Nqobile Bhebhe in VICTORIA FALLS
THE African Continental Free Trade Area (AfCFTA), which has a population of about 1,3 billion and a combined Gross Domestic Product of over US$3 trillion, offers huge business opportunities for Zimbabwe and businesses should aggressively exploit the platform, leveraging on the enhanced ease of doing business ushered in by the Second Republic, President Mnangagwa said yesterday.
Officially opening the 10th CEO Africa Roundtable conference, President Mnangagwa stressed the need for business executives and policy makers, drawn from various sectors, to play ball and do more to enhance improved trade facilitation, reduce clearance times and improve the efficiency of cross-border operations along transport corridors.
Guided by its National Development Strategy (NDS1), Zimbabwe is focused on consolidating economic growth through comprehensive in-ward looking policies, while capitalising on the country's strategic geographic position within southern Africa and beyond.
This year's conference is running under the theme: "The Future of Africa: Modernise, Reshape and Grow", and is attended by a diversity of stakeholders.
The AfCFTA, an African Union Agenda 2063 flagship initiative, which has a population of about 1,3 billion people and a combined Gross Domestic Product of approximately US$3,4 trillion, seeks to create a single market.
"In line with this year's theme of modernisation, my Government is committed to significantly improve trade facilitation, reduce clearance times and enhance the efficiency of cross-border operations along transport corridors, leveraging on Zimbabwe's strategic geographic location in the Southern African region," said President Mnangagwa.
"This is part of efforts to grow the volume of intra-Africa trade above the current low level of below 20 percent."
President Mnangagwa said a progressive crop of African leaders has set the right tone for a continental free trade area (AfCFTA), which will be the world's largest new free trade area since the establishment of the World Trade Organisation (WTO) in 1994.
"I, therefore, urge you all to take advantage of the African Continental Free Trade, a transformative force representing a vast market with a combined Gross Domestic Product of over US$3 trillion and a population surpassing 1,3 billion people," said President Mnangagwa.
Enhanced continental integration, President Mnangagwa said, will lead to expanded trade volumes, increased investments, job creation and improved living standards of Africa's citizens.
"As captains of industry, I call upon you all to take advantage of the opportunities, which have been availed by the current crop of progressive leaders on the continent through the African Continental Free Trade Area.
"This will enable the development of regional value chains, which will ultimately help African countries to diversify their economies and industrialise," said the President.
The onus is on the business sector to take advantage of competitive and comparative advantages of value chains such as the Cotton-to-Clothing value chain, leather, sugar, soya, pharmaceutical, lithium value chain as well as the bus and truck assembly value chain, among others, he added.
President Mnangagwa also said there is a need to embrace innovation and the use of Information Communication Technology as critical enablers towards modernising and reshaping the African Continent's economic landscape.
"We are currently standing on the brink of a technological revolution that is fundamentally altering the way we live, work and relate to one another, which is characterised by a fusion of technologies that is blurring the lines between the physical, digital and biological spheres," he said.
"This technological revolution is disrupting almost every industry in every country, with changes that herald the transformation of entire systems of production, management, and governance."
The President impressed upon business executives and policy makers, the need to take advantage of the Fourth Industrial Revolution as it has the potential to raise global income levels and improve the quality of life for populations around the world.
However, he said it was necessary for the business sector to quickly adapt to the changing global marketplace demands through responding quickly and intelligently to changing market conditions.
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"Through modernisation initiatives, such as re-imagining and upgrading outdated systems, applications and processes, you will be able to attain higher productivity and efficiency levels, enhanced customer experience, increased agility and innovation, cost savings, as well as improved product quality, among other benefits," said President Mnangagwa.
"This should not only apply to private sector entities, but also to State-owned enterprises, which should increasingly take up their position of providing quality and affordable essential services, given their role as operators of critical national infrastructure and services."
The CEOs Indaba has transformed into a permanent platform through which African decision-makers can connect with each other continuously, as well as with international investors and institutions operating on the continent.
The platform also provides opportunity for the business sector to submit policy recommendations to their respective governments in order to further improve the business operating environment.
