This archive report was first published on 9 December 2019.
On December 9, 2019, the African, Caribbean, and Pacific Group of States (ACP) private sector and entrepreneurs gathered in Nairobi for the two-day ACP business summit. The group emphasized the need for increased intra-ACP trade to boost economic development and industrialization.
Richard Ngatia, the Kenya National Chamber of Commerce and Industry (Kncci) representative, highlighted the importance of the private sector in promoting productivity and reducing trade barriers. He urged ACP governments to work closely with the private sector to address the difficulties faced by member states.
Ngatia emphasized the need to build capacities to produce goods and services that support ACP intra-trade and global competitiveness. He also stressed the importance of growing trade and creating opportunities for Small and Medium Enterprises (SMEs) in ACP nations to participate in global value chains.
President Uhuru Kenyatta outlined six key focus areas for the ACP nations to revamp in order to jump-start industrial transformation. These areas include human resource development, agricultural industrialization, entrepreneurship, and the growth of Micro, Small, and Medium Enterprises (MSMEs), as well as improved regulatory and institutional frameworks.
President Kenyatta noted that the ACP bloc's population of over 1 billion people, largely youth under the age of 35, can drive the industrial revolution of the countries' economies if equipped with the right skills. He emphasized the need for post-school training, especially in digital skills, to enable young Kenyans to access opportunities presented by the digital economy.
Barbados Prime Minister Mia Amor Mottely called on ACP member countries to tap into the potential of local investments by managing migration and creating a strong sense of local ownership. She cited Kenya's Equity Bank as an example of a financial institution that has created employment and investment opportunities in Kenya.
Namibian President Hage Geingob and Jamaican Prime Minister Andrew Holness called for a total war on corruption, emphasizing that graft is a significant impediment to the economic take-off of ACP countries. PM Holness also challenged ACP nations to encourage more people-to-people engagements to create linkages and an atmosphere of trust needed to spur trade and cross-border investments.
Seychelles President Danny Faure urged ACP nations to invest more in both local and international blue economy, citing his government's recent establishment of the Blue Economy Council to optimize the utilization of ocean resources for economic development.
Tony Elumelu, the Chairman of the United Bank for Africa and founder of the largest philanthropic organization in Africa, committed to supporting the African youth. He highlighted the success of his Elumelu Foundation, which has trained 7,500 youth entrepreneurs across Africa, including a young Kenyan named Peter Kikumbi who is now engaged in ambitious medical research to develop a contraceptive for preventing HIV infections.
