The second Intra-African Trade Fair (IATF2020) scheduled to take place in Kigali, Rwanda from Septem1 to 7th 2020 will target the execution of Intra-African trade deals worth more than $40 billion, President of the African Export-Import Bank (Afreximbank), Prof. Benedict Oramah announced on Wednesday. Prof. Oramah was speaking in Kigali at the signing of the hosting agreement for IATF2020 by the Government of Rwanda, Afreximbank and the African Union. Minister of Trade and Industry of Rwanda, Soraya Hakuziyaremye signed for the Government while Prof. Oramah signed for Afreximbank and Amb. Albert Muchanga, Commissioner for Trade and Industry of the African Union, signed for the organisation during the ceremony held at the Transform Africa Summit taking place in Kigali Oramah said that for IATF2020, which is being organized by Afreximbank in collaboration with the African Union and hosted by Rwanda, the partners had set themselves the ambitious target of attracting more than 1,000 exhibitors and hosting over 10,000 buyers and conference participants from over 50 countries. According to him, the trade fair will build on the tremendous progress made in the first Intra-African Trade Fair held in Cairo in 2018 to achieve more far-reaching results in terms of impact in promoting Intra-African trade. Oramah who noted that “52 countries have signed the AfCFTA and 22 have ratified it, paving the way for the agreement to enter into force”, said that IAATF2020 would include an IATF Trade and Investment Forum which will look at the practical challenges affecting AfCFTA implementation and provide solutions on...

With Africa’s digital economy taking off exponentially, the continent must ready itself to maximize the potential dividends of the Continental Free Trade Area agreement, panel members told a packed auditorium in Kigali at the opening of Transform Africa Summit 2019 on Tuesday. Key to this effort will be connectivity, data and digitization and innovation among others, conference attendees heard. “Africa can achieve a digital single market...It is a journey and we need to break it up into doable bits, “African Development Bank Vice-president, Private Sector, Infrastructure and Industrialization Pierre Guislain, said, adding that the European Union had demonstrated that it could be achieved. Other members of the panel Lacina Kone, Director General / CEO of Smart Africa, the conference organizers, Fatoumata Ba, CEO Janngo, Nic Rudnick, CEO Liquid Telecom Group and Elsie Kanza, Head of Africa, World Economic Forum, shared similar sentiments. This year’s summit which is themed Boosting Africa’s Digital Economy, aims to showcase success stories in the African digital economy and promote homegrown businesses, innovations, solutions and partnerships. In a special intervention from the audience, World Bank Digital Director Dr. Boutheina Guermazi said: “ICT and digital literacy is not a luxury. It is an integral part of how we view development,” adding that the foundations of the digital economy - connectivity, data and voice, would depend on a fully integrated digital infrastructure. With the ratification of the Africa Continental Free Trade Area, the possibility of new markets offer tantalizing new avenues for tech start-ups and e-businesses and a combined GDP of...

President Paul Kagame has challenged African countries to think about issues that make hike the cost of services in Africa while also allowing the rest of the world to inspect the continent. The issues have a lot to see with lack of opening up to each other among the African countries. At Transform Africa summit taking place in Kigali, Kagame was on a panel of discussion alongside his Kenyan counterpart Uhuru Kenyatta and Malian Ibrahim Boubacar Keita. He said that in this era of digital economy, Africa has been remaining behind, which should not be an option, and, at a time the continent is talking about transformation, it is high time for Africa “to build the necessary infrastructure and skills in Africa.” This infrastructure however, should go hand in hand with an idea of African togetherness. “Collaboration is the only way for us to navigate successfully, through the complex global dynamics we have to face,” Kagame said. On this collaboration and opening up to each other, Kagame brought out a case of airspace in Africa whereby countries fail to break barriers, at the expense of the passengers. “When flying from Rwanda, why would we have to go through Poland, Brussels to make it to Bamako? One must keep asking themselves the rationale,” Kagame said adding, that it can make sense of from Kigali, someone makes a stopover in Nairobi before transiting to Bamako, but going all that far is too much. It is the same thing with telecommunication. Earlier in...

The Common Market for Eastern and Southern Africa has launched an online seed label verification system which will see all local seed in member states countries sell those branded with the trading bloc’s logo, in order to shield farmers from fake and uncertified products that had flooded the market. The launch, through the Alliance for Commodity Trade in Eastern and Southern Africa Seed Programme, also scored another first by introducing Comesa Regional Certificates to be issued by national seed authorities. This is also expected to boost seed trade in the 21 countries. Speaking at the Comesa Secretariat, the pedigree global strategy director, Selorm Branttie said the seed labels and certificates will promote the use of genuine seed and eventual elimination of fake seed from circulation. “This is the first time that seed certificates and verification will be done electronically, and the farmer will be able to trace the source of the seed and authenticity of the seed without difficulty,’’ Mr Branttie added. During the two-day training for seed companies on ordering, use and trading using the Comesa seed labels and certificates Mr Branttie emphasised need to eliminate the trade and use of fake seed saying it has greatly contributed to the poor performance of 80 million smallholder farmers and food insecurity in the Comesa region. According to the statement, the online seed verification system is a region wide initiative to harmonise trade in certified seed by having one common label and certification system where for every seed package that will...

East Africa’s apex body representing businesses in the bloc EABC,have co-organised a dialogue seeking to create business synergies in various sectors while showcasing the EAC as an ideal business destination for trade and investment. The dialogue dubbed the East African Community-German Business and Investment Expert Dialogue which was also organized by the German-African Business Association at the EAC Headquarters in Arusha, Tanzania. The Executive Director of the East African Business Council, Mr Peter Mathuki said it is with no doubt that if all Non-Tariff Barriers (NTBs) hindering trade within the  EAC Common Market  are removed, the domestic demand and market of over 150 million people from the six EAC partner states will attract  investments from Germany and all over the world as it will be more economically viable for all Investors to invest in the EAC. In his remarks read by EABC Manager Policy and Standards, Mr. Lamech Wesonga, Mathuki said EABC  will continue to ensure that the agenda of the Private Sector is well articulated and received by the policymakers in order to promote a business environment conducive to business formation, growth, expansion. Addressing the forum on behalf of the EAC Secretary General, Amb Liberat Mfumukeko, the Deputy Secretary General in charge of Productive and Social Sectors, Hon. Christophe Bazivamo, said the draft EAC Investment Policy which is currently under consideration by the Council of Ministers, envisages a transformed upper middle-income EAC that is a competitive common investment area with a more liberal, predictable and transparent investment environment. Mr...

Africa is expecting to raise $40 billion in trade and investment deals at the Intra-African Trade Fair (IATF) scheduled to take place in Kigali from 1-7 September, 2020. A similar event in Cairo, Egypt, in 2018 successfully raised $32 billion, positively encouraging organizers that more can be mobilized from the forthcoming event in Rwanda. Speaking at the launch of preparations for the event, Rwanda’s Trade Minister, Soraya Hakuziyaremye said experience from Egypt will facilitate Rwanda to create better experiences for participants while in Kigali. The launch was held on the sidelines of the ongoing Transform Africa Summit that ends on Thursday, May 17. The IATF2020 will be organized by Rwanda in collaboration with the African Export-Import Bank (Afreximbank) and the African Union. The event will provide a unique and valuable platform for businesses to access an integrated African market of over 1.2 billion people with a GDP of over $2.5 trillion created under the African Continental Free Trade Area. More than 5000 participants and 1000 exhibitors are expected to attend from 55 countries. The event will consist of an exhibition, trade and investment forum, virtual trade fair and creative African experience. There will also be a conference featuring leading African and international speakers and a variety of sessions dealing with African trade and investment. Business-to-Business and government-to-business opportunities for matching and exchanges will be held to facilitate striking trade and investment deals in nearly all sectors ranging from ICT, mining, agriculture, automotive, manufacturing and many more. Minister Hakuziyaremye called upon...

For sure, the signing of the Kigali Declaration on African Continental Free Trade Area (AfCFTA) in March 2018 by African heads of state and government marked a significant shift in expectations by Africa’s business community, among others, for Africa’s future economic growth and development. The declaration introduced the enhanced intra-African trade, achievable through AfCFTA as the sure way of achieving the much elusive sustainable economic development, employment creation in member states and most importantly, reversing the declining economic growth and development trend in the continent. Indeed, over the past 15 or so years, most countries in Africa experienced have sustained economic growth, with the rates often exceeding five percent a year. Between 2000 and 2010, the continent achieved average real annual GDP growth of 5.4 percent, adding $78 billion annually to the GDP (2015 prices). This growth indeed inspired optimism around and about the continent’s socio-economic prospects and in its ability to deliver better socio-economic welfare gains to the people. However, this was not the case. Between the years 2010-2015, Africa’s economic growth slowed down. Growth dropped to an average of 3.4 percent per year thus sending shockwaves through leadership of Africa and the entire business community. Despite this decline in the performance of the mentioned economies, the rest of Africa economies were able to maintain stable growth rates in general. Nonetheless, African economies amid many internal and external shocks have been resilient. According to the World Bank Review (2018), growth in sub-Saharan Africa is estimated at 2.3 percent for...

The East African Community (EAC) summons for extended support from Canada, one of the leading development partners to Africa. The community is specifically pressing for assistance in the infrastructure and trade sectors to help it gain its intergrated agenda. Mr. Liberat Mfumukeko, the secretary general said, "There is an urgent need to upscale the EAC-Canada relations as well as Canada's support". He made the call when he met the Canadian High Commissioner to Tanzania, Ms Pamela O'Donnell, who is aslo accredited to the EAC. The Envoy was briefed, during the meeting at the community headquarters, on the latest milestones recorded in the four intergration pillars. They aslo conferred on Canada's support to the African Continental Free Trade Area (AfCFTA) and the Burundi peace process. The meeting stressed the need for the two sides to deepen cooperatin to speed up the EAC regional intergration initiatives through speedy implementation of projects. Ms O'donnell reaffirmed her country's commitment to support the EAC, saying regional economic groupings were key in boosting regional and international trade. Canada joined a host of donor countries with full diplomatic representation at the Arusha-based EAC in 2017. When Ms O'Donnell predecessor presented his credentials, the two sides stressed cooperation in trade, agro-processing and investment. Although it trails, the European Union, Germany and the United States, Canada has featured in investment flows in gas, oil and minerals projects to EA. One of them is the Canadian-supported five year project aimed to push for law reforms in the oil and gas...

The African Continental Free Trade Area (AfCFTA) isn’t simply a ‘Free Trade Agreement’; it’s about establishing a unified continental market with 1.2 billion potential customers and where the private sector is a major engine to make it happen. This was the tone from the discussions of the meeting held on 25 April 2019 in Arusha about how the East African Private sector including Small and Medium Enterprises (SMEs) could benefit from the AfCFTA. The one-day meeting, organized jointly between the East African Business Council (EABC) and the UN Economic Commission for Africa (ECA), convened close to 40 key players from the region’s private sector. The office for Eastern Africa of ECA estimates large potential gains from the AfCFTA, including an increase in intra-African exports of Eastern Africa by nearly US$ 1 billion and job creation of 0.5 to 1.9 million. “Together African economies have a collective GDP of 2.5 trillion USD, making it the 8th largest economy in the world. That makes the continent much more attractive to investment, both from within and from outside the continent,” said Andrew Mold, Acting Director of ECA in Eastern Africa. “This should encourage business people to take advantage of AfCFTA and make the investments necessary to sustain economic growth and create employment”. Nick Nesbitt, Chairman of EABC, emphasized the importance of the continent having a clear vision to put an end to the fragmentation of the internal market. “I really applaud everybody who has involved in creating the AfCFTA because their vision is the...

It’s a great privilege to be here and above all a great privilege to have the opportunity for the last hour and a half to meet some of you and to learn from you. I think if there’s one theme that is central to the way that Britain thinks about itself in the world in the future, it’s the theme of humility, the theme of listening to other people, learning from people, working with other people. And I think this is particularly true when we come to probably one of the most difficult intractable and exciting problems in the world, which is the question of unlocking the potential of the African economies. When we talk about economies in Africa – and many of you will have been to these conferences all the time – there is a very strange sense that you lurch from an incredibly optimistic positive vision of where Africa’s going, to suddenly going to the absolute opposite of people being very, very gloomy. And I don’t want to repeat the cycle, but clearly in that tension between these two principles, between the incredible potential of Africa and people’s sense of frustrations, is something there in the centre of this problem which needs to be unlocked. And part of that problem is the question of how you unlock finance and how you unlock money in the centre of those economies. The big picture I don’t want to bore you with because you have heard these ten thousand times...