The third Intra-African Trade Fair (IATF2023) held in Cairo, Eqypt on November 9-15 saw business deals and transactions concluded surpass targets to reach USD43.8 billion.
According to tallies released by African Export-Import Bank (Afreximbank), the amount represented the value of 426 agreements concluded in 21 sectors covering 52 countries.
Afreximbank Executive Vice President Kanayo Awani said 130 countries took part in the fair attended by 1,939 exhibitors and 28,282 participants who attended physically and virtually.
Among the key deals are the Export Agriculture for Food Security Framework adopted by some African states countries as Origin Countries and ARISE Integrated Industrial Platforms as Anchor Investor.
Afreximbank has pledged US$2 billion to boost production, processing and intra-African trade in agricultural products and to enable African farmers and agribusinesses to access larger markets across Africa.
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Awani noted that IATF had the unique capacity to boost intra-African trade and investment, especially in 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,” Awani said.
She added, “Together, we have explored new possibilities and opened new doors for a brighter future for our continent.”
IATF2023 started on November 9 and included an official opening event, a Presidential Summit addressed by Egypt President Abdel Fattah Al Sisi and a Trade and Investment Forum.
It also included a 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.
The trade fair also incorporated a series of crucial side events aimed at promoting continental trade with the next edition of IATF scheduled to be hosted by Algeria in 2025.
