The South Africa - Côte d'Ivoire Economic Forum marks a significant step toward fostering "a new, South-South model of cooperation and development that is effective, sustainable, and shared," stated Prime Minister Achi Patrick in Abidjan on Friday, 3 December 2021.
Speaking on behalf of President Alassane Ouattara at the closing of the Forum, the Prime Minister emphasized that the event was designed to promote a win-win partnership between Côte d'Ivoire and South Africa. The objective is "to strengthen mutual trade offers, meet the expectations of entrepreneurs, boost the level of trade and investment between the two nations, and support the ambitions of our countries and Africa as a whole."
Trade between Côte d'Ivoire and South Africa has been on the rise since 2018, growing from CFAF 260 billion to more than CFAF 370 billion by 2020, noted the Prime Minister. However, he acknowledged that this still does not reflect the true potential of their economies or the ambitions of their business communities.
Prime Minister Achi called on the South African private sector to take advantage of the opportunities available in Côte d'Ivoire, highlighting sectors such as manufacturing, agri-food, infrastructure, energy, mining and hydrocarbons, the pharmaceutical industry, and the digital industry.
The 2021-2025 National Development Plan of Côte d'Ivoire includes an investment budget of CFAF 59,000 billion (approximately USD 105 billion), with 75% of this budget expected to come from private sector contributions, he noted.
The two-day Forum also served as "a shared platform for stimulating investment opportunities and projects that enhance African trade development," which President Cyril Ramaphosa has championed. Prime Minister Achi emphasized, "With the AfCFTA, it is now time to establish a new framework and set new ambitions for continental development."
Echoing this sentiment, South African Minister for Trade, Industry, and Competition, Ebrahim Patel, highlighted that "economic exchanges on the African continent, branded as 'Made in Africa,' have been a key focus of his President's mandate."
He asserted that enhanced economic cooperation between the two nations would greatly support trade within the African Continental Free Trade Area (AfCFTA). President Cyril Ramaphosa also urged private sector stakeholders to invest in AfCFTA, citing its benefits in providing direct access to the respective markets of African nations. "AfCFTA is truly a tool for promoting and catalyzing investment. With access to a continental market, businesses will grow, competencies will be strengthened, production chains will be affected, jobs will be created, and the standard of living of our people will improve," he stated.
The African Continental Free Trade Area (AfCFTA) commenced its operational phase on 1 January 2021, featuring the liberalization of trade in goods. It aims to create a single African market for goods and services encompassing nearly 1.2 billion people with a collective GDP of three billion US dollars.
The AfCFTA's objectives include the gradual elimination of customs duties, the removal of non-tariff barriers, enhanced customs cooperation, the liberalization of trade in services, and the establishment of regulations for intellectual property rights, investment, competition, and e-commerce. By 2050, it aspires to make Africa a market of 2.5 billion people.
(AIP)