Ivory Coast was on Friday selected to host 2023 Intra-African Trade Fair (IATF2023), as the continent gears up to effectively become a strong economic bloc.
It will be the third edition of the continental trade fair, which is projected to seal deals and businesses exchanged among African entrepreneurs totalling to over $40 billion, according to the organisers; the African Union and the African Export Import Bank (Afreximbank).
"The IATF has become a platform for actualising the vision of the African Continental Free Trade Agreement (AfCFTA) that was signed in Kigali, Rwanda in March 2018," Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank said while announcing Ivory Coast as the next host.
"It is opening up new trade routes, rapidly expanding knowledge of the continent’s trading environment exposing our cultural heritage to our markets and access to new markets. The $75 billion of deals sealed during the two IATFs, are reminders of the abundant intra-African trade and investment potentials."
On Rwanda's side, besides being the birthplace of the African Continental Free Trade Area (AfCFTA), the country has gone a long distance since the signing of the pact in 2018 in terms of paving the way for greater intra African trade.
For example, Rwanda is now among the few countries in Africa where any African can travel to without applying for a visa, and no visa fees charged, while its national carrier, has expanded its flights to much of Sub Saharan Africa.
Rwandair was among the ten key Rwandan businesses that showcased their services and goods in Durban, South Africa, last year during the second edition of the IATF.
The others, led by Prime Minister Edouard Ngirente, included companies like Nova Coffee, Bourbon Coffee and drone company Charis UAS, as well as Urwibutso Enterprise and Irembo Ltd.
That was out of 1500 businesses exhibitors and over 32,500 participants from 128 countries across Africa.
More Rwandan companies are now anticipated to participate in the IATF 2023 in Abidjan, as they seek a bigger chunk of the continental market
The African Export Import Bank (Afreximbank), which is the key financier of the IATF, announced that the IATF trade fair in Durban saw over $42 billion in trade and investment deals signed between African businesses.
Notably, this money stayed on the continent; usually it would have flown out to Asian, American and European investors.
Africa represents a mere 3 percent in international trade, and yet, 84 percent of African trade is with the outside world, meaning that the IATF and the AfCFTA present a historic opportunity to change the negative trend.
Also, the budding fashion industry in Rwanda, as well as artistes are not left behind.
Fashion designers such as Moshions are also bound to benefit from a new platform under the IATF called the Creative Africa Nexus (CANEX), under which they’ll be able to get business deals and contacts from any region of the continent.