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Mnangagwa set for Intra African Trade Fair

by Staff reporter
15 Nov 2021 at 05:20hrs | Views
PRESIDENT Mnangagwa is today expected to join other African Heads of State in Durban, South Africa at the opening session of the Intra African Trade Fair (IATF 2021), which seeks to boost the volume of trade among African countries.

Running from today until November 21, IATF 2021 will provide a valuable opportunity to sell the "Zimbabwe is Open for Business" initiative to the continent's top investors under the auspices of the African Continental Free Trade Area (AfCFTA).

This year's IATF is organised by the African Export-Import Bank (Afreximbank) in collaboration with the African Union (AU), the AfCFTA secretariat and South Africa's government.

In a statement, Afreximbank said deals worth up to US$40 billion will be concluded at the mega event.

"IATF 2021 is expected to attract over 10 000 attendees from across Africa with US$40 billion of trade and investment deals set to be concluded at the event, meaning the conference offers unrivalled business and commercial networking opportunities and will boost intra-African trade and investment," said the continental financial house.

"Attendees will be able to see 1 100 exhibitors showcasing their goods and services, while business-to-business and business-to-government exchanges provide opportunities for further deals, business matchmaking and networking."

African countries brokered deals worth US$32 billion at the inaugural IATF summit held in Cairo, Egypt in 2018.

At this year's IATF, Zimbabwe is expected to profile and market locally-produced goods and services, present its vast investment opportunities and build lasting networks with the continent's top investors.

The IATF is a fulfilment of the goals of the continent's new baby, AfCFTA, which was created in 2018, with trade commencing on January 1, 2021 under the endeavour to create a single market for goods and services across the continent's 55 countries for increasing trade and investment.

AfCFTA presents the continent's companies and entrepreneurs with a platform to access an integrated African market of over 1,2 billion people with a Gross Domestic Product of over US$2,5 trillion.

Last month, AfCFTA secretary-general Mr Wamkele Mene visited Zimbabwe and met President Mnangagwa, Government officials and key stakeholders from the private sector to discuss opportunities that await Zimbabwe on the largest free trade area in the world.

Zimbabwe ratified the AfCFTA agreement on May 24, 2019, becoming one of the earliest nations to embrace the deal.

Source - The Herald