Kigali: The 7th Africa’s largest international meeting of Africa’s private sector, Africa CEO Forum, begun on Monday in Kigali, bringing together over 1,800 business leaders, investors and policy makers from more than 70 countries.
President Paul Kagame opened the two-day forum, alongside President Félix Tshisekedi of Democratic Republic of Congo, President Faure Gnassingbé of Togo, President Sahle-Work Zewde of Ethiopia and Prime Minister Amadou Gon Coulibaly of Côte d’Ivoire.
The two-day forum is themed around using regional integration to drive private sector growth.
In his opening remarks, President Kagame said the forum served a timely platform to discuss mechanisms on how to make the most of the Continental Free Trade Area (CFTA) treaty.
“One year ago, 44 countries signed on to the African Continental Free Trade Area, and more have done so since. Just as importantly, the Protocol on the Free Movement of Persons was also adopted. The Continental Free Trade Area is on the cusp of coming into force. I understand that only one more ratification is needed. However, as we all know, this is where the hard work begins. So it is very timely for us to gather here today to discuss how to make the most out of this historic agreement, among other important issues” President Kagame said.
In a panel of discussion with President Kagame, Abdulsamad Rabiu, Naguib Sawiris, Carlos Lopes and Philippe Le Houerou, President Kagame reiterated that political will was key in making AfCFTA work.
“CFTA does not solve problems until people make it work. We don’t expect to put a mechanism and expect it to work, it needs an effort that people will have to undertake to make it work. Nobody is questioning whether CFTA is the right way to go or whether it is going to give us benefits. It is the only way to go if we want to maximize on the opportunities for the benefit of our continent. But we have to make it work and we know how. Political will is in everything, it allows things that must work to work. Political will must come first.” President Kagame said.
This is the first time the Forum is taking place in East Africa. It is organised by Jeune Afrique Media Group and Rainbow Unlimited and co-hosted by the IFC. Participants include about 1800 CEOs from top African brands, international investors, experts and high-level policy makers from the continent and beyond, who come from 43 African countries and 26 international countries.
The choice of Rwanda to host the event is related to the fact that the country has sustained high economic growth and is heavily betting on education and innovation, the two core values of the AFRICA CEO FORUM, according to the forum’s president Amir Yahmed.
On the occasion of this year’s “Public-Private Dealrooms”, large delegations from across the continent will be presenting investment projects with a cumulative value of over $500 million in promising growth sectors. This will enable 30 high-potential African companies to meet with investors who are interested in financing their growth. Nearly $700 million worth of promising projects in sectors of key importance for Africa’s economic growth will be presented at individual meetings with carefully selected investors. (End)