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Al-Ahram Weekly

Digital economy in Africa to exceed $712bln by 2035: AfCFTA secretary general - Economy

Wamkele Mene, Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat, stated that the value of Africa's digital market is expected to exceed $712 billion by 2035. Mene explained that such expansion in the African digital market opens up unprecedented opportunities for young people and entrepreneurs in innovation and technology and calls for directing investments towards data centres, digital infrastructure, and cross-border data transfer. He also noted that the Digital Trade Protocol adopted under the AfCFTA agreement marks a significant turning point in supporting the digital economy in Africa. In addition, Mene emphasised that the AfCFTA agreement is no longer just a matter of political declarations or future aspirations, but is now based on real and practical tools that will transform the nature of trade and growth in Africa. He also announced that the number of countries that have ratified the agreement has increased to 49, demonstrating the commitment of political leadership to achieving economic integration by removing customs barriers and achieving African unity, a long-held dream of the founding fathers of the Organization of African Unity. Moreover, Mene called for leveraging the benefits provided by the trade area—the largest free trade area in the world, comprising 1.3 billion people with a total GDP of $3.4 trillion. He also highlighted the area's first-ever protocol for women and youth to ensure that the national economy and marginalized groups are integrated into the trade area. Furthermore, Mene praised the African Export-Import Bank's role in supporting the trade area and all African financial institutions in promoting trade, e-commerce, industrialization, and the necessary infrastructure to facilitate intra-African trade. He highlighted the trade area's support for small and medium-sized enterprises and their integration into the regional integration process. Follow us on: Facebook Instagram Whatsapp Short link: