As the African Continental Free Trade Area (AfCFTA) is established, Afreximbank will host The Intra-African Trade Fair (IATF) IATF2023 in Cairo, Egypt in November to provide trade and market information and to connect buyers and sellers from across the continent.
In the run-up to this, the IATF2023 Business Forum was held in Johannesburg, on May 11, comprising high-level officials, captains of industry and partners, as well as executives from Afreximbank.
Speaking at the build-up event, Black Business Council (BBC) VP Gregory Mofokeng called for a continent that was open for intra-African trade, facilitated by the AfCFTA Agreement.
He pointed out that previously, funding had been an issue for South African businesses looking to do business on the continent. Now, however, he said, efforts had been made by the Development Bank of Southern Africa, the Industrial Development Corporation and Afreximbank to provide funding and reduce the risk, which businesses should capitalise on.
Also, he highlighted that certainty was being provided by export councils and called for businesses to make use of the opportunities these organisations provided.
Moreover, he said that, when South African businesses go into the continent to do business, they must partner with local entities to foster further growth, and similarly, open the local market to African companies.
Meanwhile, during a panel discussion, speakers highlighted that there were considerable opportunities for trade within the AfCFTA, and that implementation must come from governments and players on the continent to make it a reality.
It was also noted that funding processes must be done transparently.
Also, legislation in different industries, that fosters trade, must be pursued.
Lastly, in the midst of the power crisis facing South Africa, it was indicated that there were opportunities for businesses to enter this space, especially given that the sector was now open and diversifying.