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AIF delegates urged to take advantage of African Continental Free Trade Area

Delegates at the Africa Investment Forum are set to spend Tuesday discussing opportunities in each other's states, hoping to almost double investments achieved last year.

Delegates at the Africa Investment Forum in Sandton, Johannesburg on 11 November 2019. Picture: @kfayemi/Twitter

JOHANNESBURG - Delegates at the Africa Investment Forum are set to spend Tuesday discussing opportunities in each other's states, hoping to almost double investments achieved last year.

The forum was opened on Monday by President Cyril Ramaphosa, who called on countries to use the trillions of dollars locked in the Africa Continental Free Trade Area to boost their economies.

African Development Bank president Akinwumi Adesina said they were so far targeting deals worth more than $67 billion this year.

This was significantly more than the $39 billion a year ago.

Adesina told the conference to take advantage of the free trade agreement.

"The African Continental Free Trade Area opens up a combined market size of $3.3 trillion, the largest free trade area since the establishment of the World Trade Organisation."

The conference is being attended by leaders and delegates from Africa, Asia, North and South America. Infrastructure has formed a major theme at the conference so far, with the bank looking to close the gap when comparing Africa and other continents.