Business
Malawian firms urged to participate at Intra-Africa Trade Fair
August 21, 2021 / Bester Kayaye
Malawi’s private sector needs to exploit the forthcoming 2nd Intra-African Trade Fair (IAFT) which seeks to rationalize inaccessibility of trade opportunities and market information across the continent.
This was observed on Monday, September 20,2021 during IAFT 2021 –Road show conference held at Amaryllis Hotel in Blantyre in preparation for the fair scheduled for November 15 to 21 2021 in Durban, South Africa
Minister of Trade Sosten Gwengwe, who was the guest of honour at the Show, told Mining & Trade Review that industry players should embrace numerous expos the ministry is currently convening in order to scale up trade volumes and increase investment opportunities across multiple platforms.
Gwengwe explained: “One of the key challenges in as far as trade and investment is concerned is financing because we have a lot of private sector entities that really wish to venture or expand their export trade but they are failing to peak due to fiscal constraints.”
“And today we are happy that AfreximBank has shown commitment towards supporting our private sector through various initiatives including conducting the 2nd IAFT preparatory roadshow in Malawi, and I understand some of the delegates will still remain in the country for some days where they are to have bilateral talks with local banking players.”
During the roadshow, it was also highlighted that the 2021 fair is to generate approximate of $40-billion in trade and investment deals involving 55 countries and over 5-thousand conference participants are poised to attend with over 1,100 exhibitors, and 10,000 visitors and buyers.
Promoted by Africa Export-Import Bank (AfreximBank) in collaboration with African Union as well as Africa Continental Free-trade Area (AfCFA), the fair is convened every two years to offer trade and market information, and to provide market linkages between buyers and sellers from across the continent.
Chief Operations Officer for Southern Africa AfreximBank Humphrey Nwogu explained that IATF is an ideal event to enhance trade in Africa as it brings together more professionals under one roof.
Nwogu explained; “In 2021, IATF’s theme will focus on the newly-launched AfCFTA – a single market for goods and services across 55 countries, aimed at boosting trade and investment, IATF Virtual will enable showcasing of goods, services and investment opportunities on an interactive online platform and the IATF Virtual will continue even after the Trade Fair has concluded.”
“As a bank, we realized that the major challenge that exists on the continent is market information on trade opportunities existing in other countries, so we thought this is a good avenue for countries to come together to showcase and identify potential opportunities available in respective countries.”
“We are to convene business to business meetings, government to business meetings, and government to government meetings such that all deliberation will yearn to level trading field for equal trade opportunities.”
Nwogu also emphasized that AfCFTA is an ideal remedy for continental economic recovery due to tradeoffs and other incentives brought by the arrangement.
He said: “Looking at the fact that most countries are recovering from knock-on effects of novel coronavirus (Covid-19) pandemic, AfCFTA is an ideal remedy for post Covid-19 economic development plan across the continent as it promotes trading within the continent and projections are positive,” he said.
“Free trade area arrangement is ideal to benefit all, to cushion countries that may be in deficit during AfCFTA arrangement, AfrixemBank has set up $1 billion Adjustment facility which will enable disadvantaged countries to stabilize in early stages.”
Reserve Bank of Malawi (RBM) Governor, Dr. Wilson Banda, also said podiums such as IAFTA are ideal to strategically position the country for more investment and trading opportunities, but he further urged business entities to advance on quality of produce to attain bargaining ‘power to compete at continental level
“As a country, we are looking at improving trade and such meetings are essential in addressing trade issues. We expect the country to benefit at continental level, but to compete on continental level as government we have been lobbying with private sector to zeal much on quality improvement seconded by quantity, through investing in innovation and modern industrial technologies.”
Group MD for Nico Holdings who is also co-chairman of Public Private Dialogue forum Vizenge Kumwenda concurred with Banda’s sentiments saying local traders should invest more in innovative ideas to be at par with foreign counter-parts on the continent.
“Private sector players should operate beyond local market, as we can no longer trade in isolation, we have to be aggressive enough and embrace the continental community through identifying investment opportunities in foreign countries to expand our boundaries.”
Currently, intra-African trade is only 16% of total African trade
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