In Addis Ababa, Ethiopia, experts convened at the 2023 African Economic Conference emphasized the pivotal role of implementing the African Continental Free Trade Area (AfCFTA) Agreement and enhancing collaboration with China under the Belt and Road Initiative (BRI) for sustainable growth in Africa.
Themed “Imperatives for Sustainable Industrial Development in Africa,” the conference united a diverse group of participants, including experts, private sector representatives, researchers, and young professionals.
UNECA highlighted that full AfCFTA implementation could significantly boost African trade without imposing a substantial burden on climate change.
Economist Simon Mavel, presenting “Greening the AfCFTA,” proposed aligning with national determined contributions or establishing an African carbon market alongside AfCFTA reforms to reduce greenhouse gas emissions.
Acknowledging the trade-off between emissions reduction and economic benefits, Mavel asserted that an African carbon market could effectively curb emissions while preserving the expected economic gains from AfCFTA.
Turning to China-Africa collaboration, Abas Omar, a PhD candidate in Economics, characterized the Belt and Road Initiative as an alternative industrialization model for Africa.
Omar emphasized that the BRI, by accelerating China-Africa investment in energy and infrastructure, significantly promoted Africa’s industry value addition.
The 18th edition of the conference, organized by the African Development Bank, UNECA, and the UN Development Programme, served as a platform for stakeholders to deliberate on the challenges and potential of industrialization in Africa.
