The stage is practically set for the hosting of the 15th edition of the African Union High-Level Private Sector Forum, scheduled for October 31 to November 2, 2024, in Lusaka, Zambia This fifteenth edition will build on the momentum generated by the 14th edition held in Nairobi, Kenya in 2023.
This year’s forum focuses on accelerating intra-African trade and investment by leveraging private sector champions and fostering cross-border collaboration across the continent.
Themed “Unlocking Opportunities for Private Actors to Accelerate Intra-African Trade and Investments,” the event will highlight solutions to bridge infrastructure gaps, improve policy frameworks, and create economic opportunities through innovative partnerships.
The forum will also address critical challenges that have hindered intra-African trade, including poor energy access, transportation bottlenecks, and financial constraints, while building on strategies that enhance value chains across sectors such as pharmaceuticals, automotive assembly, textiles, and baby food production.
Context and Challenges
The forum is taking place against the backdrop of economic recovery efforts following disruptions caused by the COVID-19 pandemic and the Ukrainian-Russian conflict, which exacerbated inflation and raised living costs across Africa. To achieve robust economic recovery, the African Union (AU) calls for strengthened collaboration between member states and private sector leaders.
Two of the key challenges facing businesses in Africa include energy access and affordable finance. Currently, more than 590 million Africans lack access to electricity, with those connected facing unreliable supply and high costs. Transport infrastructure is another hurdle, with high freight costs and longer transit times compared to other global regions limiting trade growth.
Additionally, the absence of an interoperable payment and remittance system across the continent restricts the seamless movement of goods and services.
Strategic Focus
This year’s forum will focus on several strategic areas:
- Strengthening Public-Private Dialogue: Enhancing collaboration between governments and private sector players to improve business climates and enable job creation.
- Encouraging Policy Reforms: Promoting favorable policies, including the removal of non-tariff barriers and the adoption of regional value addition strategies.
- Accelerating Technology Adoption: Embracing digital technologies, including blockchain, central bank digital currencies (CBDCs), and mobile money, to enhance cross-border payments.
By consolidating public-private platforms established by the International Finance Corporation (IFC) and other stakeholders, the forum aims to foster best practices and enhance competitiveness for African businesses globally.
Expected Outcomes
The 15th African Union Private Sector Forum aims to achieve several key outcomes:
- Networking and Value Chain Integration: African private sector champions will connect and collaborate to scale cross-border trade and investments.
- Database of Private Sector Champions: A comprehensive list of leading businesses will be developed and published on the AU’s website.
- Sharing of Best Practices: Participating organizations will exchange lessons learned to promote sustainable growth across industries.
Event Panels and Discussions
The forum will feature expert-led panels and workshops focusing on critical themes, including:
Cryptocurrency and Digital Payments: Developing an interoperable payment system to support seamless trade across Africa.
Capital Market Growth: Integrating SMEs into supply chains and enhancing access to finance.
Green Energy Transition: Encouraging investment in renewable energy to address climate change and energy poverty.
Transforming Critical Minerals: Engaging private sector mining champions in the beneficiation of Africa’s natural resources.
AfCFTA Implementation: Overcoming transport and communication barriers to advance the African Continental Free Trade Area (AfCFTA).
Artificial Intelligence and Digital Inclusion: Promoting AI technologies to drive innovation and digital transformation.
Resource Persons: Experts from AU member states and international organizations will lead sessions and panels.
The 15th African Union High-Level Private Sector Forum will provide a crucial platform for policymakers and business leaders to drive trade and investment across Africa. By addressing infrastructure challenges, embracing digital technologies, and fostering public-private partnerships, the forum aims to unlock the continent’s economic potential and position African businesses as global leaders in sustainable development.
With Africa standing at the threshold of a new era in regional trade through the AfCFTA, this forum is an essential step toward achieving the continent’s vision of integrated, inclusive, and prosperous economies.
