Awambeng: Africa must promote intra-regional trade

In a recent interview at the Intra Africa Trade Fair in Cairo, Rene Awambeng, Director & Global Head, Client Relations of Afreximbank, highlighted the pivotal role that the African Export-Import Bank is playing in pioneering intra-African trade on the African continent. Awambeng emphasized the importance of promoting intra-African trade by organizing trade fairs, establishing a payments platform, and implementing a continental free trade agreement, all in line with the vision of the founding fathers of the African Union in 1963. He noted that the dream of fostering intra-African trade is now becoming a reality, with the African continental free trade arrangements under the auspices of the African Union in place. Afreximbank, in line with the 2063 vision of the Africa they aspire to build, is instrumental in organizing the Intra-African trade conference in Cairo, Egypt. This trade fair serves as a platform that brings together businessmen, exhibitors, and entrepreneurs from across Africa and beyond to facilitate the exchange of goods, services, and ideas. Awambeng emphasized the significance of this gathering in acquiring essential capital goods needed for the industrial transformation of Africa's raw materials, particularly through the establishment of special economic zones and industrial parks across the continent. The African Export-Import Bank's role extends beyond trade financing; they have also developed a Pan-African payments platform and are actively engaged in facilitating policy dialogues and discussions to address the various challenges hindering intra-African trade. Awambeng highlighted the importance of an ecosystem approach, bringing together various stakeholders to harmonize their activities for the collective advancement of trade in Africa. Key Points: 1. Creating an enabling ecosystem: Afreximbank is actively involved in building an ecosystem that supports and promotes intra-African trade, from finance to payments platforms, trade products, and trade guarantees. By fostering partnerships and trade champions, they aim to create a conducive environment for increased trade activities. 2. Infrastructure development: Afreximbank is focusing on infrastructure development in Africa, including railways, industrial parks, seaports, refining capacity, and power projects. These endeavors are aimed at enhancing connectivity, supporting industrialization, and boosting trade within the continent and beyond. 3. Economic growth and job creation: By promoting intra-African trade and the successful implementation of the African continental free trade area, Afreximbank anticipates significant economic growth and job creation in Africa. This, in turn, can help curb migration to other continents by providing employment opportunities, improving livelihoods, and fostering economic development within Africa. One notable quote from the interview encapsulates the ethos of Afreximbank's mission: "At AfriXim Bank, we see ourselves as economic freedom fighters, as the liberators of the African continent. We have to make this first stride." Awambeng's vision for the future entails a robust intra-African trade network, improved infrastructure, and dismantling the borders that have historically impeded Africa's economic progress. In conclusion, Afreximbank's commitment to promoting intra-African trade and driving economic growth in Africa is poised to make a tangible impact on the continent's economic landscape. Through strategic initiatives, partnerships, and a collective vision for a prosperous Africa, they are laying the groundwork for a more integrated and thriving intra-African trade environment.