BY ANDREW KUNAMBURA
EMERGING technologies are key in promoting economic growth, transformation and expansion of digital trade in Africa, according to a report on the first session of the Committee on Private Sector Development, Regional Integration, Trade, Infrastructure, Industry and Technology.
The report was presented at a session on Private Sector Development and the Digital Economy in support of Regional Integration in Africa during the 39th ECA Committee of Experts of the Conference of African Ministers of Finance, Planning and Economic Development currently underway in Addis Ababa, Ethiopia.
Over the years, the report says, there has been increased transformation of digital technology in Africa, home to 11,5 % of the world’s total internet users.
“There is increased African participation in technologies in support of continent’s transformation and achievement of sustainable development goals,” Francis Ikome, chief of the regional integration section in the Regional Integration and Trade Division at the ECA, said.
“But there is still need to harness emerging technology to assist implementation of the AfCFTA [African Continental Free Trade Area] in regional economic communicates (RECs).”
ECA looks forward to an increase of intra-African exports of industrial products by 15%-25 % in 2040 due to AfCFTA.
All African countries, except Eritrea, have signed the AfCFTA and 37 had ratified the pact by January this year.
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“We are urging other countries to accelerate the process. ECA will assist in the development of national strategies on AfCFTA to facilitate ratification processes and phases II and III of negotiations,” Ikome said.
The report further indicates that progress has been made in accelerating the regional integration agenda by the continent.
Regional integration continues to face challenges, including financial, human capacity and security issues.
It was observed during the meeting that Africa’s limited liability companies need enhanced support in the implementation of the Vienna Programme of Action for Landlocked Developing Countries (VPoA) to reap the full benefit of the AfCFTA.
Ikome said ECA would continue to support Africa’s regional integration efforts through the Assessing Regional Integration in Africa report, the Africa Regional Integration Index and negotiations on AfCFTA processes.
“Development of regulatory frameworks for Public-Private Partnerships to finance infrastructure development is critical. Member States need to use alternative sources to finance infrastructure development, including private equity funds,” he added.
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