Surpasses $40bn pre-set target; 29.14% over 2018
Nigeria, Algeria, S/Africa TPAs tally make up data
African Export-Import Bank (Afreximbank), African Union (AU) and African Continental Free Trade Area (AfCFTA) secretariat, organisers of the second Intra-African Trade Fair (IATF 2021) said the fair generated a record setting $42.1 billion in trade and trade-related investment deals, quoting the tally released by the IATF advisory council. The fair took place from 15 to 21 November in Durban, KwaZulu-Natal, South Africa.
The latest figures captured additional data submitted by trade promotion agencies of Algeria, Nigeria and South Africa.
According to the organisers, IATF 2021 saw $42.1 billion worth of trade and investment deals agreed during the event.
The record value of trade and investment deals was the outcome of more than 500 business deals concluded during the 7-day programme of business-to-business, business-to-government and government-to-government exchanges, exhibitions, trade and investment conference sessions, as well as other verticals, such as the creative Africa nexus (CANEX) programme, IATF automotive show (IAS) and the African Union’s youth start-up programme (AU-YSP).
The fair surpassed its pre-set target of $40 billion in trade and investment deals, and went well beyond the $32 billion in transactions closed at the first edition in Cairo, Egypt in 2018. This showed a 29.14 percent increase over what was realised at the premier edition.
The expected number of participants and exhibitors were also exceeded. Against a target of 1,100 exhibitors, the fair saw 1,161 exhibitors showcase their goods and services. Over 30,000 participants 11,828 of which were in person attended; whereas the organisers aimed for about 10,000 participants.
According to Olusegun Obasanjo, chairman of IATF 2021 advisory council and former Nigerian president, the outstanding performance was commendable depicting the tenacity of the organisers and the host country.
“Despite the uncertain environment arising from the Covid-19 pandemic situation, IATF 2021 attracted exhibitors from 59 countries, of which 46 were African countries. Buyers, sellers and investors came physically and virtually from across Africa and beyond to connect and exchange trade, investment and market information.
Commenting on the results, Benedict Oramah, president and chairman of the board of directors of Afreximbank, said the success of IATF 2021 was proof that intra-African trade was taking root under the platform of the AfCFTA.
“The $42.1 billion in trade and investment deals that were generated reflected the record participation, a well-thought-out platform, diversity and depth of goods and services showcased and a rich programme,” said Oramah.