Intra-African Trade Fair to build bridges between countries

President Cyril Ramaphosa Said that the Intra African Trade Fair 2021 (IATF2021) will bridge the gap between governments as it seeks to deepen economic integration and connect all regions of Africa to promote intra-African trade and investment.

He addressed the inaugural session of the trade show to be held in Durban from 15 to 21 November.

The trade show provides a platform to connect international buyers, sellers and investors, as well as allowing participants and visitors to profile and share market information and investment opportunities in support of intra-African trade and economic integration of the continent. gives.

Hosted by the South African government in conjunction with the African Export-Import Bank (Afreximbank), IATF2021 focuses on the newly launched African Continental Free Trade Area (AfCFTA).

The AfCFTA is an African union initiative that creates a single continental market for goods and services with free movement of business persons and investments.

South Africa to best showcase local manufacturing capabilities in agriculture and agro-processing, automotive, construction and infrastructure development, consumer goods, energy and power, engineering, footwear, leather and textiles, heavy industry and light, among others IATF will take advantage of 2021. Manufacturing, health care and pharmaceuticals, information and communication technology and innovation, logistics and mining sectors.

Ramaphosa said this year’s trade show was about bringing together governments, buyers, investors, entrepreneurs and manufacturers from over 55 countries to build bridges and give life to AFCFTA.

“The goods, products and services displayed at the fair represent all countries in Africa, and its success rests on the participation of all of us.

“AFCFTA aspires to connect all regions of Africa, deepen economic integration and promote intra-African trade and investment. It aspires to create a single market for goods and services in 55 countries and our continent, Which creates a market for 1.3 billion people with a combined GDP of $3.4 trillion,” he said.

Ramaphosa said Africa is now taking concrete steps to write its economic success story by opening up new areas of opportunity.

“One such opportunity is the rapid adoption of locally grown fintech in Africa, with M-Pesa being the most famous. It is an example of financial and technological innovation in which Africa leads the world.”

Ramaphosa reiterated the call for Africa to produce its own food and medicines, strengthen continental supply chains and invest in infrastructure and enabling African institutions.

“We can no longer have a situation where Africa’s resources provide jobs and add value to other economies, while many of our people live in a state of poverty and low development.

“To illustrate the extent of the challenge, the United Nations Economic Commission for Africa estimates that Africa imports about 94% of its pharmaceutical and medicinal needs from outside the continent at an annual cost of $16 billion,” he said.

He added that AfCFTA has the potential to accelerate economic growth across the continent and create opportunities for entrepreneurs, small and medium-sized enterprises and large corporations to flourish.

“The AFCFTA will provide new export opportunities for ‘Made in Africa’ products and enable member countries to trade with each other without tariffs or other barriers. All this will enable the continent to enter the job market annually with more than 10 million aspirant Will help absorb 12 million African youth.”

Ramaphosa said that the AfCFTA will unlock greater value and fuel the dream of African development by promoting complementary trade between countries.

“It is about harnessing the continent’s raw materials and a combination of industrial capacity, finance, services and infrastructure to produce quality finished goods for local and global markets. It enables investors from around the world to build their assets on the continent. It is about creating a bigger market to attract people to set up production facilities,” he said.