South African Roadshow Highlights Substantial Benefits of Attending Intra-African Trade Fair 2021

Johannesburg, September 15, 2021: – South Africa hosted a Roadshow in Johannesburg to raise awareness of the substantial benefits of attending the Second Intra-African Trade Fair (IATF2021). Organized by the African Import-Export 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 November 15-21. 2021.

In her opening remarks, Ms. Gwen Mwaba, Director and Global Head of Trade Finance, Afreximbank, said: “The AfCFTA promises to revolutionize trade, reshape the region’s markets and increase production in the regions. manufacturing and service sectors. It will fundamentally transform Africa’s economic structure and significantly reduce Africa’s dependence on the export of raw materials. In the post COVID-19 context, the AfCFTA has likely assumed an even more important role as a framework for African economic recovery. Afreximbank sees the AfCFTA as the game-changing initiative Africa so badly needs.

Ms. Leila Mokaddem, Managing Director, Southern Africa, African Development Bank, said in her remarks: “The AfCFTA will create the largest free trade area in the world and, if implemented successfully, it will have the potential. to stimulate regional trade and regional integration. especially for landlocked and low income countries. In order to benefit from the AfCFTA, Africa must aggressively stimulate industrialization. Research from the African Development Bank indicates that Africa is less industrialized than it was three decades ago. The African Development Bank remains ready to support South Africa by ensuring that it leverages the AfCFTA from both its sovereign and non-sovereign windows to integrate Africa and improve the standard of living of the African people . Since 2013, our trade finance program has supported over US $ 12 billion in cumulative trade value.

The Head of Kwazulu-Natal Economic Development, Tourism and Environmental Affairs Department Mr. Nhlakanipho Nkontwana said: Mainland. As a province, we are proud of the biggest automaker, Toyota, which is in the process of ‘establish the original equipment manufacturer) in South Durban aimed at promoting localization. In addition, we have just opened the second phase of the Youth Development Fund to promote businesses led by young people, especially women, in the province.

The IATF2021 Roadshow in Johannesburg featured a roundtable under the theme ‘Opportunities underthe African Continental Free Trade Area (AfCFTA) for South African manufacturers, exporters and investors‘with the participation of the SABC moderator, Ms. Tsepiso Makwetla; Ms. Boitumelo Mosaka, Chief Financial Officer, DBSA; Mr. Muziwethu Mathema, Group Executive Macro Business Intelligence (Chief Economist), Guateng Growth and Development Agency; and Mr. Humphrey Nwugo, Regional Director of Operations (Southern Africa), Afreximbank. There were questions from the floor about the manufacturing, media and technology sectors.

Mr. Humphrey Nwugo, Regional Director of Operations (Southern Africa), Afreximbank said: “The AfCFTA gives us access to 1.2 billion people, or 3 trillion in market size. This is a landmark development for Africa because the regional economic communities focused on their own regions. The AfCFTA enables South Africa to look beyond itself. The main thing is geopolitics, good governance. Trade liberalization alone is not enough to stimulate trade expansion. You need to facilitate the trade. AfCFTA helps remove non-tariff and tariff barriers, but how do you get your goods to Nigeria? This is the aspect of facilitation that African policymakers need to pay attention to.

The Roadshow’s closing remarks were delivered by Councilor Matshidiso Mfikoe, MMC Finance, City of Johannesburg, who thanked the Roadshow organizers for their patronage and investment in Johannesburg simply by using the venue, staying at the venue. and looking after all the participants provided by the venue. She also said: “Johannesburg places particular emphasis on attracting foreign direct investment. Johannesburg remains open for business and our current infrastructure and maintenance projects aim to stimulate local economic development. Our treasury unit will be able to support and structure our public-private partnerships. Africa is open for business.