The second Intra-African Trade Fair (IATF2020) which was initially set to take place from September 1 to 7 2020 in Kigali has been postponed to September 2021 in light of the COVID-19 pandemic.
The decision was reached after consultation by the African Export-Import Bank (Afreximbank), the African Union (AU) and the Government of Rwanda.
The trade fair which was scheduled to take place in 4 months estimated the signing and execution of deals worth over $40 billion.
Afreximbank President Benedict Oramah said that the continuing COVID-19 pandemic situation was not conducive to holding the pan African trade fair.
He said that the postponement was in line with Rwanda’s obligation as the host country to the health and safety of delegates, exhibitors and participants.
"The COVID-19 pandemic has forced Governments, corporations and individuals to take unprecedented measures to ensure public safety. It is our responsibility to comply with these measures to protect our host country and ensure the health and safety of all delegates, exhibitors and participants who have confirmed or expressed interest in taking part in the second edition of IATF,” Oramah said.
Soraya Hakuziyaremye, Minister of Trade and Industry said that with the pandemic expected to affect African businesses and investors, it makes sense to postpone the summit adding that Rwanda maintains its commitment to hosting a successful trade fair.
"The reality we are confronted with today as we fight the spread of Covid-19 has prompted us to look at various factors which will undoubtedly impact African businesses and investors this year. In partnership with Afreximbank and the AU Commission, Rwanda is looking forward to the second IATF in 2021 to boost intra African trade, which is more than ever crucial to the development of our continent,” Hakuziyaremye said.
The African Union Commissioner for Trade and Industry Albert Muchanga said that the postponement would allow stakeholders to focus on the collective task of responding to the pandemic.
"We are facing an unprecedented health crisis. This is the time to join efforts to also mitigate the impact of the pandemic on African economies. We have agreed that the second IATF needed to take place in a more favourable context to enable African countries and companies to take full advantage of the Trade Fair, which will now become an element of their recovery strategy,” said Muchanga.
The second edition of the biennial Intra-African Trade Fair (IATF) aims at providing a platform for entry into a single market of over 1.2 billion people joined together by the African Continental Free Trade Area, serving as a marketplace bringing together continental and global buyers and sellers and showcasing goods and services.
It will enable stakeholders to share trade, investment and market information as well as trade finance and trade facilitation solutions designed to support intra-African trade and African economic integration.
IATF2018 attracted more than 1,000 exhibitors from 45 countries and across 20 sectors, generating in excess of $32 billion in deals, some of which Afreximbank has already financed.