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Intra-African Trade Fair is expected to bring a lot of economic opportunities, says Sihle Zikalala

KWAZULU-NATAL Premier Sihle Zikalala. Motshwari Mofokeng African News Agency (ANA) File

KWAZULU-NATAL Premier Sihle Zikalala. Motshwari Mofokeng African News Agency (ANA) File

Published Nov 9, 2021

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DURBAN - KwaZulu-Natal premier Sihle Zikalala announced that the Intra-African Trade Fair, to be held in Durban, is expected to create numerous economic opportunities.

The fair is coming to Durban and is set to start on Monday, November 15, 2021.

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According to the IATF website, the trade fair is the key event boosting trade in Africa. No other event brings together more professionals under one roof.

In 2021, it said, the I ATF's theme will focus on the newly-launched African Continental Free Trade Area (AfCFTA) – a single market for goods and services across 55 countries, aimed at boosting trade and investment.

Zikalala said: “KwaZulu-Natal is excited and ready to host the 2021 Intra-African Trade Fair, which will be held in Durban from the 15th to the 21st of November 2021."

Hosted by the AfreximBank in collaboration with the African Union and the African Continental Free Trade Agreement (AfCFTA) Secretariat, the trade fair is expected to yield massive economic spin-offs for KwaZulu-Natal and the country as a whole.

“It will also attract high-level delegations, including heads of state from the continent. We estimate that the IATF 2021 will attract 10 000 buyers and sellers, 1100 exhibitors and will result in $40 billion (about R600 billion) in trade deals," said Zikalala.

He said the hosting of this event also augurs well for our Economic Recovery and Reconstruction Plan.

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The calculated economic impact of hosting the event is expected to be as follows:

Total direct spend – R235 million, Contribution to the GDP – R580 million, Annualised employment contribution – 1200

“Thus we invite you the media to report on this event so that the IATF 2021,” he said.

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THE MERCURY

Related Topics:

KwaZulu-Natal

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