WEST AFRICAN ECONOMIC and
TRADE COOPERATION ASSOCIATION
Looking into the potential to develop the land
Due to the rapid growth of Africa's economy in recent years, more and more people have gradually realized the economic opportunities in Africa. From the perspective of production structure, the African economy is still relatively “primary”. Agriculture accounts for 40% of Africa's GDP, 40% of exports and 70% to 80% of employment opportunities. Industrialization is Africa’s long-cherished wish, and industrialization is still at a low level. At present, African manufacturing accounts for about 10% of GDP, accounting for only 1% of global manufacturing. According to estimates by international economic institutions, the manufacturing industry only provides about 7% of jobs in Africa. In the past 30 years before 2008, this indicator has not changed much, but the situation has improved in the past decade.
From the perspective of trade structure, Africa is still at the low end and edge of the global industrial chain of division of labor. According to World Bank statistics, primary products still account for about three-quarters of total African exports. From the perspective of attracting foreign investment, Africa has gained more foreign investment, but Africa's share in the global capital structure needs to be improved. From 2000 to 2017, foreign direct investment flows grew rapidly, from $9 billion to about $60 billion.
"The Eye of West Africa - GAMBIA"
Keeping track of globalization, the West African Economic and Trade Corporation Association aims to promote network exchanges between West Africa and the world. The first phase of the project development is located in Gambia, West Africa. The development plan in the area includes immigration plan in West Africa, Las Vegas of West Africa, Disney Land in West Africa, global village of West Africa, Merchandise Trade Center of West African, light Industries in West Africa, smart city in West Africa, agricultural industry in West Africa, port expansion in West Africa and alternative energy in West Africa.