Kenya eyes fresh investment deals at Intra-Africa trade fair

Afreximbank Executive Vice President in charge of Finance, Administration and Banking Services, Denys Denya during the IATF 2023 Kenya Roadshow held in Nairobi. [Courtesy]

Kenyan firms will scramble for new multibillion-shillings trade and investment deals at the continent’s largest trade fair to be held in Egypt later this year.

The third session of the Intra-African Trade Fair (IATF) is organised by the Pan African trade bank the African Export-Import Bank (Afreximbank), in collaboration with the African Union Commission (AUC) and the African Continental Free Trade Area (AfCFTA) Secretariat.

According to Afreximbank Executive Vice President in charge of Finance, Administration and Banking Services, Denys Denya, Kenya is set to reap big after directly benefiting trade and investment deals worth Sh37 billion during the previous IATF editions.

“In 2018 out of deals worth $32.4 billion, deals in favour of Kenya amounted to $100 million. Whereas in 2021, deals in favour of Kenya amounted to about $775 million and $162 million are fully implemented,” said Mr Denya on Wednesday in Nairobi during a road show to promote the trade fare.

“The AfCFTA creates opportunities for youth, women, small and medium enterprises as well as large corporates in Africa, that is why it is important for you to come and showcase your capabilities at the Continental Trade Fair and gain new markets and customers.”

The 3rd Intra-African Trade Fair (IATF2023) is expected to attract more than 1,600 exhibitors and more than 35,000 visitors, buyers and conference delegates from all 55 African countries, the Diaspora and the rest of the world; and more than $43 billion in trade and investment deals.

The third Intra-African Trade Fair (IATF2023) will take place from 9 to 15 November 2023 in the Egyptian capital city of Cairo.

The inaugural Intra-African Trade Fair was held in Cairo, Egypt, in 2018.

It was followed by the IATF2021 hosted in Durban, South Africa.

Collectively, the two editions of the Trade Fair brought together more than 2,500 exhibitors from 77 countries and generated over $74 billion in trade and investment deals.

Kenya’s Trade, Investments and Industry Permanent Secretary Alfred K' Ombudo, said the fare was crucial for Kenyan traders as it will provide a unique platform for facilitating trade and investment information exchange in support of increased intra-African trade and investment, especially in the context of implementing the African Continental Free Trade Agreement (AfCFTA).

IATF brings together continental and global players to showcase and exhibit their goods and services and to explore business and investment opportunities in the continent.

It is expected to provides a platform to share trade, investment and market information with stakeholders and allows participants to discuss and identify solutions to the challenges confronting intra-African trade and investment.

In addition to African participants, the Trade Fair is also open to businesses and investors from non-African countries interested in doing business in Africa and in supporting the continent’s transformation through industrialisation and export development.

Meg Whitman: Taxation rates should be increased gradually
Premium Will proposed tax measures sail through Parliament?
Boost for renewable energy as EPRA launches guidelines
Kebs locks out Swiss firm from lucrative tender over graft case