NAIROBI, Jan. 14 (Xinhua) -- African countries should accelerate policy and legislative reforms aimed at fostering cross-border trade in manufactured goods and services, unlock growth and new jobs for the continent's youth, Kenyan business leaders said Tuesday.
Currently, intra-African trade stands at 14 percent, but plans are underway to grow it to 52 percent by 2035, injecting an additional 450 billion U.S. dollars into the continent's economies, said Ahmed Farah, the chief executive officer of the Kenya National Chamber of Commerce and Industry (KNCCI), a trade lobby.
Farah spoke during the announcement of the upcoming World Chamber Forum-Africa Global Summit 2025 to be held in Nairobi, the Kenyan capital, from April 9 to 11.
Over 4,500 delegates from 70 countries including heads of State and government, policymakers, industry executives, innovators, and entrepreneurs are expected to attend the three-day event, Farah said.
The inaugural Africa Global Summit will bring on board over 500 small and micro enterprises, and provide over 350 opportunities for business-to-business as well as business-to-government engagements, said Farah.
Farah predicted that the summit will showcase Kenya and the African continent as the next frontier for trade and investments especially in strategic sectors like agro-processing, mining, critical minerals, circular economy and clean energy.
He said with a combined gross domestic product of 3.4 trillion U.S. dollars, Africa could accelerate growth and unleash prosperity through the already established African Continental Free Trade Area (AfCFTA).
"Africa should create platforms, initiatives, policies and advocacy for Africa to trade with Africa. The greatest beneficiaries are our future leaders, the youth who make up about 70 percent of our population," Farah said.
Africa's business and political leaders are united in their call for conducive policies to spur intra-African trade on value-added agricultural products, manufactured goods and tourism, said Erick Rutto, KNCCI president.
According to Rutto, Africa's share of global trade stands at 3 percent but has potential for growth through streamlined customs regulations, value addition and policy alignment.
He added that the green economy and digitization provide an opportunity for African startups to trade while sharing best practices that can propel their growth. ■
