Durban — Deals worth about 80m were signed during last week's African Business Forum, sparking interest in holding the event, which brings together top business leaders, each year .

Initiated after the successful second Africa-Asia business forum two years ago, the f orum aims to cement the economic mandates of the African Union.

Due to the 2001 conference, new business relationships between African and Asian companies , realised about $80m in deals.

This success highlighted the potential for intra-African business promotion.

According to the concept paper, Africa contributed 2% of world exports in 1999 and attracted less than 1,8% of foreign direct investment in 1998. Intraregional merchandise trade in Africa amounted to $11bn, compared with the $101bn extraregional trade.

By comparison, Asian intraregional trade in 1999 was worth 650bn, while western European trade amounted to $1625bn.

Yesterday, Deloitte & Touche African operations manager Andrew Kruger said memoranda of understanding worth $40m were signed during the two-day conference. He estimated another $30m40m of deals were also concluded.

The forum drew 300 delegates from 180 companies in 17 countries.

Kruger said the deals involved a wide range of products including agricultural, manufacturing and construction, while some companies sought distribution networks and agents across Africa.

Small, fragmented national markets were obstacles to attracting productive investment and achieving global competitiveness , he said.

The success of the venture may prompt the co-ordinators to hold the event annually.