Robin Van Puyenbroeck: Youth entrepreneurship to grow African GDP

The 30th Afreximbank Annual Meetings came to a close yesterday, with a focus on delivering a vision for building prosperity for Africans. CNBC Africa's Kenneth Igbomor sat down with Robin Van Puyenbroeck, the Executive Director of Business Development at the World Trade Centers Association. Van Puyenbroeck emphasized the crucial role of the African Continental Free Trade Area (AfCFTA) in accelerating Africa's path towards continental integration. He highlighted the significance of World Trade Centers in fostering trade education and connections across the continent. With 320 World Trade Centers globally, including 14 in Africa, these institutions play a vital role in understanding local business communities and opportunities. Van Puyenbroeck stressed the importance of dispelling misconceptions about doing business in Africa, noting that the continent's intra-Africa trade is only at around 14%, compared to 50-60% in other regions. He emphasized the need for more trade interactions and knowledge sharing to unlock Africa's economic potential. The Executive Director underscored the value of bringing international delegations to Africa to witness the diverse opportunities firsthand and engage with local entrepreneurs. In terms of value chains, Van Puyenbroeck highlighted the potential for African economies to move up the value chain by focusing on manufacturing and industrialization. With a growing young population and urbanization on the rise, there is a significant demand for finished products and services within the continent. He encouraged African countries to prioritize local production over imports to capitalize on the demographic dividend. Discussing emerging industries in Africa, Van Puyenbroeck pointed out the need for countries to add value to their raw materials within the continent. He cited examples of resources being exported for processing elsewhere before being re-imported as finished products. The Executive Director emphasized the opportunities for countries like the Democratic Republic of Congo, rich in raw materials for sectors like electric vehicles, to enhance their trade alignment and boost local value addition. Van Puyenbroeck expressed optimism regarding the commitment and energy displayed by African leaders towards advancing continental trade integration. He lauded the infrastructure and regulatory framework put in place by institutions like the AfCFTA and Afreximbank, highlighting the collective determination to seize the current opportunity for economic growth. The Executive Director also praised the entrepreneurial spirit of African youth, seeing it as a driving force for the continent's economy. In conclusion, Van Puyenbroeck left Accra with a sense of excitement and positivity, fueled by the vibrancy and commitment of African leaders and entrepreneurs. He believes that with the right strategies and investments, Africa is poised to unleash its full economic potential through youth entrepreneurship and enhanced continental integration.