Addis Ababa, Sep 11 (IANS): The African Union (AU) has called on African startups and micro, small and medium-sized enterprises (MSMEs) to embrace innovation and exploit opportunities presented under the African Continental Free Trade Area (AfCFTA) Agreement.
The call was made by Albert Muchanga, the AU commissioner for economic development, trade, tourism, industry and minerals, during the third African Union Micro, Small and Medium-Sized Enterprises Forum, Africa's largest gathering of MSMEs, which is underway from Sept. 9 to 13 under the theme "Fostering Financial Empowerment and Educational Innovation for African Startups and MSMEs" in the Namibian capital of Windhoek and virtually.
Muchanga urged African entrepreneurs to scale their businesses beyond the micro and small enterprise stages and harness the opportunities presented by the African free trade area pact.
The AU commissioner also urged African startups and MSMEs to strive to exploit market opportunities in major global economies, Xinhua news agency reported.
He called on MSMEs in Africa to invest in research and development toward boosting innovation as the mainstay for future growth and business expansion. He said the forum serves as a crucial platform for capacity building and networking for African MSMEs.
This year's edition of the forum has prioritized engagements in the agriculture, manufacturing, information and communications technology, mineral, and creative industries as key sectors for MSMEs in Africa, according to the AU.
It said the priority sectors support the visions stipulated under its 50-year continental development blueprint, Agenda 2063, for sustainable development by empowering African small businesses to drive economic growth, foster innovation, and contribute to long-term job creation across the continent.
According to the AU, by recognizing the vital role that MSMEs play in driving economic growth, job creation, and poverty reduction in Africa, the forum serves as a valuable platform for stakeholders to collaborate, share insights, and develop strategies to support the growth and development of MSMEs in Africa.
Experts and policymakers attending the forum also called on African MSMEs to build effective cross-border trade partnerships by tapping trade opportunities under the AfCFTA.
The high-level forum will feature many panel discussions and workshops targeting the development of African MSMEs on innovation and empowerment, accessing green financing for sustainable businesses, balancing quality and innovation, as well as leveraging educational innovation through the promotion of digital and financial literacy.