eBusiness Weekly
Business Writer
The African continent is looking to tap into importing investment goods from global players such as the United Arab Emirates community in its quest to value add its primary products as well as broaden its export base.
This was said by Afreximbank executive Vice President Kanayo Awani while responding to questions at the Intra African Trade Fair 2023 Business Roadshow in Dubai yesterday.
The Intra-African Trade Fair 2023 (IATF2023), in which Zimbabwe is set to participate, will be held in Cairo, Egypt later this year.
Responding to a virtual question posed by Business Weekly on how the continent would benefit from the Business Roadshow in Dubai, Awani said the structure of African trade today is characterised by the export of mostly primary commodities and raw materials hence the need for value addition which can be achieved through importing investment goods from places like Dubai.
She said due to colonial legacies, Africa mainly exports to European countries something which calls for diversification of trade.
Awani said the reason for holding the Business Roadshow in Dubai is to highlight investment opportunities in Africa such as the need to import investment goods from the UAE community.
“Even if you want to add value to cocoa, for instance, we need the manufacturing facilities, the equipment. Even if you want to integrate our roads, our rail and other forms of mobility we need the construction expertise that does not exist there. We need to be able to have options, and that is the reason we say global players are invited.”
She said IATF2023 is also a platform to promote intra-African trade to begin to get linked to global trade.
In her earlier remarks at the Roadshow Press Conference, Awani said the collective task at hand is to explore opportunities on how Africa and UAE can work together to fully support the implementation of the AfCFTA, through various means, central being attracting investments into the African continent as well as creating business connections between UAE exporters of investment goods and the buyer counterparts in the African continent, as well as exchange of trade and market information between the two regions.
AfCFTA, which was ratified by 47 African State parties, was established to stimulate intra-African trade and advance economic integration.
It created the world’s largest free trade or single market made up of 1,4 billion people with a combined GDP of over US$3,5 trillion—making it the 5th largest economy globally in terms of GDP.
On the other hand, the IATF is held every two years to connect buyers and sellers across Africa as well as investors to investment opportunities within the continent, and to address access to trade and market information as a key enabler for intra-African trade.
The Partnership model ensures that it is now the biggest platform for African public and private sector interactions in one gathering.
IATF2023 will again provide an opportunity for exhibitors to showcase their goods and services, engage in Business to Business (B2B) and Business to Government (B2G) exchanges, and conclude business deals which will ensure that the momentum toward greater intra-African trade is sustained.
According to Mrs Awani, IATF2023 offers “a unique platform for UAE businesses to invest and access an integrated market of 1,4 billion people with a combined GDP of over US$3,5 trillion.
“It is the physical gateway you need to facilitate trade and investments with Africa.
“We, therefore, call upon the Government of the United Arab Emirates, the UAE Trade Centre, Business Chambers, and Associations to provide support in terms of mobilizing the UAE business community, to participate and take advantage of all the IATF has to offer,” said Awani.
Khalid al Ali, Regional Director, Africa, Dubai International Chamber, spoke about how Africa is vital to humanity’s future and how it is essential to work together to bring the best out of everyone.
He also spoke about the offices that the Dubai Chamber has in Africa and said: “We’re all here to support each other and to do what I call the business of partnership. We are not there to invest; we are there for partnership. Our commitment to the (African) continent is very, very clear.”
Walid Hareb Al Falahi, Chief Executive Officer, UAE Trade Centre, spoke about the opportunities in Africa and how the UAE Trade Centre acts as a facilitator for UAE companies seeking to do business in Africa.
He said, “Africa is a very good place to start a business. It has really great potential for people interested in investing in infrastructure and looking at opportunities. As your Trade Centre, we are a private initiative and what we aim for is to help your company penetrate Africa.”
