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The Common Market for Eastern and Southern Africa (COMESA) member countries must change tact in their approach to trade.
President William Ruto said the bloc must embrace a systemic shift to exploit its untapped potential.
He said it is time COMESA espoused value addition, especially of agricultural commodities, to enhance productivity.
“The shift will also offer higher returns, incentivise industrialisation, boost our competitiveness and create employment,” he said.
President Ruto was addressing the 22nd COMESA Summit of Heads of State and Government in Lusaka, Zambia, on Thursday.
Present were Presidents Abdel Fattah El-Sisi (Egypt), Hakainde Hichilema (Zambia), Lazarus Chakwera (Malawi), Évariste Ndayishimiye (Burundi), COMESA Secretary General Chileshe Kapwepwe, among others.
He urged Africa to move away from primary production and exports of raw materials to manufacturing.
“The potential for intra-COMESA trade is colossal; the demand for value-added products is bound to keep growing well into the future,” he explained.
He asked COMESA member States to take advantage of its 580 million market demand to enhance trade.
The Head of State noted that Africa must utilise its rich, clean energy to advance its industrial development.
“We are championing for the radical repositioning of Africa as the clean, green continent of the future in order to exploit the opportunities arising from the transition to green industrialization,” he said.
President Ruto also called for the consolidation of the COMESA, the East African Community, and the Southern African Development Community to enhance the African Continental Free Trade Area agreement.
“It is also time we elavated the Africa Union to have the power to negotiate for the collective interests of Africa.”
He said the move will boost Africa’a bargaining power at the global scene.
The Summit also marked the end of President El-Sisi’s chairmanship era as he handed over to President Hichilema.
Distributed by APO Group on behalf of President of the Republic of Kenya.
This Press Release has been issued by APO. The content is not monitored by the editorial team of African Business and not of the content has been checked or validated by our editorial teams, proof readers or fact checkers. The issuer is solely responsible for the content of this announcement.
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