Intra-African fair to rake in $40 billion

The second Intra- African Trade Fair scheduled to take place later this year is set to rake in $40 billion in terms of trade and investment deals for the continent.

Malawi is set to participate in the fair.

This was revealed Monday during a road-show that hosted ministerial and high-level government officials, industry players as well as executives from the African Export-Import Bank (Afreximbank).

The trade fair is expected to take place in South Africa and will target players from sectors such as agriculture and agro-processing, consumer goods and finance.

Afreximbank Southern Africa Regional Chief Operating Officer Humphrey Nwugo rated the exhibition as important for the country.

“We, as a bank, realise that part of the challenge to intra-African trade is the fact that people do not know what they can buy from other countries.

“This is a good initiative and avenue for countries to congregate and to identify what others can sell and what they can sell to other countries,” Nwugo said.

Minister of Trade Sosten Gwengwe challenged exhibitors to utilise the opportunity to enhance trade in the region.

“We have a lot of private sector players who want to export more products but financing is always a challenge. We are happy that the Afreximbank has shown commitment and is already investing a lot in the private sector,” Gwengwe said.

The exhibition aims to promote Malawi-Africa trade and investment under the African Continental Free Trade Area (AfCFTA).

Reserve Bank of Malawi Governor Wilson Banda said Malawi needed to utilise such agreements efficiently and ensure that the country is producing and exporting high quality goods.

According to Afreximbank, over 10,000 delegates and 1,100 exhibitors from 55 countries have confirmed their participation in the fair.