African Export-Import Bank (Afreximbank) (www.Afreximbank.com) announces that the third Intra-African Trade Fair (IATF2023) held in Cairo from 9 to 15 November witnessed the conclusion of business deals and transactions valued at $43.8 billion.
In final tallies released in Cairo, the organisers of the continental event said that the amount represented the value of 426 deals concluded in 21 sectors covering 52 countries. At a press conference to announce the results, Mrs. Kanayo Awani, Executive Vice President (Intra-African Trade Bank) at Afreximbank, also announced that 130 countries participated in the trade fair, which attracted 1,939 exhibitors and 28,282 participants who attended physically and through the IATF virtual platform.
One of the notable transactions included the Export Agriculture for Food Security Framework executed by several African countries (as Origin Countries) and ARISE Integrated Industrial Platforms, Arise IIP (as Anchor Investor) to which Afreximbank committed US$2 billion to boost production, processing, and intra-African trade in agricultural products and to provide African farmers and agribusinesses with opportunities to access larger markets across the continent.
Mrs. Awani also said that the IATF had successfully established itself as the premier trade and investment event in Africa, with the unique capacity to increase intra-African trade and investment, especially in the context of implementing the African Continental Free Trade Area (AfCFTA) Agreement.
“Building on the successes of IATF2018 and IATF2021, I am proud to say that the buzz and energy generated by IATF2023 will be felt across Africa and beyond for many years to come. Together, we have explored new possibilities and opened new doors for a brighter future for our continent” she added.
IATF2023 kicked off on 9 November and included an official opening ceremony, a Presidential Summit which was addressed by President Abdel Fattah Al Sisi of the Arab Republic of Egypt, a Trade and Investment Forum, the Creative Africa Nexus (CANEX), an African Auto Forum, AU Youth Entrepreneurship Programme, a Sub-Sovereigns Conference, a Diaspora Summit, an African Industrialization Week and an African Tourism Sustainability and Investment Forum. A series of side events were also held as part of the trade fair. The next edition of the IATF will be hosted in 2025 by Algeria.
Organised by the African Export-Import Bank (Afreximbank), in collaboration with the African Union Commission (AUC) and the African Continental Free Trade Area (AfCFTA) Secretariat, the Intra-African Trade Fair (IATF) is intended to provide a unique platform for facilitating trade and investment information exchange in support of increased intra-African trade and investment, especially in the context of implementing the African Continental Free Trade Agreement (AfCFTA).
IATF brings together continental and global players to showcase and exhibit their goods and services and to explore business and investment opportunities in the continent. It also provides a platform to share trade, investment and market information with stakeholders and allows participants to discuss and identify solutions to the challenges confronting intra-African trade and investment.
In addition to African participants, the Trade Fair is also open to businesses and investors from non-African countries interested in doing business in Africa and in supporting the continent’s transformation through industrialisation and export development.