The African Export-Import Bank (Afreximbank) is expected to oversee more than $42 billion in trade deals at this year ’ s Intra-African Trade Fair (IATF 2023).
The forum, Africa ’ s premier trade and investment event, is set to be held in the Egyptian capital of Cairo between the 9th to the 15th of November 2023.
It will bring together more than 1,600 exhibitors and 35,000 buyers from all corners of Africa in the hope that the seven-day gathering will lead to billions of dollars worth of trade deals.
Professor Benedict Oramah, President and Chairman of the Board at Afreximbank, said that the IATF was created to fast-track Africa ’ s economic integration through the African Continental Free Trade Area (AfCFTA).
“ The Trade Fair will open the African market to African businesses; it will enable us to build trust amongst ourselves, open investment opportunities that we never knew existed and begin to foster the emergence of value chains, ” he said.
“ It is the trade information flow that the Trade Fair will facilitate, that will bring down the 87,000 kilometers of borders that divide us. It is the Trade Fair that can help us to begin some of the absurdities we see today in Africa ’ s trade patterns whereby many African countries import from outside Africa at much higher costs the same products as a neighboring African country exports to the world at a lower price ” .
The first edition of the Trade Fair was held in Cairo in 2018, leading to more than $32 billion in trade deals.
The second and former edition of IATF was held in Durban, South Africa, in 2021 and led to more than $42 billion in trade deals - a figure which Afreximbank expects to beat this year.
Held in North Africa ’ s largest market, various sectors of the Egyptian economy are expected to benefit from the Trade Fair as thousands of African importers and exporters travel to Cairo in search of business opportunities.
Egypt is the world's largest producer of dates, the second largest African producer of olives, the third largest African producer of oranges and the fourth largest producer of potatoes.
The country also has a diversified industrial sector, notably in the fields of textiles, chemicals, metallurgy and construction.
Egypt ’ s textile industry is top of the list as the second most important private sector in the country, accounting for 16% of GDP and 12.5% of employment.
The ICT sector is also billed as a key sector for export-growth as the fastest growing sector in the country.
This growth has been supported by the increase in the number of multinationals establishing their presence in Egypt and the country's cost competitiveness, government support, and central geographic location, which has resulted in significant growth in ICT exports, reaching $4.9 billion in 2021/2022.
Ahmed Samir, Minister of Trade and Industry of Egypt, said: “ Coordination is underway with the African Export-Import Bank (Afreximbank) to host the third edition of the Intra-African Trade Fair, due to be held during 9th – 15th November 2023. We are keen on extending all-out support to convene the fair in a form that suits Egypt ’ s position in Africa. IATF2023 will provide a unique and valuable platform for businesses to access an integrated African market of over 1.3 billion people with a GDP of over US$3.5 trillion created under the African Continental Free Trade Area. ”
At the moment, the Arab republic exports mainly to Turkey, Spain, Italy, Saudi Arabia and the US whereas it imports from China, Saudi Arabia, US, India and Kuwait.
All five top export-destinations in Africa were in North Africa, leaving substantial room for growth in sub-Saharan Africa.
In the first quarter of 2023, trade volumes between Egypt and Africa reached $2.117 billion which signifies slow but steady growth over the last decade or so.
Afreximbank will hold a ‘ Egypt High Level Business Roadshow ’ on July 5th in Cairo, to put a spotlight on the opportunities in the market and to look at how Egypt can ramp up trade ties with the rest of Africa.
The IATF is organized in collaboration with the African Union Commission (AUC) and the African Continental Free Trade Area (AfCFTA) Secretariat.
Kanayo Awani, Vice President, Business Development and Corporate Banking of the IATF at Afreximbank, said: “ The AfCFTA success will be hinged on its effective implementation, but how do we practicalise it? The trade fair is a platform that gives African business and policymakers a snapshot of this huge market. It was conceived to address the challenges that are inhibiting the growth of trade within Africa - which is the lack of access to markets and trade information ” .
