How to boost intra-regional trade in Africa

Africa has been facing a formidable challenge when it comes to intra-regional trade, with only 18% of its trade occurring within the continent as of 2014, as per the World Economic Forum. This stark contrast is evident when comparing it to Europe, which boasts a 69% intra-regional trade level, Asia with 52%, and North America with about 50%. Efforts have been made to address this issue, but obstacles continue to impede progress. Recently, the World Bank took a step towards addressing this problem by hosting a roundtable focused on expanding investment opportunities in Rwanda for Kenyan investors. Speaking on this critical issue is Hamidou Sargor, a Program Lead at the Rwanda Investment Climate Program on Trade and Competitiveness at the World Bank Group. Sargor sheds light on the challenges faced and the strategies being employed to boost intra-regional trade in Africa. He emphasizes the importance of countries reaching out to each other and opening up their markets to regional investors. The World Bank has been instrumental in supporting Rwanda in this endeavor, particularly in the floriculture sector, where Rwanda aims to attract more investors. By facilitating meetings between the Rwandan government and regional investors in Kenya, the World Bank is helping to showcase the investment opportunities available. Sargor acknowledges Rwanda's progress in creating a business-friendly environment and suggests that other countries can learn from Rwanda's success. He also highlights the importance of knowledge sharing between countries to foster economic growth and trade relations. The push for increased intra-regional trade is essential for driving economic growth and development in Africa. By breaking down barriers and fostering collaboration between countries, the continent can unlock its full economic potential and create new opportunities for businesses and investors.