Former President, Rupiah Banda says the trade war between the west and China should motivate African countries to add value to primary products as well as diversify their economies.
Mr. Banda says this because the trade war will have major implications on Africa’s economic growth.
The former President said the global economy, is likely to experience a period of sluggish trade, with risks of further slowing down as a result of the trade war.
He was speaking during a special High Level Stakeholders Appreciation and Engagement dinner on the occasion of the 135th Trade and Development Bank Board of Directors meeting in Addis Ababa, Ethiopia.
Mr. Banda said faster integration of African economies, increased inter-African Trade, the removal of barriers to mobility of persons and capital investing in infrastructure was one sure way of guaranteeing the continents economic growth.
He has further urged African Union Member states to embrace the Continental Free Trade area (CFTA), the Tripartite Agreement between COMESA, SADC and EAC which make Africa one market from Cape to Cairo.
The Former President further urged African countries to come up with export processing Zones like the Lusaka Multi Facility Economic Zone which was focused on producing clean energy while at the same time promoting tourism through a National game reserve.
Mr. Banda co-chairs the Eminent Panel of Experts on the TDB board with the President of Seychelles, Danny Faure.
On the Trade and Development Bank, Mr. Banda said the bank was actively engaged in the African Trade space with the total asset base amounting to US$ 5.4 million as of December, 30 2017.
And Mr. Banda praised the government of the Federal Democratic Republic of Ethiopia for the young and dynamic leadership that has embraced gender parity.
He said Africa was watching with great interest the transformation that was taking part in Ethiopia.
The 135th Trade and Development Bank meeting is being held under the theme’’ Integrating and Advancing the region’s economies.’’
This is according to a statement released to ZNBC News by First Secretary for Press and Tourism at the Zambian Embassy in Addis Ababa Inutu Mwanza.