The Kenya National Chamber of Commerce and Industry (KNCCI) President Richard Ngatia has asked African governments and the private sector to ensure they boost intra-African trade by over 50 percent in a bid realise the economic potential that lies in the continent.
Speaking at the Go Africa event whose theme was Promoting Inter African Trade and Investment, Ngatia underscored the importance of effectively using monetary and fiscal support to underpin the economic recovery where policy space remains available.
Ngatia spoke in presence of African Ambassadors to Egypt, 80 private sector firms from Kenya and 120 private sector firms from Egypt.
According to Ngatia, import duties and non- tariff barriers should be eliminated from the economic bloc.
“I also spoke on some of the policy priorities to accelerate Africa’s transformation to a more resilient, inclusive, and sustainable post-pandemic recovery which include support for the health sector to consolidate gains in the fight against the pandemic,” he posted on Twitter.
Ngatia also urged African governments to effectively use monetary and fiscal support to underpin the economic recovery where policy space remains available.
“(We should focus on) expanding social safety nets and making growth more equitable to address increasing poverty (and also) scaling up active labour market policies to retool the workforce for the future of work,” added Ngatia.
He also urged governments and private businesses to boost structural transformation through digitalization and economic diversification to build resilience.
He said that African governments should foster regional and multinational cooperation to ensure sustained and widespread recovery.