Browsing: GBF Africa 2021

A port. The Dubai Chamber’s ‘Why Africa?’ initiative is focusing on East Africa and explores key economic indicators and their analyses in the continent. www.theexchange.africa

The report notes that figures reveal that the region’s share of Dubai total trade grew considerably over the years. In 2020, it was the emirate’s third-largest trading partner in Africa, with total trade value hitting US$12.2bn. This was a 24.4 per cent share of Dubai’s trade with Africa.

East Africa’s trade with Dubai is relatively balanced.

Imports accounted for 43 per cent of trade activity, while re-exports and exports made up 42 per cent and 15 per cent in 2015-2020. Imports grew 22 per cent in the same period, while exports grew 15 per cent, and re-exports 3 per cent. 

“This is in contrast to what we see in Africa, where technology is seen as more developmental than disruptive. It allows new players to enter into the market – a market that is often uncharted.”
Lacina Koné spoke about Smart Africa’s vision to transform Africa into a single digital market by 2030. “The strategy consists of five main points: putting ICT at the heart of national development plans; improving access to ICT especially for banks; ensuring transparency, accountability, and openness through ICT; putting the private sector first in the ecosystem; and using ICT to promote sustainable development,” he said.
“Looking at the registered mobile money market share, Africa owns 50 per cent, we also own 70 per cent of mobile money transactions globally. Africa by nature is a mobile continent and we are leading the world in that sector,” Koné added.

Speaking during a session titled The Evolution of Global Trade, at the ongoing Global Business Forum Africa 2021 in Dubai, Bin Sulayem highlighted the need to accelerate procedures for economic integration between the African states taking part in the African Continental Free Trade Area (AfCFTA), as well as obstacles hindering its success.

He reiterated the importance of establishing comprehensive economic partnerships and benefit from Dubai’s leading position a strategic trade hub connecting Africa and the region.