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The Southern Africa Youth Business Forum, the first of its kind in the region, has been launched with a view to focus on the African Continental Free Trade Area (AfCFTA).
In his address, Hon Kembo Mohadi, the Vice President of the Republic of Zimbabwe, at the official opening of the inaugural Southern Africa Youth Business Forum, in a speech read on his behalf by a director in his office, said the launch comes at a time Government is aggressively pursuing a vision of becoming an upper middle-class economy by 203.
“I am therefore elated to note that our young people are alive to national priorities and are becoming proponents of national and global strategies to accelerate our development. African Continental Free Trade Area – the world’s largest free-trade area – started trading on 1 January 2021, and it is reported that it is creating a market of 1.2 billion people with a $ 3 trillion combined GDP, which is expected to more than double by 2050.
“The Agreement is a flagship project of the African Union Agenda 2063. It is accelerating intra-African trade and boosting Africa’s trading position in the global market by strengthening the continent’s common voice in policy space and global trade negotiations. AfCFTA also holds great potential to accelerate Zimbabwe’s economy through increased trade which will result in increased opportunities, jobs, income, foreign currency, and economic growth,” VP Mohadi said.
He said the youth are constantly proving themselves capable partners in national development.
“A few days ago I was in Namibia, Walvis Bay where I had an opportunity to meet with Heads of State from our neighboring countries, Zambia, Namibia, and Botswana to celebrate World Children’s Day. The event was not short of amazing. We interacted with some of the most brilliant minds on the continent and I am confident that our future is in safe hands. Today as a country we are gathered here to show leadership; the year 2023 was dedicated as the year of Accelerating the implementation of the African Continental Free Trade Area (AfCFTA), and this month of November was declared the Africa Youth Month by the African Union. In this respect it is instructive and befitting that the theme of this meeting is, “harnessing youth entrepreneurial potential through the AfCFTA,” VP Mohadi said.
The African Continental Free Trade Area (AfCFTA) is a landmark initiative by the African Union, aimed at creating a single continental market for goods and services, promoting free movement of business. This transformative agreement seeks to enhance intra-Africa trade, eliminate tariffs on 90% of goods, and progressively liberalize trade in services. It is a framework agreement comprising of protocols on Trade in Goods and Services, Investment, Intellectual Property Rights, and Competition on Policy.
Zimbabwe has always been at the forefront of supporting young people particularly those in business both at national and regional levels and the African Continental Free Trade Area recognizes youth as a key player and target beneficiary. Today, the Government of Zimbabwe has a number of policies and frameworks that enable young business owners to tap into the opportunities being brought about by the AfCFTA.
Addressing the same gathering, Hon Marian Chombo, the Minister of State for Provincial Affairs and Devolution for Mashonaland West Province, said devolution has the potential to empower both urban and rural regions, enabling them to chart their own economic paths and leverage their unique strengths for growth and development.
She said devolved rural governments can have better access to resources and funding for local economic development.
“Devolved governments can tap into national or regional funds earmarked for rural development and leverage these resources to invest in infrastructure, education, healthcare, and other key sectors. This increased resource mobilization can help address rural-urban disparities and promote inclusive growth.
“For example here in Zimbabwe, the government has set aside 5% of the National Budget each year, this is disbursed to all the 10 Provinces and fund projects that improve service delivery as well as accessibility of some rural areas,” Hon Chombo said.
She encouraged young entrepreneurs can engage with local authorities, contribute to policy discussions, and advocate for initiatives that promote entrepreneurship and economic growth.
“This involvement allows them to shape the business environment and influence policies that directly impact their ventures. Devolution recognizes the diverse economic characteristics and challenges of different regions. This approach allows young entrepreneurs to leverage the unique strengths and opportunities of their local area. Whether it’s natural resources, cultural heritage, or specific industry clusters, young entrepreneurs can capitalize on the distinct advantages of their region to develop innovative business models and create competitive advantages,” Hon Chombo said.