Africa can produce 5 million new vehicles every year by 2030 - Deputy Trade Minister
Deputy Trade and Industry Minister, Herbert Krapa
Deputy Minister of Trade and Industry, Herbert Krapa, has disclosed that by 2030 Africa can produce 5 million new vehicles every year.
Read full articleAccording to him, this can come to fruition following the implementation of the African Continental Free Trade Area (AfCFTA).
Speaking at the Ghana-Denmark Business Forum, Herbet Krapa entreated businesses on the continent to leverage the opportunities available under the Continental Free Trade Area.
In a tweet shared by the Ghana Investment Promotion Centre (GIPC) and sighted by GhanaWeb, it said, “By 2030, Africa can produce 5 million new vehicles every year, thanks to the AfCFTA.”
“We must create, build, develop and maintain long-lasting partnerships to leverage the opportunities presented by the AfCFTA,” part of the tweet read.
AfCFTA was introduced in 2018 and aims at creating a single market for Africa, as well as, ensuring the free movement of goods and services on the continent.
This free movement of goods and services will help expand Intra-African trade.
This implies that goods will be sold at a relatively cheaper price because of the increase in production which will in turn create both direct and indirect jobs for the teeming unemployed youth.
The free trade area also provides traders and/or importers an opportunity to stay competitive.
Businesses when conducted in a free and safe environment will help reduce poverty in member states as well as create sustainable development.
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