Zambian companies challenged to seize opportunities in the evolving world of commerce.

Commissioner for Trade and Industry of the African Union Commission (AUC), Albert Muchanga, says there is a need for the African continent to harness its potential for economic growth and development.

Commissioner Muchanga, has also noted that Africa has the largest market of over 1.4 billion people which must be taken advantage of through intra and inter trade.

ZANIS reports that Commissioner Muchanga mentioned that the African governments have to come together so that they address factors hindering trade imbalances with other continents and the developed world.

“ If you trade with a continent which has a huge population, you stand to benefit a lot. Let’s become producers of finished products so that we flood the American market,” he said.

The Commissioner, who hailed the hosting of the USA, Africa Leaders’ Summit scheduled for December 13 to 15th, 2022, said the AU as a continental body will always take keen interest in meetings of this  nature so that engagements result in strong partnership with the U.S A.

Dr Muchinga however, pointed out that African businesses were still failing to satisfy demands of the American market which must be worked on.

He said despite AGOA having benefited only five African countries including Zambia, who managed to come up with implementation strategies, the initiative has not fully benefited the continent.

“Exchange rates and many economic regimes are discouraging many businesses as some of the factors which still inhibit the continent from leveraging trade with others,”’ he said.

Dr Muchinga nevertheless stated that creation of the African Continental Free Trade Area (ACFTA) was a step in the right direction as some of the concerns raised are being addressed.

He said the creation of the trade body was timely and must be built upon to help the continent.

Dr Muchanga has called on Zambian companies to seize opportunities in the evolving world of commerce.

He said the country was an emerging hub that has the potential to support the local economy citing the Democratic Republic of Congo (DRC) Car battery project and the Zambia-Zimbabwe agro farming project which will see Zambia grow agriculture produce for the continent.

Meanwhile, an advocacy organization, championing trade justice between Africa and developed countries, has urged African leaders to take advantage of the U.S.African Leaders Summit to engage the President Joseph Biden’s administration to give Africa a deal that will benefit both sides.

Fresh Credit Data Founder, Kadiri Adaba says for years now, western governments have used methods and tactics which have made it difficult for Africa to gain financing cheaply for its infrastructure and other services,

Dr Adaba who is also attending the summit said his organization will continue lobbying for an improvement in the way developed countries score African states who seek financial aid.,

The 2022 U.S.African Leaders Summit is being hosted by President

Joseph Biden, and has invited 49 African Heads of State and other leaders from across Africa to take place from 13 to 15 December 2022, and will converge in Washington D.C.

The first USA-Africa Leaders Summit was held in 2014, under President Barack Obama’s administration.