The 41st Ordinary Session of the Executive Council is underway in Lusaka with a call from Zambia for African Union countries to take full advantage of the African Continental Free Trade Area (AfCFTA)
And Zambia has expressed readiness and willingness to contribute effectively to the promotion of increased intra-Africa trade.
Speaking during the official opening, Minister of Foreign Affairs and International Cooperation Stanley Kakubo urged African states to make use of the AfCFTA by concentrating on value addition.
He said there is a need to access alternative financial resources to bolster the competitiveness of African products.
Mr Kakubo said the high cost of capital is posing a serious challenge to value addition saying it needs to be addressed.
“In order to take full advantage of the AfCTA, it is necessary for our countries to produce and trade value-added products. We are all experiencing the high cost of capital which is binding and constraining the value addition, growth and transformation agenda of our industries. To address this challenge, we need to find innovative ways of reducing the cost of capital for Africa,” he said.
And the Minister of Foreign Affairs and International Cooperation further called on African countries to renew the commitments towards the attainment of Agenda 2063.
Mr Kakubo said Agenda 2063 is a huge priority for the African continent.
“The implementation of the aspirations of Agenda 2063 remains high in our organization’s priorities. It is for this reason that I wish to call upon all of us member states to renew our commitment to fully implement Agenda 2063 and all of its flagship projects,” he said.
Speaking at the same event, African Union Commission Chairperson Moussa Faki Mahamat said Africa needs to reduce dependence on cooperating partners.
Mr Mahamat said it is important for the continent to be self-sustaining in order to reduce external shocks.
He also observed that the African continent has been affected by crises like the COVID-19 pandemic and the Ukraine Russia conflict.
Mr Mahamat said despite challenges the continent is facing, Africa is still committed to attaining Agenda 2063.
He also said the Commission has in the recent past improved the image of the pan African parliament.
Is that the new conference center at mulungush?!!! It looks very elegant. Thanks UPND for such infrastructure. Yet people are saying upnd hasnt built anything. Us who have been abroad for a while ago. We have positive change in zambia. Great east road with flyover bridges?!!! UPND is work in just few months in power to have such infrastructure
It was a donation from the Chinese government and it could have been given to any government that would have lobbied for it, there was very little effort here from anybody. I heard some people were calling for one or two people to be praised for this donation, no ways
Chronic critics. When it suits you something is a donation. When it suits you there is nothing for nothing. So Lungu was being paid for something by the Chinese. Well its benefitting Zambia
ok abroad so you are just shorting in the dark with no information or data about your chalo, for PF lobbed for all the contractions you are been told ati are done by the UPND, what the UPND are doing are busy with meetings naba WORLD BANK and IMF,
Ooooooh Kanshi! We didnt know!
Africa HAS NOT been hit by the Ukraine conflict. This is a lie. Africa instead has an opportunity to produce more wheat and oil in order to meet the demand that Russia and Ukraine cannot meet. This is an opportunity and not a disaster.
Let us get the correct facts.
Africa HAS NOT been hit by the Ukraine conflict. This is a lie. Africa instead has an opportunity to produce more wheat and oil in order to meet the demand that Russia and Ukraine cannot meet. This is an opportunity and not a disaster.
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