DURBAN - FORMER Nigerian president and chairperson of the Intra-African Trade Fair 2021 Advisory Council, Chief Olusegun Obasanjo, is one of many African dignitaries expected to share their ideas during the one-week conference on how to increase trade in Africa.
The Intra-African Trade Fair (IATF) at the Inkosi Albert Luthuli International Convention Centre (Durban ICC) is expected to host participants from more than 55 African countries. Discussions will focus on how to increase favourable trade in the region.
KwaZulu-Natal Premier Sihle Zikalala expressed confidence of a successful hosting of the IATF2021, which is the continent’s leading trade fair.
The fair is expected to yield massive economic spinoffs for the province and the country. It is projected that the hosting of the IATF2021 will result in a total direct spend of R235 million, a contribution of R580 million to the GDP and 1 200 jobs.
Hosted by the Afrexim Bank in collaboration with the AU and the African Continental Free Trade Agreement (AfCFTA) Secretariat, the trade fair is expected to attract about 10 000 buyers and sellers, 1 100 exhibitors, and is expected to result in $40 billion (R612.5bn) in trade deals.
“This trade fair will serve as a unique platform for facilitating trade and investment information exchange in support of increased Intra-African trade.
“Therefore, it paves the way for the effective implementation of the African Continental Free Trade Agreement (AfCFTA),” Zikalala said.
“The hosting of this event also augurs well for our Economic Recovery and Reconstruction Plan. Not only will the successful hosting of the IATF2021 reaffirm KwaZulu-Natal as the destination of choice for tourism, trade and investment, but it will also serve as a strategic platform to accelerate the reconstruction and transformation of the KZN economy,” Zikalala said.
THE MERCURY