The South African Department of Trade and Industry (DTI) on Wednesday called on business leaders to take the lead in fighting poverty, unemployment and inequality on the continent through the promotion of regional trade.
The department said in a statement that Seema Sardha, director of export promotions at the DTI, told an investment seminar that was part of this week’s trade and investment mission to West Africa that the responsibility was upon “captains of industry” to address these three challenges.
She called on all parties to focus on the creation of regional value-chains, manufacturing hubs and centres of excellence, adding that the lack of these was impeding Africa’s competitiveness “as we seek to integrate into global trade flows”.
Sardha noted that continental trade in Africa stood at a mere 12%, compared with about 40% in North America and about 60% in Western Europe.
“Increasing trade on the continent and fostering partnerships with African partners is important and can lead to poverty alleviation, increased trade flows, industrial development and subsequent creation of more jobs, which is key to the economic development of Africa,” Sardha said.
She added that South Africa was resolute in its commitment towards the implementation of Africa Agenda 2063 and the Southern African Development Community’s Industrialisation Strategy and Roadmap.
The country was also committed to support for the Tripartite Free Trade Area and Continental Free Trade Area, which “will provide optimal yields in terms of advancing growth on the continent”.
The DTI’s week-long trade and investment mission to Ghana and Nigeria ends on Saturday March 25.