Africa has the potential to reduce its imports and generate $50 billion in annual revenue, according to the Department of Trade and Industry (dti).
Speaking at the Big 7 exhibition in Johannesburg yesterday, chief director of Trade Invest Africa at the dti, John Rocha, said Africa’s estimated annual spend on food imports amounted to $50 billion.
“This figure presents an opportunity that the continent cannot continue to overlook - to ensure that this US$50 billion accrues to African economies.”
Rocha added that the implementation of the African Continental Free Trade Agreement (AfCFTA) is an example of an endeavour that will increase African intra-trade.
With African intra-trade estimated at a low 15%, Rocha has urged businesses to familiarise themselves with the AfCFTA and the opportunities it presents.
“We can no longer afford to lose this much-needed income and opportunity to increase trade amongst us and to build stronger developed trading partners.”
The three-day exhibition for food and beverage professionals concluded on Tuesday.
