The Sunday News
Busines Reporter
WOMEN entrepreneurs have been urged to take advantage of the African Continental Free Trade Area (AfCFTA) to expand their business opportunities in the ever-changing environment.
Speaking at a high-level trade form organised by the International Trade Centre in collaboration with the Organisation of Women in International Trade (OWIT) in Zimbabwe, experts noted that women businesses have the ripple effect of boosting economies hence the need for maximum support.
The meeting, held recently, was part of ITC’s One Trade Africa programme – AfCFTA Dialogue Forums.
“It is a well-known fact that women’s empowerment creates ripple effects that boost growth and make countries more competitive internationally and also improve other complementary factors, such as health and education.
Despite these evident gains, women entrepreneurs and women-led business face greater challenges, such as limited financial literacy, access to finance and business networks, and even constraints due to social norms,’ said ITC deputy executive director Ms Dorothy Tembo.
Deputy Minister of Foreign Affairs and International Trade told the meeting that Zimbabwe is committed to prioritise women’s economic empowerment in achieving the country’s economic growth.
“For women traders and entrepreneurs, including micro-entrepreneurs to benefit from expanded trade under the AfCFTA, Government will scale up existing trade-related technical assistance for women and youth-owned SMEs to help them improve their capacity to trade,” said he said.
ZimTrade chief executive officer Mr Allan Majuru said there were many opportunities for women in Africa and AfCFTA has the potential to unlock more opportunities for them.
“We have no doubt that with the right support Zimbabwean companies will perform well across markets in the continent. Our engagement with ITC and other stakeholders will discuss intra-Africa trade opportunities as well as find solutions to challenges faced by Zimbabwean companies,” he said.
At the meeting there was also a call for policymakers in the region to accelerate digital transformation programmes, such as e-commerce, as they seek to align both national and regional trade strategies.
The forum included mini-workshops on key trade topics such as exporting within the AfCFTA and increasing intra-Africa transactions through e-commerce. Southern Africa and Zimbabwean exporters, especially women and young small businesses owners, were encouraged to tap into the opportunities available in other African markets as well as improve their competitive edge.
Africa at the beginning of this year operationalised the AfCFTA agreement estimated to be as large as 1.3 billion people across Africa, with a combined gross domestic product (GDP) of $3.4 trillion. This has a potential of lifting up to 30 million Africans out of extreme poverty, according to the World Bank.
