The Business Imperative for Regional Integration

The closing plenary at the 2017 U.S.-Africa Business Summit aimed to provide an overview of the recent milestones and successes in regional integration, and highlight the significance of integration efforts for businesses operating on the continent. The Plenary moderated by Florizelle Liser, President and CEO, Corporate Council on Africa featured, H.E. Marcel De Souza, President, Economic Community of West African States, Hon. Alan John Kwadwo Kyerematen, Minister for Trade and Industry Republic of Ghana, Hon. Lindiwe Zulu, Minster of Small Business Development, Republic of South Africa Dr. Benedict Oramah, President & CEO, African Export-Import Bank, Dr. Amany Asfour, Chairperson, COMESA Business Council and Annette Mutaawe, Chief Strategy and Results Officer, TradeMark East Africa.Economic integration in Africa is a priority for sustainable development. Africa’s trade is growing; Intra-African trade accounts for 11% of total African trade. Regional institutions are setting up regulatory frameworks to allow for a stronger role from the private sector. Honorable Alan Kyerematen noted that in 2012, African Heads of State decided to boost trade by beginning the process to implement a continental free trade area. The panel noted that there are valuable opportunities in integrating markets and pooling regional resources to create regional value chains. Mr. Marcel De Souza discussed the free circulation of people, products and capital among ECOWAS member countries.Honorable Lindiwe Zulu highlighted the importance of regional infrastructure in allowing connections across borders and the key role of entrepreneurship in developing innovative solutions to emerging challenges. A more structured dialogue needs to take place with large companies to increase the opportunities for integration of small businesses into value chains.Dr. Benedict Oramah highlighted the growing role AFREXIM is playing with its “Strategy 2021” to promote trade within the continent and with the African Diaspora. The Bank is spearheading the creation of industrial parks and export processing zones, supporting the diversification of production, creating jobs and developing industrial capacity. Other initiatives like Trademark East Africa are active in supporting the transformation process to improve trade. Ms. Annette Mutaawe discussed how TMEA mobilized $550 million from different donors to work with countries in the trading block to develop integrated border management systems, inter-agency cooperation and improve the private sector while also supporting humanitarian assistance in fragile states. Dr. Amany Asfour went on to highlight COMESA Business Council as another existing effort in the region to promote trade and integration. CBC facilitates the dialogue between the private sector and governments, playing an important role on policy advocacy, the integration agenda, and business to business partnerships.