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The much acclaimed African Continental Free Trade Area (AfCFTA) that came into being last year may just have saved Africa from the new unfolding World trade order. Photo/UN
  • The change in patterns of trade triggered by these two major events is now forcing the MNCs to go back to the drawing board.
  • MNCs need to reconfigure their trade routes. They have to re-lobby for assured capital and they have to broker new destinations for their goods.
  • With the changing global trade polarities, the MNCs are rethinking China, and eyeing future giants like Africa. 

The much acclaimed African Continental Free Trade Area (AfCFTA) that came into being last year may just have saved Africa from a new world trade order.

Thanks to the global pandemic and then the Russia-Ukraine war, the plate tectonic of global trade is shifting. The resulting divergence and convergence are squeezing and pulling in different directions.

Multinational Companies (MNCs) have, for the last three decades or more, controlled trade. These international corporations have enjoyed the fruits of globalization more than any other business entity.

They

Support towards Africa’s private sector: Africa Investment Forum

Partners of the  Africa Investment Forum said the increased and decisive investment will be the channel for Africa’s economic recovery post-COVID-19.

The partners expressed their confidence in Africa’s potential to recover from the ongoing crises in the economy and health.

“Africa will come out of this pandemic, tough as it is, and will build better and stronger economies. As partners of the Africa Investment Forum, the premier investment platform for Africa, our gaze must be clear; help Africa reboot its economy,” said African Development Bank President Dr Akinwumi Adesina, during a two-day virtual meeting for Africa Investment Forum founding, institutional and knowledge partners.

During the virtual meeting, the Africa Investment Forum revealed 15 projects under its Unified COVID-19 Response identified across five sectors for priority funding consideration. The five sectors include energy, agriculture and agro-processing, health, ICT and telecoms and industrial and trade.

The 15 deals are from the forum’s …