Tuesday, May 21, 2024

Algeria signs hosting agreement for Intra-African Trade Fair 2025

“The IATF2025 hosting agreement represents more than just a contractual agreement.’’

• April 16, 2024
IATF 2025 logo
IATF 2025 logo [Credit; IATF]

The government of the People’s Democratic Republic of Algeria has signed the hosting agreement for the Intra-African Trade Fair 2025 (IATF2025).

A statement issued by the manager, communications and events, Afreximbank, Vincent Musumba, said the host agreement signing ceremony took place in Algiers on Monday.

Mr Musumba said the ceremony was hosted by Afreximbank in collaboration with the African Union, the African Continental Free Trade Area (AfCFTA) secretariat, and the government of the People’s Democratic Republic of Algeria.

He said the signing ceremony paved the way for the fourth edition of the IATF to take place from September 4 to September 10, 2025, in Algiers, Algeria.

Mr Musumba quoted chairperson of the IATF2025 Advisory Council and former Nigerian president, Olusegun Obasanjo, as saying, “The IATF2025 hosting agreement represents more than just a contractual agreement. Rather, it symbolises the collective responsibility of the partners for excellence and innovation in continuing the tradition of the IATF, which has become established as the AfCFTA marketplace.’’

Mr Obasanjo extolled the IATF as the go-to trade and investment event on the African continent.

He said the IATF was now a foremost event in the African calendar of economic, social, trade and policy events.

He stated, “It is in the passionate pursuit of these goals that Afreximbank, in collaboration with the African Union Commission and the AfCFTA Secretariat, is championing the noble cause of changing the socioeconomic landscape of Africa. This they would do by devising progressive initiatives aimed at promoting intra-African trade and continental integration.”

Mr Musumba quoted the executive vice president, Intra-African Trade Bank, Afreximbank, Kanayo Awani, as saying, “The IATF opens alternate routes for African trade.

He said, “It has become the platform for actualizing the AfCFTA vision. It expands and deepens knowledge of the continent’s trading environment and enhances the industrial capacity of African economies. Ultimately, IATF has become the engine accelerating trade and business flows within the continent.’’

Mr Awani said the last three fairs had generated combined trade and investment deals of no less than $120 billion.

He added, “To one who wonders what the $120 billion represents, African businesses have found buyers in new markets across Africa, and industries have found new sources of raw materials. Also investment and capital goods, government-to-government deals in critical sectors such as agriculture and agro-processing have been forged, and African contractors have won major government projects.”

In a statement delivered on behalf of Wamkele Mene, secretary-general, AfCFTA Secretariat, Mr Awani described the importance of the IATF as “our strategic response to the challenge of trade information scarcity. Aiming to enhance intra-African trade and investments, all without the need for outside help. It serves as a symbol of hope and opportunity, breaking down conventional trade and investment barriers to unite the diverse yet cohesive African identity.“

Mr Musumba said a statement delivered on behalf of Albert Muchanga, African Union Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, highlighted that other regions of the world had proved that “trade can be a powerful tool for economic growth. While trade was able to lift millions out of poverty in those regions, the same has not been reflected in Africa’s experience.

“Trade amongst African countries is low. The AfCFTA was designed to change this story. Not only was it meant to boost intra-African trade, but it was meant to deal with Africa’s perennial challenges of job creation, high levels of poverty and very low levels of manufacturing and industrial base.

“It was designed to create a predictable legal framework for trade and investment, hence offering more guarantees to investors, thereby bringing certainty and predictability to the African trading environment.”

Mr Musumba said the IATF was the African continent’s premier trade and investment event, which provides a unique opportunity for exhibitors to showcase their goods and services.

“Also to engage in business-to-business (B2B) and business-to-government (B2G) exchanges, network, establish new business contacts and conclude business deals. 

(NAN)

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