The African Export-Import Bank (Afreximbank) in partnership with the African Union Commission (AUC), the African Continental Free Trade Area (AfCFTA) Secretariat, and the Ministry of Trade & Industry of Egypt organized a high-level business roadshow in preparation for the upcoming Intra-African Trade Fair (IATF 2023). The event is scheduled to take place from November 9th to 15th, 2023, in Cairo, Egypt.
Themed “Promoting Egypt-Africa Trade and Investment Under the AfCFTA,” the “IATF2023 Egypt High-Level Business Roadshow” brought together industry leaders, the business community, government officials, diplomatic representatives, and executives from Afreximbank, AUC, and the AfCFTA Secretariat. The goal was to discuss the crucial role of IATF in enhancing trade and investment opportunities under the AfCFTA between Egypt and other African nations.
Chief Olusegun Obasanjo, Chairman of the IATF2023 Advisory Council and Former President of Nigeria, emphasized the significance of the upcoming event, stating that IATF2023 is expected to attract over 1,600 exhibitors, more than 35,000 visitors, buyers, and conference delegates from all 55 African countries and beyond. He encouraged the business community to leverage the opportunities presented by IATF2023, which is projected to facilitate trade and investment deals amounting to over US$43 billion.
Prof. Benedict Oramah, President and Chairman of the Board of Directors at Afreximbank, highlighted the objective of IATF in advancing Africa’s economic integration through the AfCFTA. He stressed the need to address the lack of trade and market information within the continent, which stems from limited linkages between African countries. The IATF serves as a platform for Africans to understand their markets, foster intra-African trade, and promote regional cooperation. Egypt, as the host country for the first trade fair in 2018, witnessed significant trade and investment deals worth billions of dollars.
Ambassador Albert Muchanga, AU Commissioner for Economic Development, Trade, Tourism, Industry, and Minerals, emphasized the importance of efficient infrastructure, such as road networks, railways, shipping lines, airlines, airports, and payment systems, to facilitate intra-African trade. He also highlighted the need to move away from trading raw materials and instead focus on manufacturing and agro-processing, leveraging the diverse resources across African countries.
The roadshow provided the Egyptian private sector with valuable insights into the benefits and opportunities of participating in IATF2023, Africa’s premier trade and investment fair, taking place in Cairo from November 9th to 15th.