The industrial future of Africa will depend on the region’s capacity to create cross-border value chains and take coordinated action, not on the isolated efforts of individual nations.
It is anticipated that the meeting will bring together industry leaders, investors, and governments to promote projects that establish Africa as a competitive industrial hub. In order to attain scale, organizers contend that nations must coordinate their infrastructure, rules, and standards while utilizing their unique advantages to foster group development.
Such collaboration is anticipated to be held together by the African Continental Free Trade Area (AfCFTA). Through the reduction of tariffs and, more importantly, the removal of non-tariff barriers that raise the cost of manufacturing trade within Africa by an estimated 14%, the AfCFTA offers a framework for the creation of regional value chains. In Africa, the agreement emphasizes the value of cooperation over competition and the necessity of strategic approaches that view industrialization as a common regional trend.
