The Ministry of Commerce Trade and Industry says Zambia is among the fifty countries expected to participate in the Intra-African Trade fair to be held in Cairo, Egypt this December.
Minister of Commerce Trade and Industry Christopher Yaluma says Intra-African Trade Fair is the first of its kind in Africa and will provide a unique platform for sharing Trade, Investment and Market Information.
Mr. Yaluma says the trade fair will also enable Buyers and Sellers, Investors and Countries to network, discuss and seal business agreements.
He says the Fair will also provide a wider platform for the country to show case other sectors with equally great potential such as Tourism, Agriculture, Energy and Manufacturing among others.
“The importance of the Intra-African Trade Fair can never be over-emphasized because as a Country, we recognize the potential it possesses and its success will leave an indelible foot print,” he said.
The commerce minister has since encouraged the Private Sector to participate at the Intra-African Trade Fair by partnering with Government in order to guarantee the country’s successful exhibition
Mr. Yaluma says the analysis done by the African Export-Import Bank reveals that one of the main reasons Intra-African Trade is low at around fifteen percent compared to Europe which is at about fifteen nine percent and Asia which is at fifty one percent and North America at thirty seven percent is due to lack of access to Trade and Market Information.
He says the other contributor to low intra-African Trade is that most African economies are less diversified, and the pace of industrialization is relatively slow, while the cost of doing business remains relatively high.
Mr. Yaluma says in an effort to address the constraint, Afreximbank and the African Union Commission decided to among other initiatives, convene the Intra-African Trade Fair every two years to provide Trade and Market Informative discussions led by various panel discussions and speakers.
The minister says the initiative taken by Afreximbank and African Union Commission will greatly contribute to the realization of the aspiration of the African Union Vision 2063 and be a catalyst to achieving continental free trade.
He says enhancing Intra-African Trade is the best way to go if Africans are to realize the Africa that is desired.
He adds that this can only be attained, if African Countries collectively adopted the reduction of over-dependence on imported finished products by increasing productive capacity with a focus on exporting to African Markets.
He says there is also need for African countries to Invest more in beneficiation capacity in order to scale down the export of raw materials to Non-African nations who then export beneficiated products back to Africa.
And Zambia’s Intra-African Trade Fair Ambassador Dr. Caleb Fundanga says export business is very crucial for any country that aspires to be prosperous because it offers a market larger than its on population.
The Intra-African Trade Fair is being promoted by African Export-Import Bank in collaboration with the African Union and will be hosted by Egypt
The Fair will be held under the theme “Transforming Africa” from the 11th to 17th December, 2018.