An Action Plan to Accelerate Global Business and Investment in AfricaW H I T E P A P E RJ A N U A R Y 2 0 2 4In collaboration with the African Continental Free Trade Area SecretariatImages: Getty Images© 2024 World Economic Forum. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording, or by any information storage and retrieval system.Disclaimer This document is published by the World Economic Forum as a contribution to a project, insight area or interaction. The findings, interpretations and conclusions expressed herein are a result of a collaborative process facilitated and endorsed by the World Economic Forum but whose results do not necessarily represent the views of the World Economic Forum, nor the entirety of its Members, Partners or other stakeholders.ContentsForeword 3Preface 4Executive summary 5Introduction 71 Agriculture and agro-processing 92 Transport and logistics 173 Automotive 214 Pharmaceuticals 255 Conclusion 30Contributors 31Endnotes 33An Action Plan to Accelerate Global Business and Investment in Africa2ForewordAfrica is undergoing profound changes as the region becomes more integrated, accelerated by the African Continental Free Trade Area (AfCFTA) – a single market representing 1.7 billion people and $6.7 trillion in consumer and business spending by 2030. The full implementation of the AfCFTA agreement is projected to increase real incomes by 7% or nearly $450 billion.The year 2023, recognized by the African Union as the “Year of the Acceleration of the African Continental Free Trade Area Implementation”, has been a turning point for operationalizing this transformative trade deal. Momentum has been building around collaboration between the private sector and AfCFTA’s national organizations as they work together to catalyse global investment in Africa. As the international organization for public-private cooperation, the World Economic Forum remains committed to finding common solutions that will unlock global prosperity in Africa. In 2023, the Forum continued its work to help ease physical, capital and digital flows in Africa through cultivating rich public-private collaboration and dialogue, facilitating information-sharing and implementing trade and investment tools in collaboration with the Forum Friends of the African Continental Free Trade Area. Now, as we look ahead to 2024 and beyond, the Forum and the AfCFTA Secretariat are committed to facilitate and accelerate private sector investment on the continent by leveraging the power of the free trade area. We welcome the action plan, which was co-created by Forum partners and the Friends of the AfCFTA as they signal their joint commitment to shifting beyond strategy towards action. Building off the Forum’s inaugural insight report, AfCFTA: A New Era for Global Business a...
