Kenya has joined the conversation on efforts to have free trade area across all African countries which is anchored on spurring economic development in Africa by unlocking its manufacturing potential through industrial parks and open borders.
The government says its keen on championing the conversation for a borderless Africa factor it says has for a long time hindered the development of A prices.
Speaking during a road trip meeting for the African Trade Fair slotted for November 9 in Egypt, Trade Principal Secretary who represented Trade and Investment Cabinet Secretary Moses Kuria averred that there is need to support the capability of the private sector for favorable competition in international trade.
“From the outset the issue of support and facilitation are things that need to e streamlined hopefully we will be able to address them a bit better as far as advancing inter Africa trade is concern,” he said.
Africa Eximbank which is the key financier of the forum have observed that currently Africa has 48 currencies which is hindering trade between countries, calling on African leaders to clamp down their currencies and use a single currency for their transactions.
“The ideal situation would be using one currency across the continent’s francophone West Africa already. This will however take time, “said the bank’s Vice president Denys Denya.
He added that inter African trade will drive African development adding that plans are already in place to construct special economic zones and industrial parks to spur value addition.
“The next step is to convert those raw materials into finished products that your neighbors require. We have invested 20 billion and are seeking to double it by 2026,” added Denya.
For Kenya, the Bank has invested 3 billion dollars towards the industrial parks.