ZIMBABWE’S business community is targeting revival of production in key strategic sectors to tap into the African Continental Free Trade Area (ACFTA) market once it becomes operational.
The African Continental Free Trade Area agreement has been cited as a key facet in Africa’s economic development agenda.
Speaking from Ethiopia; the Secretary-General of the body; Wamkele Mene says despite delays on implementation the protocol is key to reviving economies.
“The regional trading facility can go a long way that will suit the needs of African nations in solving current economic crisis,” he said.
Zimbabwe National Chamber of Commerce (ZNCC), vice president Mr Archie Dongo added his voice saying firms should explore opportunities in Africa.
“It is a ready market and we need it for the benefit of the local industry currently facing challenges,” he said.
The market can also provide solutions to challenges affecting the industry, according to a businesswoman Mrs Marah Hativagone while industrialist Mr Alouis Kadonzvo says local firms should focus on value addition.
“As a country let’s try it and see how we can then derive the much-needed benefits for the economy to tick. We stand to benefit if we can export finished goods rather than the current trend of raw materials,” they said.
Economic expert, Professor Gift Mugano believes the free movement of goods will also lower production costs.
“It is all about finding the right opportunities to maximise production and lower costs of doing businesses,” he said.
The trading bloc was brokered by the African Union in 2018 to remove tariffs and allow free access to commodities and services.
