President and Chairman, Board of Directors, African Export-Import Bank (Afreximbank), Prof. Benedict Oramah, said the third Intra-African Trade Fair (IATF 2023) is expected to generate more $42b in trade and trade-related investment deals.
Oramah stated this at the official signature of the third edition and 2023 Intra-African Trade Fair Host Agreement, held in Abidjan, Cote d’Ivoire, at the weekend.
Oramah said trade fairs have proven that Africans ‘can’, as they become platforms for actualising the vision of the African Continental Free Trade Agreement (AfCFTA).
He said the combined $75b of deals sealed during the two IATFs, were reminders of the abundant intra-African trade and investment potentials and represented the remarkable trade and investment arrangements that wouldn’t have seen the light of day, if not for the fair.
Oramah submitted that the universal access to trade information was the ‘hammer ‘ needed to break down the 110 borders that divide Africans in order to achieve a resounding success in Africa.
He also said the initiative had opened up new trade routes and rapidly expanded knowledge of the continent’s trading environment exposing our cultural heritage to our markets and access to new markets.
“The Government of Malawi has expanded the market for its agricultural products to South
Sudan and other African countries, thanks to the bilateral Government-to-Government trade deals signed during IATF2021.
“ It was at the IATF 2018 that the $2.9b Rufiji Dam project was signed between the Government of Tanzania and Egyptian contractors, making it the largest ever intra African EPC contract.
“When the curtains fell in Durban, new business relationships were forged, governments found new
African sources of food items and capital goods; African banks found new opportunities for regional expansion; fashion designers found new markets while the African creative industry found a new convening platform, the creative Africa Nexus (CANEX).
“The train has since left the South, destined for the West. When it arrives in Abidjan in November 2023, it will make a stop in familiar territory; in a country that values continental integration and has been at the forefront in the push for collective self-reliance since the early 1960s,” he said.
African Union Commissioner for Trade and Industry, Albert Muchanga, highlighted the important role of the IATF in bringing about economic transformation on the continent and called on all member states to ratify the AfCTFA and make the single African market of over one billion people a reality.
He said that the AfCFTA represented a great achievement for African integration, adding that the large number of participants in the two editions of IATF was an indication that African represent a strong and dynamic force in the international arena.
He applauded the organisation of the IATF, which created the platform for working with African entrepreneurs to build African wealth.
The President of the Republic of Cote d’Ivoire, Alassane Quattara, lauded the advisory council for the opportunity to host the 2023 IATF.
Represented by the Prime Minister, Patrick Achi, he said the dedication of the council to IATF was an indication of their strong commitment to restoring African economy.
“ This is an honour bestowed on Cote d’lvoire and the country’s leadership for the economic development and strengthening of trade development in the African Continent. It is evident that this would consolidate the business and economic intensity of the continent.”
