ASSETS 2023: African startups and SMEs strategically positioned for AFCFTA opportunity

The African Startups & SMEs

In Export & Trade Summit (ASSETS) 2023 has come to a successful conclusion, with over 100 startups, SMEs, public servants, and industry experts attending the summit. The event, which was held on the theme: Strategically positioning Startups & SMEs for the AFCFTA opportunity, was a resounding success, with attendees giving positive reviews and sharing good testimonials about the bene ts they derived from the various sessions of the summit.

The African Continental Free Trade Area (AfCFTA) agreement has created the largest free trade area in the world measured by the number of countries participating. The pact connects 1.3 billion people across 55 countries with a combined gross domestic product (GDP) valued at US$3.4 trillion.

It has the potential to lift 30 million people out of extreme poverty, but achieving its full potential will depend on putting in place signi cant policy reforms and trade facilitation measures.

The AfCFTA sends a strong signal to the international investor community that Africa is open for business, based on a single rule-book for trade and investment, according to H.E. Wamkele Mene, Secretary General, AfCFTA Secretariat.

A key challenge facing startups and SMEs is the lack of access to training and mentoring. Many entrepreneurs lack the business skills and knowledge necessary to navigate the complex world of international trade.

They may be unaware of the regulatory requirements and technical standards required to export their products, or they may not have the language skills or cultural awareness necessary to communicate e ectively with potential customers in foreign markets.

Additionally, startups and SMEs often struggle to compete with larger, established rms that have greater resources and economies of scale. This makes it di cult for them to gain a foothold in the market, and to secure the contracts and partnerships necessary to grow and expand their businesses.

To address these challenges, the African Startups and SMEs in Export and Trade Secretariat is working to provide a range of services and resources to support entrepreneurs and small business owners even as they galvanize support from funding institutions for these small businesses.

One of the major highlights of the summit was the keynote delivered by the AFCFTA SME & Trade Advisor, Mr. Peter Adetor, who spoke on the importance of strategic positioning for African startups and SMEs in the global marketplace.

The sessions were informative, engaging, and provided practical insights into the challenges and opportunities facing African startups and SMEs. Participants were able to learn from the experiences of others and exchange ideas on how to leverage the AFCFTA to grow their businesses.

Speaking about the summit, one attendee, Ms. Amina Mohammed a Gabonese, said, "ASSETS 2023 was an eye-opener for me. I learned so much about how to position my business for the AFCFTA opportunity, and I am leaving here with practical ideas on how to grow my business. I am grateful to the organizers and panelists for sharing their knowledge and expertise with us."

Mr. Adetor emphasized the need for businesses to adapt to the changing landscape of the African Continental Free Trade Agreement (AFCFTA), which presents signi cant opportunities for businesses to expand their reach and increase their pro ts. In addition to the keynote, attendees also participated in panel discussions covering a range of issues such as access to SME funds, positioning businesses for global markets, and building strategic partnerships. The panels included seasoned experts from startups and international development consultancies, UNDP, and the digital marketing space. Mrs. Sylvia Senu kor, An Economist at UNDP Ghana who was one of the Panelist continually reiterated that the AFCFTA presents a varied set of opportunities waiting to be taken advantage of especially within the Agric value chain, value addition sections of goods and services. the AFCFTA keenly aligns with a number of the SDGs such as SDGs goals 1,2,5,8 & 9.

Sefa-

Mr. Kelly Prince Anyomitse representing Challenges Ghana, an International Development Consortium also said “I am thrilled to see the enthusiasm and dedication of African startups and SMEs in the Export and Trade registering their interest in the AfCFTA at ASSETS 2023. It is inspiring to witness the focus on strategically positioning these businesses for the AFCFTA opportunity, which aligns with the African Union declaration of 2023 as the year of accelerating the implementation of

Another attendee, Mr. Emmanuel Okafor, a small business owner from Nigeria, added, "The panel discussions were fantastic. I got to hear from experts who have been in the business for years, and I learned a lot from their experiences. Especially on how to collaborate with other stakeholders within my industry and business community"

Overall, the African Startups & SMEs In Export & Trade Summit (ASSETS) 2023 was a resounding success. Attendees left with valuable insights, practical ideas, and a renewed sense of purpose, ready to take on the challenges and opportunities presented by the AFCFTA.