Monday, October 18, 2021

Côte d’Ivoire Roadshow Urges Private Sector to Reap the Benefits of Intra-African Trade Fair 2021

IATF 2021

Abidjan, Côte d’Ivoire//-The organisers of the Intra-African Trade Fair (IATF2021) met with the business community in Abidjan, Côte d’Ivoire, on 27 September to raise awareness and encourage private sector participation in the African continent’s premier trade and investment event.

Organised by the African Export-Import Bank (Afreximbank) in collaboration with the African Union (AU) and the African Continental Free Trade Area (AfCFTA) Secretariat, IATF2021 will take place in Durban, KwaZulu-Natal, South Africa, from 15 to 21 November 2021.

In his opening remarks, Dr. George Elombi, Executive Vice President, Governance, Legal & Corporate Services, Afreximbank, said: “Côte d’Ivoire is the third largest economy in ECOWAS and is the largest economy in the West African Economic and Monetary Union (UEMOA), and it contributes about 32% of UEMOA’s GDP.

Afreximbank avails itself to support Côte d’Ivoire in addressing its constraints to industrialisation by supporting infrastructure needs and facilitating the production of value-added exports and services through development of agro-processing, light manufacturing and tradable service sectors, while ensuring that the produced goods and services are traded.

Over the last five years the Bank has disbursed to Côte d’Ivoire entities (public and private) over US$3.1 billion and we have close to US$1.4 billion worth of transactions in the pipeline spread across key sectors of the Côte d’Ivoire economy.”

Guy M’Bengue, Chief Executive Officer, Côte d’Ivoire Exports Promotion Agency (APEX-CI), President of WAEMU TPO Network & IATF2021 Ambassador, stated: “Under my leadership, APEX-CI was behind two initiatives to take advantage of the AfCFTA, the creation of two Business Councils, the WAEMU Network (ROPC-UEMOA) and ECOWAS Network (ROPC-ECOWAS).

Objectives included: 1. Pooling resources at the WAEMU and ECOWAS regional level to start and benefit from the AfCFTA;2. Promoting regional value chains;3.

Setting up a dedicated infrastructure of contact networks;4. Strengthening intra- and extra-regional trade; and 5. Strengthening the export culture, particularly at the SME level and young people.

In his Keynote speech, Souleymane Diarrassouba, Minister of Commerce and Industry, Côte d’Ivoire commented: “Côte d’Ivoire wants to go further in its diversification policy and

increase foreign trade through the implementation of its Plan of National Development 2021-2025, amounting to CFAF 59,000 billion, the acceleration of the structural transformation of the economy through industrialisation and the development of (i) agribusiness; (ii) chemicals and plastics; (iii) building materials, furniture and equipment; (iv) pharmaceutical industry; (v) industry textile; (vi) packaging; and (vii) assembly and assembly of vehicles.”

Jean-Louis Ekra, Deputy Chairperson of the IATF2021 Advisory Council and former President and Chairman of the Board of Directors, Afreximbank, said: “We all know that intra-African trade is very low at around 15% of total African trade. This means that we are trading 85% with outsiders rather than with our neighbours.

The main reason why intra-African trade is low is the lack of access to trade and market information. Accordingly, the Intra-African Trade Fair is one of the practical ways of bridging the trade and market information asymmetry. We also need to use the large market that is created by the AfCFTA to catalyse industrialisation and value addition and move away from overdependence on commodity exports”.

The IATF2021 Roadshow in Abidjan featured a panel discussion under the theme: ‘Building Forward Better Post-Covid-19: Promoting Côte d’Ivoire – Africa Trade & Investment Under the African Continental Free Trade Area (AfCFTA)’ with the Mrs. Fatoumata Fofana, Executive Secretary, AfCFTA National Committee, Côte d’Ivoire; Alain-Thierry Mbongue, Regional Chief Operating Officer (Francophone West & Central Africa), African Export-Import Bank (Afreximbank); Prudence Sebahizi, Chief Technical Advisor, AfCFTA Secretariat; Andoh Mensah, Manager, Industrialization, Trade and Investment Climate, African Development Bank;  Faman Touré, Chairman of Chamber of Commerce and Industry, Côte d’Ivoireand Mr. Gerard Amangoua, Deputy CEO, Côte d’Ivoire Exports Promotion Agency (APEX-CI) & ITC / Afreximbank “How to export with AfCFTA” Pilot Program Manager in Côte d’Ivoire.

Closing Remarks at the Roadshow were made by Ms. Alinah Mailula, 1st Secretary Political, South African Embassy, Republic of Côte d’Ivoire, who said: “For Africa to be able to attain sustainable development we can no longer rely on those outside the continent to speak on our behalf.

The AfCTA has created the largest free trade area in the world with the potential to generate US$2.1billion and a real opportunity to speed up transport infrastructure development, boost trade by linking economic corridors and create jobs. We have made real inroads to peace so we must take full advantage of the IATF 2021. Africa is open for business.”

African Eye Report

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