By Vivian Ihechu
As the third Intra-African Trade Fair (IATF2023) starts in Cairo, Egypt on Thursday, the African Export-Import Bank (Afreximbank) says 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.
Speaking at the event, Chief Olusegun Obasanjo, former President of Nigeria and Chairman of the IATF2023 Advisory Council, said through cooperation and collaboration, the untapped potential of African continent will be unlocked.
“Intra African trade will also foster industrialisation and create job opportunities for the people of the continent.
“Beyond being just an exhibition of goods and services, the IATF2023 was a platform for networking, collaboration and knowledge sharing.
“It is 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.
“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, policy makers, and representatives to foster an environment conducive to trade by eliminating unnecessary bureaucracy, harmonising regulations and investing in necessary infrastructure.
He said the IATF2023 was a stepping stone toward 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.
Speaking at CANEX Summit at IATF2023, Mrs Kanayo Awani, Executive Vice-President, Intra-African Trade Bank, African Export-Import Bank (Afreximbank), affirmed that Africa is a continent brimming with artistic brilliance, vibrant cultures, and untold stories.
She said that the gathering was an opportunity to harness this creative potential and showcase the immense talent that lies within our extended borders as global Africa.
She touched on the key challenges saying that the required a multi-faceted approach involving government support, private-sector investment, and international collaborations.
“Efforts should be focused on improving access to finance, strengthening intellectual property rights, investing in infrastructure and technology, enhancing skills and capacity-building initiatives, promoting trade and investment, and developing robust platforms for content distribution and monetization.
“By overcoming these challenges, Africa’s creative and cultural industries can unlock their full potential, contribute to economic growth, create employment opportunities, preserve cultural heritage, and shape a vibrant and diverse creative landscape.
“ As we have seen it help us in nation building and image making. See how our music and film have travelled,’’ Awani said.
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.
The IATF, also known as The AfCFTA Marketplace, is organised by the African Export-Import Bank (AFreximbank), in collaboration with the African Union and AfCFTA Secretariat.
The theme for IATF2023 is “Connecting African Markets” and will hold from Nov.9 to Nov. 15, 2023 in Cairo, Egypt
Trade and investment deals valued at US$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 US$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.
Picture:
(From left to right) Prof. Benedict Oramah, President & Chairman of Afreximbank, H.E. Ahmed Samir Saleh, Minister ofTrade and industry of Egypt, Mrs. Kanayo Awani, Exec. VP, IATB and Mr.Yahya Elwathik Bellah, Deputy Minister of
