African fashion takes center stage at the Africa Investment Forum

The African fashion industry took center stage at the inaugural Africa Investment Forum in Sandton, Johannesburg, showcasing the continent's finest fashion designs and highlighting the massive economic potential of the sector. CNBC Africa's Fifi Peters reported on the 'Fashionomics Africa' event organized by the Gauteng Tourism Authority, where both established and emerging designers seized the opportunity to pitch their investment offerings in style. One of the key points discussed at the forum was Africa's increasing role as both a consumer and producer of fashion. Driven by a young and creative population, sub-Saharan Africa's clothing and footwear market is projected to reach $31 billion. However, investor participation in the industry has been relatively slow, prompting calls for increased support and investment. Dr. Precious Moloi-Motsepe, a medical doctor turned fashion business mogul and founder of Africa Fashion International, emphasized the importance of investing in local talent, particularly in manufacturing and supply chain development. With South Africa and Nigeria leading the fashion markets on the continent, other countries like Lesotho, Kenya, Mauritius, and Swaziland are also making strides in textile and clothing exports. Access to markets, capital, and scale remains a challenge for many small to medium-sized enterprises (SMMEs) in the industry. To address these barriers, the African Development Bank has committed to investing in the fashion sector across the continent, establishing an online platform to connect fashion entrepreneurs with markets, finance, and networks. The global spotlight on African fashion is growing, with designers like Laduma Makasa gaining international recognition for their authentic and unique creations. The industry's potential for global competitiveness is substantial, with projections suggesting it could double in size over the next decade, generating up to $5 trillion. However, to fully realize this potential and create more job opportunities, Africa needs to focus on rapid industrialization and bolster its local manufacturing capacity. The continent's rich pool of talent in the creative industries remains largely untapped but holds immense promise for serving local, regional, and global markets. As Africa looks to position itself as a key player in the global fashion landscape, initiatives like the 'Fashionomics Africa' event are crucial for fostering collaboration, innovation, and investment in the industry. With increased support and strategic partnerships, the continent's fashion industry is poised to make a significant economic impact and showcase its rich cultural heritage to the world. Fifi Peters, reporting for CNBC Africa from the Africa Investment Forum in Johannesburg, highlighted the transformative potential of Africa's fashion sector and the opportunities it presents for sustainable growth and development.