Afreximbank name leaders in intra-African trade
Egypt could be a front runner in transforming intra-African trade and boosting innovation and industrialisation on the African continent, the Managing Director of the Intra-African Trade Initiative at the African Export-Import Bank (Afreximbank), Kanayo Awani, has said
Speaking during the opening of a one-day workshop on intra-African trade, organised by Afreximbank, in Cairo, she said despite current low trade figures, opportunities abounded and there were many areas in which Egypt could expand its trade with the rest of Africa.
“With the new significant policy shift toward export promotion, especially within Africa, and capitalizing on regional trade agreements, like the upcoming Continental Free Trade Area, an improved and dedicated shipping line from Sokhna Port to Mombasa, quality and competitive Egyptian products and services, Egypt can transform its trade with Africa and become a major trade partner,” she stated.
Egypt could expand its export trade in textiles, electricity, utilities and construction services, said Ms. Awani, who added that there were opportunities to boost pharmaceuticals exports to Nigeria, and furniture to Kenya, as well as to import beef from Sudan and fruits and vegetables from East Africa.
The Managing Director said that Afreximbank had engaged with Egyptian businesses over the last year in order to address their trade finance needs and to identify the trade facilitation issues they faced as they tried to expand into existing African markets or to enter new ones.
She explained that the Bank decided to organise the workshop in order to respond to some of the concerns that had been expressed by the businesses and to share some of the Bank’s interventions that responded directly to the issues raised.
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