The automotive industry is one of four priority sectors that offer opportunities to boost intra-African trade, the African Continental Free Trade Area (AfCFTA) secretariat.
Themba Khumalo, a representative of the AfCFTA secretariat, said this during the Auto Forum held on the third day of the Intra-African Trade Fair (IATF 2023) in Cairo last week.
He emphasised that extensive research had highlighted the potential of the automotive sector to drive increased trade between countries.
Khumalo said improved logistics is the most important factor to boost the automotive industry, and Africa already spends $47 billion on transport and logistics.
The development of efficient trade and transport corridors, customs procedures, and the use of modern technology to facilitate trade in the African market was also key to boosting intra-continental imports and exports, he added.
“We work with partners to solve issues, and one of the solutions is establishing trade corridors.
“We cannot focus on everything at the same time, but we focus on success factors,” Khumalo said.
According to the AfCFTA secretariat, Ghana is in the process of developing a policy for industrialisation, with a specific focus on automobile manufacturing, a plan that Afreximbank could support.