AFRICAN INDUSTRIALISATION MUST BE TOP OF MIND AT AGOA BUSINESS FORUM, SAYS PATEL

The African Growth and Opportunity Act (AGOA) gives South Africa and other sub-Saharan countries preferential US market access and provides benefits to both the United States and African countries.

Trade, Industry and Competition Minister Ebrahim Patel. Picture: @PresidencyZA/Twitter

Nokukhanya Mntambo | 02 November 2023 16:30

JOHANNESBURG - Trade and Industry Minister Ebrahim Patel said African industrialisation must be top of mind at the AGOA (African Growth and Opportunity Act ) Business Forum, which kicked off in Johannesburg on Thursday.

AGOA gives South Africa and other sub-Saharan countries preferential US market access and provides benefits to both the United States and African countries.

More than 30 countries benefit from the trade pact, with the agriculture and manufacturing industries at the forefront.

The three-day meeting of US and African trade partners is set to promote investment on the continent.

Speaking at the opening of the forum, Patel said the trade pact must recalibrate to meet the continent’s new demands.

"Africa needs more industrialisation, more value edition on the continent and we can do so in partnership with friends from other parts of the world but we must take the lead. So we can work in partnership with US investment and technology and I said to the business people earlier here today, don't let us export rock to you. Let us use those rocks to build factories; come and produce here and let us sell finished goods, consumable capital goods to other parts of the world."