Institute of Marketing in Malawi in AFCFTA webinar on Thursday
The Institute of Marketing in Malawi will this week hold a webinar for its members that is meant to empower them with knowledge on the Africa Continental Free Trade Area(AFCFTA).
According to Institute of Marketing in Malawi Public Relations Director, George Damson the Institute of Marketing in Malawi has engaged Batanai Clemence Chikwene who is a Trade expert at the African Trade Policy Centre of the United Nations Economic Commission based in Addis Ababa, Ethiopia to drill its members on what AFCFTA is and how marketers can position themselves.
“We are hosting this very important webinar for our members on Thursday 22 July 2021 so that they can gain more information on this important agreement that Malawi is a signatory to.
“The AFCFTA is going to have serious impact on businesses across the continent and marketers being key shapers of organisational strategy need to understand how the agreement will work so that they can position Malawian businesses competitively,” he said.
He said, the Marketers are among the best placed players to drive key national agendas like the MW Vision 2063 and these are the kind of engagements that will enable them to play a key role. “
He further said “ The webinar is free for members of the Institute of Marketing in Malawi.
“It is part of our value addition to our members and we will be doing more of these webinars covering different areas. Our goal is to empower the Malawian marketer to thrive in their spheres of influence. “
In 2012, African Heads of State and Government, recognising that ‘the promotion of intra-African trade is a fundamental factor for sustainable economic development, employment generation and effective integration of Africa into the global economy’, decided to establish the Africa Continental Free Trade Area (AFCFTA) by 2017.
On 21 March 2018, the Establishment of the AFCFTA was signed in Kigali, Rwanda, by 44 Heads of State and Government of the 55 African Union (AU) Member States including Malawi .
The projected benefits of the agreement are significant.
The target market for the AFCFTA is projected to rise from an estimated 1.27 billion to 1.7 billion by 2030, out of which about 600 million will be in the middle class.
In terms of aggregate gross domestic product (GDP), this will range from $2.1 trillion to $3.4 trillion or $6.7 trillion at Purchasing Power Parity terms.
In terms of investments and consumer spending, the AFCFTA is expected to attract an estimated 4 trillion US dollars.
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