19 April 2024 11:23 AM

President El-Sisi inaugurates Intra-African Trade Fair 2023

Monday، 13 November 2023 - 02:02 PM

Egypt’s President Abdel Fattah El-Sisi participated on Monday, 13 November, 2023 in the inauguration of the 3rd edition of the Intra-African Trade Fair (IATF2023) in Cairo.
Prime Minister Mostafa Madbouli, Minister of Trade and Industry Ahmed Samir, along with number of the cabinet ministers welcomed the president upon his arrival at Al Manara International Conference Center, New Cairo.
The IATF2023 is organized by the African Export-Import Bank (Afreximbank) in collaboration with the African Union (AU) and the Africa Continental Free Trade Area (AFCFTA) Secretariat.
The IATF2023 comes under the theme: “The AfCFTA Marketplace”. The IATF2023 provides a platform for businesses to access an integrated African market of over 1.3 billion people with a GDP of over $3.5 trillion created under the African Continental Free Trade Area, according to the African Union.
“At IATF 2023, $43 billion worth of trade and investment deals are expected to close. The fair will attract 75 participating countries, 1600 business exhibitors, entrepreneurs, investors, financiers, and 35,000 buyers and visitors,” the African Development Bank (AfDB) stated.

The activities of the third edition of the African Intra-African Trade Fair (IATF 2023) began with the playing of the national anthem of the Arab Republic of Egypt and the anthem of the African Union.

Trade and Industry Minister Ahmed Samir delivered an address in which he hailed the president’s attendance at the conference which is hosted by Egypt for the second time.

He thanked the African Export–Import Bank, African Union Commission and African Continental Free Trade Area (AfCFTA) for organizing the event in collaboration with the Ministry of Trade and Industry.

He asserted the necessity of boosting co-operation among African countries alongside finding unconventional ways to enhance their local economies, in order to overcome challenges facing them through regional partnerships.

In this respect, he said that the fair offers an important opportunity for boosting chances of trade and investment among African countries.

He reviewed ways of promoting intra-African trade and vistas of joint cooperation between Egypt and countries of the continent.

He said that while the African countries were still reeling from the repercussions of the coronavirus, the Russian-Ukrainian crisis erupted with its ramifications on Egypt as well as other African countries.

He added that the unfolding political events in the region have negatively impacted region’s economies, noting that such a matter necessitates boosting cooperation among partners and opting for unconventional solutions, with a view to pushing forward African domestic economies and overcoming current challenges.

A documentary was screened about treasures of Africa including agriculture, trade and workers.

The documentary highlighted Egypt’s hosting of this edition of the fair to tap more vistas of investment in order to set the stage for Egyptian exports into African markets.

President Abdel Fattah El Sisi inspected the Intra-African Trade Fair (IATF2023) in Al Manara International Conference Center in New Cairo.

The fair, in its third edition, is held in collaboration with the African Export-Import Bank (Afreximbank) and the African Union Commission and African Continental Free Trade Area (AfCFTA) Secretariat.

During the tour, El-Sisi listened to a detailed explanation about the pavilion of Afreximbank.

Head of Trade and Finance Sector in Afreximbank Ayman el Zoghby said the volume of the bank’s finance to Egypt, since its establishment in 1994 hit nearly 28 billion dollars.

He added that the current fair saw the signing of deals with Egyptian companies at about three billion dollars.

El-Sisi voiced his appreciation for efforts of Afreximbank in the country.

The president was also posted on the Nigerian pavilion, which includes more than 80 exhibitors from Nigeria.

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