Cape Town — Secretary General of the African Continental Free Trade Area (AfCFTA) Secretariat, Wamkele Mene has encouraged investors to seize economic and business opportunities to establish a commercial presence in South Africa.
Mene was addressing delegates from varying industries in South Africa and across the world at the fifth South Africa Investment Conference (SAIC) on Thursday.
Mene, outlined the value proposition for the AfCFTA agreement saying that it will allow investors to gain access to a single market, which is projected to grow to 1.7 billion people and $6.7 trillion in consumer and business spending by 2030.
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“By 2050, the continent will be home to 2.5 billion people. The largest working force in the world by 2050 will be in Africa. At that point, estimates are that consumer spending and business spending in Africa will be in excess of $16 trillion.
“This is an opportunity that our continent and our investors should not miss. It is of course expected that there will be challenges but I encourage everyone to look at Africa with a long-term view of investing and to see your returns in your investments,” Mene said.
The implementation of the agreement is also expected to contribute $450 million combined gross domestic product (GDP) to Africa’s GDP and increase wages by close to 9%.
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Picture: Twitter/ @MeneWamkele
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Compiled by Junaid Benjamin
