Chronicle Editor
Business Reporter
THE second Intra-African Trade Fair (IATF 2021) generated a record US$42,1 billion in trade and trade-related investment deals, according to the latest tally released today by the IATF advisory council.
The latest figures captured additional data submitted by trade promotion agencies of Algeria, Nigeria and South Africa.
Zimbabwe also participated at the trade fair and signed deals valued more than US$188 million. The Zimtrade pavilion, where most Zimbabwean companies were exhibiting from, also won two awards at the trade fair organised by the African Export-Import Bank (Afreximbank), the African Union (AU) and the African Continental Free Trade Area (AfCFTA) Secretariat.
This record value of trade and investment deals was the outcome of more than 500 business deals concluded during the rich and varied 7-day programme of business-to-business, business-to-government and government-to-government exchanges, exhibitions, trade and investment conference sessions, as well as other verticals.
IATF 2021, thus, surpassed its pre-set target of US$40 billion in trade and investment deals, going well beyond the US$32 billion in transactions closed at the first edition in Cairo, Egypt in 2018. The expected numbers of participants and exhibitors were also exceeded.
Against a target of 1 100 exhibitors, IATF 2021 saw 1 161 exhibitors showcase their goods and services. While the organisers aimed for at least 10 000 participants, the event attracted over 30 000 participants of which 11 828 were in person.
Commenting on the results, Professor Benedict Oramah, president and chairman of the board of directors of AfreximBank, said the success of IATF 2021 was proof that intra-African trade was taking root under the platform of the AFCFTA.
“We are proud to be well on the way to consolidating an initiative that is already beginning to transform intra-African trade,” he said.
“IATF 2021 was enormously successful at all levels. The US$42.1 billion in trade and investment deals that were generated reflected the record participation, a well-thought-out platform, diversity and depth of goods and services showcased and a rich programme.”
Ambassador Albert Muchanga, AU Commissioner for Economic Development, Trade, Industry and Mining, said: “IATF2021 was held under very challenging circumstances, but with the hard work and commitment from all the stakeholders, it turned out to be a huge success not only for the big business but also for the young people who participated in the IATF under the AU Youth Start-Up Programme”.
Wamkele Mene, Secretary General of the AfCFTA Secretariat, said: “The IATF 2021, which comes after the commencement of trade under the AfCFTA on 01 January 2021, is a practical instrument that connects buyers and sellers and provide trade and market information to facilitate intra-African trade under the AfCFTA. The conclusion of trade and investment deals worth $42.1 billion demonstrates that there is a huge opportunity for boosting intra-African trade if all the key stakeholders work together…”
Online Reporter