More than 400 leaders from more than 30 African countries meet in Madrid
Pere Navarro highlighted that "Free Trade Zones are the most important investment catalyst used as an engine for attracting foreign investment in the relaunch strategy of a country or region."
![[Img # 53348]](https://empresaexterior.com/upload/images/07_2023/2755_cumbreafricaspain1.jpg)
The Barcelona Free Zone Consortium (CZFB), a leading engine of development in the Mediterranean, has participated in the Africa-Spain Cooperation Summit, organized by One Africa Forums, to contribute to the promotion of the African continent, key to the economic and strategic interests of Spain and Europe.
More than 400 leaders from more than 30 African countries have traveled to Madrid to participate, between July 6 and 8, in various debates focused on investment, project financing, the need for infrastructure modernization, the importance of cooperation, and development possibilities in the field of energy and the environment.
It should be noted that currently, in Africa There are 237 special economic zones in 38 of the 54 countries on the continent and the forecast is that they will increasingly proliferate to promote economic growth and local development. The Free Trade Zones intervene to promote the recovery and development of territories who suffer from particular economic conditions and who require fiscal and bureaucratic benefits for territorial economic growth. For this reason, interest in Free Zones is continuously increasing, despite the rapid progress of fiscal and customs homogenization processes.
Currently, in Africa there are 237 special economic zones and the forecast is that they will proliferate more and more to promote economic growth
Pere Navarro, Special State Delegate of the CZFB, has participated in this cooperation summit to strengthen business ties with the African continent and has highlighted that “the Free trade zone They are the most important investment catalyst used as a driver of attracting foreign investments in the relaunch strategy of a country or a region. They play an important role in stimulating economic growth in many regions and are fundamental for an integrated regional and global economy. “Special economic zones have great relevance to accelerate the development and industrialization of Africa.”
In this sense, the African Continental Free Trade Area Agreement (AFCFTA) supports the establishment and operation of special economic zones in order to stimulate their development. Special economic zones constitute one of the main devices to promote sustainable economic growth, improve trade integration, improve competitiveness and promote industrial investment, as well as job creation.
The second day of the Africa-Spain Cooperation Summit There has also been contact with the participation of Stephen Sannino, Secretary General of European External Action Service of the EU, which has detailed the objectives of the European Union's Global Gateway Program - which promotes sustainable infrastructure - and what opportunities exist to contribute to the development of Africa.
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