Egypt is set to organise for the 1st round of African Trade Fair from December 8-12, 2018 in participation of 50 African countries, Export Promotion Authority executive director Sherine El-Shorbagy said.
El-Shorbagy told Amwal Al Ghad that The exhibition is the first of its kind in the world, organized by Egypt won after a competition with both Morocco and South Africa, noting that it is scheduled to provide about 40 thousand square meters of African countries that will participate in the exhibition with its products and its most prominent investment.
The IATF 2018 will be an opportunity for the African countries to exchange information, investment opportunities, and market experiences, the minister added.
It will enable investors to strike trade deals that bolster trade exchange among the African states.
The exhibition is considered as the first fruit of The African Continental Free Trade Area (AfCFTA) that has been signed last March.
The African Continental Free Trade Area (AfCFTA) has been signed by 44 African countries.
The AfCFTA has the potential to bring over 1.2bn people together into the same market. The bloc of 55 nations would be the largest in the world by member states.
By reducing barriers to trade, such as removing import duties and non-tariff barriers, African countries hope to boost intra-continental business.
The trade exchange between Egypt and the African countries has recorded about $ 500 million during the first two months of 2018, compared to 360 million and $ 340 thousand in the previous year, with an increase of $ 148.7 million, according to the latest reports received from the Central Agency for Public Mobilization and Statistics.
The report showed that the volume of Egyptian exports to African countries rose to 364.4 million dollars during the months of January and February 2018, compared to $ 242.7 million during the corresponding period of 2017.
For her part, CEO of EDA Sherine El-Shorbagy said that IATF 2018 is projected to embrace more than 1,000 exhibitors and 4,500 buyers who represent 55 African countries.
The fair is also expected to welcome up to 100,000 African visitors and 60,000 local visitors, she noted.
El-Shorbagy highlighted that the IATF will bolster intra-African trade exchange to the target of $3 billion a year in the fields of agricultural products, food industries, construction materials, chemicals, and engineering.