all in attendance to move forward with intention towards the integration of our African women and youth led SMEs into regional/continental value chains,” Nsanzabaganwa stated.

AfCFTA Agreement is for everyone
Nsanzabaganwa has reassured Africans that the AfCFTA Agreement was for everyone and has positioned women and youth in trade as engines of its successful implementation.

She said for the agreement to be successful it requires concerted efforts that continue beyond the confines of the Business Forum and is characterised by key intervention areas of support such as capacity development and skills creation, access to finance, access to markets and access to information.

She disclosed that this was what they as the African Union Commission sought to achieve through the Women and Youth Financial and Economic Inclusion (WYFEI) 2030 Initiative whose focus is the creation of partnerships to support access to finance and other priority needs that will allow African women and youth to move up the ladder of change.

She said specifically, the initiative seeks to unlock US$100 billion for at least 10 million African women and youth entrepreneurs by 2030.

AfCFTA and Eswatini
Last year in November, the ministry of commerce, industry and trade in collaboration with the United Nations Economic Commission for Africa (ECA), held a National Consultative Forum to develop the Eswatini African Continental Free Trade Area (AfCFTA) Implementation Strategy and Action Plan

The two-day forum, supported by the Global Affairs Canada (GAC), sought the contributions of various stakeholders in the development of the country AfCFTA Implementation Strategy and Action Plan focusing on trade in goods and services. The forum was attended by government representatives, public and private sector representatives, the media as well as women and youth organisations.

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