THE Trade and Investment Conference of the Intra-African Trade Fair (IATF2023) commenced in Cairo on Sunday, shedding light on the transformative potential of the African Continental Free Trade Area (AfCFTA) to reshape the economic landscape of the continent. Jean-Louis Ekra, Deputy Chairperson of the IATF2023 Advisory Council, delivered an opening statement, emphasising the need to break away from Africa’s colonial legacy of exporting raw materials and importing finished goods.
Ekra pointed out the vulnerability of African economies relying on natural resources, stressing the urgency of addressing this dependency, especially considering its exacerbation by factors like the Covid-19 pandemic, geopolitical tensions, and climate change. He highlighted the importance of the AfCFTA in promoting intra-African trade, which currently stands at 16 percent, urging African nations to recognise its potential for trade and investment opportunities.
Speaking at the conference, Ali Basha, Minister Plenipotentiary from Egypt, welcomed guests and called for collaborative efforts to address the challenges of trade integration. The ceremony also featured a hologram of Kwame Nkrumah, a former President of Ghana and a prominent advocate for African unity.
Panels and discussions covered a wide array of topics, including energy transition, industrialisation, and the transformation of Africa’s manufacturing sector. Dr. Ainojie Irune, COO of Oando Energy Resources, emphasised the crucial role of energy in Africa’s development and urged leaders to prioritise it. Helen Brume, Afreximbank’s Director of Projects, highlighted the need to consider access to electricity and clean energy sources for the entire population.
In a panel on transforming Africa’s manufacturing sector, speakers deliberated on the importance of establishing connectivity in Africa’s supply chains. The panel stressed the dependence on African talent and advocated for investing in education and training to thrive in the manufacturing sector.
A highlight of the day was the launch of the impact evaluation report of the $19bn Dangote Refinery and Petrochemical Complex in Nigeria by Benedict Oramah, President of Afreximbank. Emeka Uzoigwe, Acting Director of Strategy and Innovation at Afreximbank, stressed the project’s potential to transform not only Nigeria but the entire West Africa.
The Trade and Investment Conference is a vital component of IATF2023, Africa’s largest trade and investment fair, focusing on optimising access to Africa’s connected markets through the AfCFTA. The event is expected to attract over 1,600 exhibitors and 35,000 visitors, with projected trade and investment deals worth $43bn to be concluded during the event.
