- Afreximbank has identified intra-African trade as a critical factor for unlocking Africa’s economic potential.
- A conference will run alongside the exhibition and will feature high-profile speakers and panelists addressing topical issues relating to trade, trade finance among other sectors.
In a bid to reiterate its commitment towards promoting the trade agenda in Africa, PAC Capital Limited ‘PAC Capital’ (PACCapitalLtd.com), a member of PanAfrican Capital Holdings Group, has concluded plans to sponsor the 2021 Intra-African Trade Fair (IATF) event organized by African Export-Import Bank (Afreximbank).
The company said the sponsorship draws from the continent’s renewed drive to promote its Trade Sector.
According to the organizers, the hybrid event, which will hold from 15-21 November 2021 at Durban in South Africa promises to focus on the newly-launched African Continental Free Trade Area (AfCFTA) – a single market for goods and services across 55 countries, aimed at boosting trade and investment.
IATF is an initiative that supports the implementation of the AfCFTA. It is organized by Afreximbank in collaboration with the African Union, marking an important step to sustainably address the gap in trade and market information for the successful realization of the AfCFTA objectives.
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The African Continental Free Trade Area (the “AfCFTA”) has continued to generate discussions following the commencement of trading under the new economic bloc. The Agreement was signed on 21 March 2018 at the Extra-Ordinary Summit of the African Union held in Kigali Rwanda and came into force on 30 May 2019 after the Gambia became the 22nd State to ratify it.
Afreximbank has identified intra-African trade as a critical factor for unlocking Africa’s economic potential.
PAC Capital said the sponsorship underscores its commitment to help drive borderless capital solutions for sustainable growth and development through trade in the African economy.
Humphrey Oriakhi, Managing Director, PAC Capital Limited, said, “PAC Capital is deeply committed to contributing its quota to the enhancement of cross-border trade and market information because we believe it is pivotal to the continent’s economic growth and advancement.”
According to the organizers, “Although the share of intra-African trade as a percentage of total African trade has increased from 10% in 1995 to around 16% currently, it remains low compared to the levels in Europe (59%), Asia (51%), and North America (37%).” Committed to transforming Africa, Afreximbank launched the biennial intra-African Trade Fair in 2018 as a unique platform to connect African buyers, sellers, and investors.
PAC Capital Limited assures of its unwavering support towards promoting trade activities in Africa through innovative initiatives as well as its bouquet of finance-tailored products that cater to its clients’ various transactional, capital raising, equity, and debt finance needs, amongst others.
The AfCFTA has been lauded as a game-changer and ambitious project capable of lifting over 30 million people out of poverty on the continent, through trade liberalization and economic integration in line with the Pan African Vision (Agenda 2063) of an integrated, prosperous, and peaceful Africa.
Intra-African Trade Fair (IATF2021)
Organized by the African Export-Import Bank (Afreximbank) in collaboration with the African Union (AU) and the African Continental Free Trade Area (AfCFTA) Secretariat, the second Intra-African Trade Fair (IATF2021) will take place in Durban from 15 to 21 November 2021.
IATF2021 provides a platform to promote trade under the AfCFTA. It will bring together continental and global buyers and sellers and will enable stakeholders to share trade, investment, and market information as well as trade finance and trade facilitation solutions designed to support intra-African trade and the economic integration of the continent.
In addition to establishing business-to-business and business-to-government exchange platforms for business deals and advisory services, IATF2021 also operates IATF2021 Virtual, an interactive online platform that replicates the physical event.
IATF2021 will also focus on Africa’s creative economy as well as the automotive industry with dedicated programmes.
A conference will run alongside the exhibition and will feature high-profile speakers and panelists addressing topical issues relating to trade, trade finance, payments, trade facilitation, trade-enabling infrastructure, trade standards, industrialization, regional value chains, and investment.