Africa Business Forum champions for trade integration through value addition

Africa Business Forum champions for trade integration through value addition The Africa Business Forum underway in Addis Ababa, Ethiopia, is sparking conversations about the future of trade in Africa and the opportunities for economic growth through value addition. Aissatou Diallo, Chief of the Office for Africa at the International Trade Centre, spoke with CNBC Africa's Tabitha Muthoni at the event, highlighting the importance of a strong business eco-system to unlock trade opportunities between Africa and the global north. Diallo commended the United Nations Economic Commission for Africa for organizing the forum and expressed enthusiasm about Africa's readiness to engage in trade under the African Continental Free Trade Area (AFCFTA). She referenced the President of Botswana's intention to export beef across Africa as a key example of the continent's commitment to regional value chains and export diversification. The focus of the discussions at the forum was on promoting local value addition, export diversification, and championing products 'made in Africa, by Africans, for Africa'. Diallo stressed the importance of creating decent jobs for women and youth through these initiatives. The International Trade Centre (ITC) plays a crucial role in supporting African SMEs to integrate into regional value chains and tap into global markets, particularly under the AFCFTA framework. By providing technical assistance, capacity building, and market access opportunities, ITC aims to help small businesses meet market requirements and expand beyond their local markets. The forum also highlighted the need to address challenges faced by MSMEs in accessing finance and complying with regulatory measures. Diallo emphasized the importance of working with policymakers and regulators to improve the business ecosystem and reduce non-tariff barriers that hinder export opportunities. Improving value addition in Africa requires a thorough understanding of consumer preferences, product processing, branding, and quality standards. Diallo emphasized the importance of evolving African consumer needs and the potential for product development in various sectors across the continent. Diallo encouraged African businesses to move beyond primary commodities and focus on developing processed and semi-processed products to meet the growing demands of the African middle class. By investing in branding, marketing, and quality packaging, African businesses can add significant value to their products and expand their market reach. The Africa Business Forum serves as a platform for stakeholders to collaborate, exchange ideas, and drive economic growth through enhanced trade integration and value addition. As Africa positions itself for increased intra-regional trade and global market participation, initiatives like these are essential in shaping the continent's economic landscape and creating opportunities for sustainable development.