The World Bank launched a book entitled “The Unexplored Potentials of Trade in Services in Africa” at Eshetu Chole Hall of the College of Business and Economics of the AAU on June 16, 2016.

The book highlights service trade in Africa, challenges to trade in services in Africa, innovative policy solutions and mutual recognition agreements in service trade in Africa.

Nora Dihel, Senior Economist at the World Bank stated that services do not only offer promising opportunities for export diversification but also serve as key inputs in the production of exportable goods and services. She went on to say that services imports are important because they can improve the availability and quality of services inputs through increased competition, better technologies, and access to foreign capital. She then noted that the latter in turn can have strong impact on the domestic business environment and broaden access to essential services such as health, education, and financial services.

Arti Grover Goswami, Senior Consultant Economist at the World Bank, also noted that regional trade in services offers enormous opportunities for sub- Saharan African Countries to diversify their exports, pursue new opportunities for dynamic growth, increase investment, promote efficiency and widen access to services in the domestic economy. The result of these opportunities is reducing the cost, raising quality and increasing access to key services such as telecommunication, energy and finance. Such conditions spell economy-wide impacts as these services are often inputs into most productive activities, including manufacturing.

Moderated by Zewde Abate, Associate Professor at the AAU Department of Economics, the event entertained interactive discussions and Q &A.