BRIDGETOWN, Barbados, CMC – The African Export-Import Financial institution (Afreximbank) says it hopes Caribbean companies will grasp the alternatives being introduced on the commerce festivals it is going to host in Grenada and Algeria this 12 months.
“And what meaning is that opens up alternatives for the Caribbean as nicely as a result of small producers or medium-sized producers inside the area will now have entry to a big market, leveraging on the AFCFTA (African Continental Free Commerce Space) to create entry to a brand new market, which is greater and extra sustainable,” stated the performing Chief Working Officer on the Barbados-based Caribbean Workplace of Afreximbank, Okechukwu Ihejirika.
“Our conventional buying and selling companions are developing with measures which can be aimed toward proscribing commerce between us and them, however meaning we now additionally must create a long-lasting partnership amongst ourselves that’s going to be sustainable,” he advised the Caribbean Media Company (CMC).
Afreximbank will maintain the fourth AfriCaribbean Commerce and Funding Discussion board (ACTIF2025) in St. George’s from July 28 to 29, with Algiers internet hosting the fourth Intra-African Commerce Truthful (IATF2025) from September 4.
Ihejirika advised CMC that each occasions are wonderful alternatives to deepen commerce between Africa and the Caribbean, saying, “We’ve moved from referring to Africa because the geographic continent Africa as we all know it right now.
“Now we all know the idea of world Africa has been launched,” he stated, noting that Afreximbank opened its Barbados workplace, the primary outdoors of the continent, in 2023 and has been pushing the idea of International Africa.
The IATF was first mooted within the Seventies as a platform to facilitate extra commerce between African nations, but it surely solely gained traction in 2018 when Afreximbank reviewed it following the institution of the financial institution’s intra-African commerce Initiative to help and develop commerce potentialities in Africa.
On the time, 5 to seven % of the commerce in Africa was amongst nations on the continent, and Afreximbank got down to improve it to about 20-25 % within the first occasion.
Ihejirika said that the first motive for the low ranges of commerce was a lack of awareness, noting, for instance, that businesspeople in neighboring nations, akin to Nigeria and Ghana, have been extra conversant in Chinese language merchandise than with one another, regardless of their merchandise being extra reasonably priced.
He stated this meant {that a} platform was wanted to handle this dearth of data, therefore the IATF, which is held biannually.
“… we’ve had persistently over 40,000 individuals visiting the truthful, which reveals an unlimited turnout, and we’ve had exhibitors ranging over 1,500 exhibitors from totally different nations in Africa,” Ihejirika advised CMC.
This 12 months, the financial institution expects comparable numbers, with over 2,000 exhibitors from greater than 100 nations.
Ihejirika said that the IATF creates alternatives for African companies to have interaction with the worldwide group, offering avenues for business-to-business and business-to-government interactions.
There are additionally alternatives for people to showcase what is exclusive to their nation, in addition to for cultural exchanges.
He stated with the African Union’s formal recognition of the diaspora because the sixth area of the continent, Afreximbank wanted to work hand in hand to foster the ties and the bonds between Africa and the Caribbean.
Efforts are being made to place collectively an Africa-Caribbean enterprise discussion board, “which may also foster this explicit concept behind making a vibrant Africa-Caribbean relationship.
“But in addition necessary to notice is that the financial institution is main from the entrance as regards to ensuring that this initiative sees the sunshine of the day,” he stated, including that in organising the Caribbean workplace, Afreximbank was displaying that it believes strongly within the International African idea.
“And we need to see extra commerce occur between Africa and the Caribbean,” he stated, including that the Worldwide Commerce Centre (ITC) says that commerce between Africa and the Caribbean now stands at lower than US$700 million.
“That’s abysmally low and must be labored on now,” Ihejirika stated, including that ITC initiatives that commerce could possibly be elevated to US$1.8 billion by 2028.
“And it’s our intention, not simply making 1.8 billion, however to develop it much more in order that in right now’s period the place we see geopolitical points crop up from from time to time, we now must create a bond between ourselves, which is a really sustainable one, which may also help us create resilience, particularly in occasions of hassle, by way of points,” Ihejirika advised CMC.
He stated that having the Caribbean on board is important for the success of the IATF.
“And we imagine, with the launching of the Africa Continental Free Commerce Space settlement in 2018 that created a 1.4 billion individuals’s market, 1.4 individuals market, which is the largest globally. I imply, there’s no different free commerce space that may examine to that.
By collaborating in IATF, the Caribbean can discover the alternatives out there in Africa and forge lasting partnerships between the 2 areas.
“… we’ve seen this occur skeletally up to now,” Ihejirika stated, including that the Trinidad and Tobago-based Republic Financial institution has arrange a department in Ghana, “which was very, very encouraging to see that daring initiative.
“We’ve additionally seen a Nigerian firm being introduced to take over the working of a refinery in Trinidad and Tobago,” Ihejirika stated, including that Afreximbank wish to see much more comparable initiatives.
Ihejirika emphasised that Afreximbank is able to add monetary power and muscle to the efforts at deepening commerce, including that finance is important to creating business-to-business initiatives profitable.
“And to a big extent, this has additionally been one of many points which can be working towards the Africa, Caribbean relationship. So we additionally need to present financing as a lot as attainable to verify we facilitate this and make it see the sunshine of the day.”
Ihejirika famous that ACTIF was conceived after the AU-CARICOM summit in 2021 and was designed to deliver enterprise individuals from Africa and the Caribbean collectively “to speak about nothing however enterprise and the way they will work collectively.”
ACTIF was first held in Barbados, then moved to Guyana, and is happening in St. George’s this 12 months.
He stated that many African businesspeople who attended the primary discussion board in Bridgetown later returned to discover the tourism potential.
“… this wouldn’t have been attainable if we hadn’t created an occasion of this nature. That’s an instance.”
In Guyana, over 1,700 attendees attended, just like the quantity in Barbados, with a number of offers being signed.
The third version of ACTIF was twinned with Afreximbank’s annual conferences in The Bahamas in 2023 and noticed virtually 4,000 individuals attending.
“… and it opened up lots of people’s eyes to what profit exists if Caribbean and Africa commerce collectively,” Ihejirika advised CMC, including that lots of the individuals who attended have pursued initiatives on their very own.
As an illustration, in March, a Nigerian consulting outfit that attended the Bahamas occasion held an funding discussion board in Abuja, specializing in investments in St. Kitts and Nevis.
Prime Minister of St. Kitts and Nevis, Dr. Terrance Drew, and the Nevis Premier, Mark Brantley, attended the occasion, which drew lots of participation from Africa, Ihejirika stated, including that this was “proof to point out that the messaging is resonating is bearing fruit.
“I additionally do know that lots of partnerships have been fashioned. Firms are discussing with their companions in Guyana to see how they will associate,” he stated, noting that Nigeria is an oil-rich nation with expertise in oil exploration.
“And firms are additionally experiencing that house. We see lots of connectivity now occurring with them, additionally making an attempt to see how they will foster partnerships, like in nations which have new oil discoveries like Guyana and Suriname,” Ihejirika advised CMC.
“And these are all issues that wouldn’t have been attainable if not as a result of we’ve got the AfriCaribbean Commerce and Funding Discussion board creating this answer.”
He stated Afreximbank expects the Caribbean to make use of ACTIF “as a possibility to showcase what they’ve on provide, noting that the commerce truthful is happening within the Organisation of Japanese Caribbean States for the primary time.
“So we’re taking the exhibition simply past Grenada alone additionally to create a discussion board the place we discuss funding alternatives within the OECS typically as a result of these are all of the issues that come up.”
He stated the truthful can be a possibility to foster commonplace options to widespread issues.
“And what’s extra, in the event you have a look at the caliber of people that attend — well-known enterprise individuals, profitable enterprise companions from throughout the continent and in addition to policymakers, authorities officers, then it’s a good platform the place, once we talk about, we will exit with concrete resolutions, as a result of all of the events who ought to have their voice within the dialogue have lent their voice to it, and no matter answer we’ve got, you recognize, factored out, can simply be applied,” Ihejirika advised CMC.
