…Ecobank Group champions intra-African trade growth at IATF 2023

The third Intra-African Trade Fair (IATF2023) kicked off in Cairo yesterday with former President of Nigeria and Chairman of the IATF2023 Advisory Council, Chief Olusegun Obasanjo saying that intra-African trade holds the key to unlocking Africa’s true potential and fuelling economic growth, fostering industrialisation and creating job opportunities for the people of the continent.

Addressing participants and guests at the trade fair, Chief Obasanjo said that beyond being just an exhibition of goods and services, IATF2023 was a platform for networking, collaboration and knowledge sharing and was bringing together entrepreneurs, investors, innovators, and policymakers from across Africa and its diaspora to exchange ideas, forge partnerships and explore new opportunities.

“It is through this spirit of cooperation and collaboration that we will unlock the untapped potential of our continent,” he said, adding that the trade fair signified the commitment of Africa and its diaspora nations to economic integration and to their collective determination to create a prosperous future.

Obasanjo called on African government leaders, policymakers, and representatives to foster an environment conducive to trade by eliminating unnecessary bureaucracy, harmonising regulations and investing in necessary infrastructure. IATF2023 was a stepping stone towards a future where African nations traded freely, breaking down barriers and opening doors of opportunities for all, he added.

He urged entrepreneurs and innovators to seize the moment to build bridges of commerce between nations and within communities by embracing the spirit of entrepreneurship and leveraging technology to unlock new markets, connect small-scale farmers with global partners and empower women-owned businesses.

Earlier, Ahmed Samir Saleh, Minister of Trade and Industry of Egypt, had welcomed guests to the trade fair and expressed Egypt’s happiness at hosting the event.

The ceremony also featured the projection of a hologram of Kwame Nkrumah, the former President of Ghana who was a key proponent of a united Africa.

IATF2023 is Africa’s largest trade and investment fair projected to attract over 1,600 exhibitors and 35,000 visitors and buyers.

Trade and investment deals valued at $43 billion are expected to be concluded during the trade fair seen as a must attend event for everyone interested in trade and investments in Africa’s single market of 1.4 billion people created by the AfCFTA which has a combined gross domestic product of over $3.5 trillion. Attendees include buyers, sellers, importers, exporters, investors, manufacturers, captains of industry, senior government ministers, trade finance and advisory specialists, trade and economic organisations, senior executives from corporates and multinationals and innovative entrepreneurs from across Africa and beyond.

Meanwhile,  Ecobank Group, the leading pan-African banking Group, sponsors the Intra-African Trade Fair 2023 (IATF 2023), the continent’s premier trade and investment event, which is taking place from 9-15 November 2021, in Cairo, Egypt. Theme this year is ‘Connecting African Markets’.

The event will provide a springboard platform for businesses to grow their intra-African trade and investments across the continent’s single market of 1.4 billion people created by the African Continental Free Trade Area (AfCFTA).

IATF 2023 is expected to attract over 1,600 exhibitors showcasing their goods and services, over 35,000 attendees, to result in $43 billion of trade and investment deals being agreed, and to accelerate Africa’s commercial and economic growth and development, which is aligned to Ecobank’s core mission.

Group Executive, Corporate and Investment Banking, Ecobank Group, Eric Odhiambo, said: “IATF provides Africa’s businesses with unrivalled opportunities to network, connect and sign contracts with buyers and sellers from across the continent. With our comprehensive suite of banking products, services, solutions and our established digital platform, which facilitates seamless payments and collections across our 35 countries of presence in Africa, Ecobank is positioned as the ‘go to’ bank for payments and trade. “To further support businesses to grow and succeed we have also put in place a range of initiatives which include the game changing Ecobank Single Market Trade Hub, which connects importers and exporters across Africa.”

The Ecobank Single Market Trade Hub is a cutting-edge digital platform, which serves as an exchange and information repository, designed to respond to the evolving trading needs of SMEs and corporates within Africa’s single market.

The Trade Hub reduces the asymmetry in trade information and leverages Ecobank’s wide client base, through its network advantage given its presence in 35 African markets.

With already more than 2,000 customers onboarded on the platform, the Trade Hub offers  essential features and services such as: MyTradeHub: An online match-making platform, enabling importers and exporters to create their company profiles, exhibit their goods and services, and connect with buyers and suppliers throughout Africa, AfCFTA expertise: a valuable repository of knowledge and information on the African Continental Free Trade Area, to help SMEs and corporates to familiarise themselves with the single market and ways to expand their trade into new African markets,  trade and payment solutions: a gateway to Ecobank’s full range of products and digital solutions, including trade finance and services, cash management solutions, domestic and cross-border payments and collections, investment banking, Capex financing, and more.

Ecobank’s additional solutions to facilitate intra-African trade include RapidCollect, which enables businesses to collect payments instantly and at low cost from their customers in 33 countries, whilst only needing one single account in their home country; and assisting businesses to gain an online presence and develop a free website through Google My Business Platform.

In addition, Ecobank will be acting as an inter-bank settlement agent for Central Banks in our countries of operation that have not yet signed up to Pan-African Payment and Settlement System (PAPSS).

IATF 2023 promises to play a key role in raising awareness and helping Africa’s businesses to grasp the opportunities and benefits of the AfCFTA and create new markets across Africa, while fostering investments and boosting value chains.

The Ecobank Group is determined to continue to play a significant role in helping to achieve the objectives of the AfCFTA and is delighted to be a sponsor of the IATF2023.