During the WTCA General Assembly in Ghana, the director of World Trade Centre Accra, Edem Kofi Yevutsey, emphasised the need for the Philippines to seek trade opportunities with Africa to enhance its economy
“Potential sectors for investment in Africa include agriculture, agro-tech, food processing, manufacturing, mining, power and energy, and information and communications technology, among others,” Yevutsey said.
The African Continental Free Trade Area (AfCFTA), which aims to strengthen cross-border trade and investment between Asia and Africa, will play a crucial role in diversifying African exports, boosting foreign direct investments and expanding business opportunities.
“The overall mandate of the AfCFTA is to create a single continental market that represents a GDP of US$12.7 trillion. Macro trends in four key sectors — automotive, agriculture and agro-processing; pharmaceuticals and transport and logistics — and across Africa’s growth potential as a whole reveal tremendous opportunities for business expansion as population, income and connectivity are on the rise,” added Yevutsey.
China, Malaysia, Singapore, India, and Vietnam are currently Africa's primary Asian trading partners.
Recently, the Philippines Department of Agriculture senior undersecretary, Domingo Panganiban, and South African Ambassador to the Philippines, Bartinah Ntombizodwa Radebe-Netshitenzhe, discussed potential areas for agricultural cooperation, such as the Philippines' exports of tuna, sardines, coconut oil, mangoes, bananas, and other tropical fruits to South Africa.
