Malawi showcases at Africa’s largest trade fair
Thirty Malawian companies are among hundreds of exhibitors showcasing their products at Africa’s largest trade and investment fair, the Third Intra-African Trade Fair (IATF2023) which opened in Cairo, Egypt on Thursday.
Malawi Investment and Trade Centre chief executive officer Paul Kwengwere said the trade fair, to run from November 9 to 15 and organised by African Import and Export Bank (Afreximbank), has huge potential to open markets for goods and services from Malawi.
“We are excited to showcase our products and services here and the Malawi pavilion is already attracting a lot of interest,” he said.
Speaking at the start of the fair, IATF2023 chairperson and former Nigeria president Olusegun Obasanjo said intra-African trade holds the key to unlocking the continent’s true potential.
“Intra-African trade would fuel economic growth, foster industrialisation and create job opportunities for people on the continent,” he said.
Obasanjo further said IATF2023 was a platform for networking, collaboration and knowledge sharing beyond being an exhibition of goods and services as it brins together entrepreneurs, investors and policymakers from across Africa and the Diaspora to exchange ideas, forge partnerships and explore new opportunities.
“It is through this spirit of cooperation and collaboration that we will unlock the untapped potential of our continent,” he said.
During a panel discussion on ‘Trading companies as catalysts for improved trade under AfCFTA’, Press Corporation plc chief executive Ronald Mangani spoke on the need for Africa-specific best practices for export trading companies.
The fair seeks to boost trade and investments in Africa’s single market of 1.4 billion people created by the African Continental Free Trade Area (AfCFTA) which has a combined gross domestic product of over $3.5 trillion.
In an earlier interview, Ministry of Trade and Industry Principal Secretary Christina Zakeyu said the AfCFTA has opened vast regional trade opportunities; hence, Malawi needs to be strategic on how best it can exploit the opportunities presented by the IATF 2023.
Meanwhile, Afreximbank has said trade and investment deals valued at $43 billion are expected to be concluded during the trade fair.
President Lazarus Chakwera is expected to join the fair from today.
The fair has attracted over 1 600 exhibitors and 35 000 visitors from across the continent and the world with about 30 Malawian firms expected to showcase their products this week.
The last IATF was held in Durban, South Africa, in 2021 when Malawi came back with over $1 billion worth of investment and export deals.
