*IATF2020 to generate over US$40 billion of intra-African trade deals
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The second Intra-African Trade Fair (IATF2020) being organized by the African Export-Import Bank (Afreximbank), the African Union and the government of Rwanda in Kigali from 1 to 7 September 2020 will offer a platform to conclude numerous high-value intra-African trade and investment contracts by showcasing African goods, services and investment opportunities. IATF2020 is expected to see the conclusion of contracts for African trade and investment deals exceeding US$40 billion.
IATF2020 follows the outstanding success of the inaugural Intra-African Trade Fair held in Cairo in December 2018 which resulted in trade and investment deals valued at US$32 billion.
Professor Benedict Oramah, President of Afreximbank, said: “The second Intra-African Trade Fair has found a fitting venue in Kigali, as, over the course of the last two decades, Rwanda’s economic and structural transformation has delivered one of Africa’s economic success stories. The African continent has much to learn from Rwanda’s impressive transformation. Holding the IATF in Kigali will provide the vital spark to kickstart numerous trade and investment deals to the benefit of Africa and Africans across the entire continent.
“Africa is at a pivotal stage in its history. It must grasp the opportunities of the single African market being created by the African Continental Free Trade Agreement. The AfCFTA will be the catalyst generating a massive increase in intra-African trade, transforming our domestic and regional economies and delivering a new era of prosperity throughout Africa.”
Rwanda is implementing seven-year national strategies for transformation and sectoral strategies aimed at attaining middle income country status by 2035 and high-income country status by 2050. Its economic growth averaged 7.5 per cent over the decade to 2018 and per capita GDP grew by 5 per cent annually. It’s growth has been broad-based, with industry growing by over 10 per cent in 2018, construction by 14 per cent, manufacturing by 11 per cent, service sector by 9 per cent and agriculture by 9 per cent.