Industrialization still a key priority for East Africa

Abstract

At a time when the global trade is characterized by much uncertainty and when the rest of the world is becoming increasingly inward-looking, it's good that Africa unites and leverages the plentiful opportunities available within the continent, said Andrew Mold, the Acting Director of UN Economic Commission for Africa in Eastern Africa. Mold said that East African countries still tend to predominantly export commodities to the rest of the world while importing manufactured goods. "The African Continental Free Trade Area (AfCFTA) offers a unique opportunity for countries to trade more with each other, unlocking the manufacturing potential of the region." But the benefits will not be restricted to the manufacturing sector, he went on to stress. “Recent research reveals that services trade grew by around 60 per cent after the implementation of the European Single Market Programme in the 1990s- Africa could expect a similar boost to its services sector,” he emphasized. Mold explained large potential gains from the AfCFTA. Among others, he said that the agreement will Increase intra-African exports of Eastern Africa by almost US$ 1 billion and could possibly create close to 2 million jobs. The conference was attended by Eisenhower Fellows, together with government representatives, business leaders, academics, scientists, journalists and the youth.