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The African continent’s population is projected to reach 1.1 billion people by 2040 and will become the largest workforce globally. With its ‘Agenda 2063’, the African Union has established an ambitious strategy for a prosperous Africa based on inclusive and sustainable development. The African continent’s population is projected to reach 1.1 billion people by 2040 and will become the largest workforce globally, mainly concentrated in urban areas. With its ‘Agenda 2063’, the African Union has established an ambitious strategy for a prosperous Africa based on inclusive and sustainable development. Agenda 2063 is a strategic framework for the socio-economic transformation of the continent. It builds on, and seeks to accelerate the implementation of previous and current continental policy initiatives for growth and sustainable development. This includes its potential as a digital technology hub (i.e. 'Silicon Savannah'). The start of the African Continental Free Trade Area (AfCFTA) in 2021, (a flagship project within Agenda 2063), is a huge milestone towards accelerating intra-Africa trade and strengthening the continents position in the global economy. Increasing global interest in the African economy signals the growing attention of several economies beyond a desire to get access to resources (critical raw materials), but to infrastructure (increasingly digital infrastructure), agribusiness, retail and services. Several global player’s interests culminate in Africa: Europe, China, the US, India, Turkey, the Gulf, Japan and others are all supporting the development of Africa. Africa needs to utilize the various investments and support initiatives in order to transform the investment and support into the sustainable development of their own economy.

Africa's growth potential

KEY TRENDS

Expanding influence of East and South