To help members navigate the vastly different trade and business cultures of the continent, the Chamber, in partnership with Trade and Fairs Consulting & Trade and Fairs East Africa (official representative of Messe Frankfurt), has organized a webinar on 5 May to help members learn more about the continent and the business opportunities available.
Most countries in Africa have enjoyed sustained economic growth over the past 15 years, with growth rates often exceeding 5% per year. While many markets worldwide are expected to suffer continuing slumps caused by the pandemic, Africa's outlook is bright. Its real GDP growth is projected to grow by 3.4% in 2021, after contracting by 2.1% in 2020.
China, as a major economic partner of the continent, has contributed to Africa's economic growth by over 20% for a number of years. China has been Africa's largest trade partner for 11 consecutive years, and total merchandise trade between the two increased from US$9 billion in 2000 to US$180 billion in 2020.
The African Continental Free Trade Area (AfCFTA) agreement, which came into force on 1 January 2021, is the largest free trade area in the world in terms of the number of countries participating. The agreement connects 1.3 billion people across 55 countries with a combined GDP of US$2.89 trillion, and is expected to catalyze trade and boost the continent's economy. AfCFTA also presents unprecedented opportunities for foreign companies in trade and investment.
At this webinar, Skander Negasi, CEO of Trade and Fairs Consulting & Trade and Fairs East Africa, will give members a general overview of the business environment in Africa, covering key industries in the continent, procedures for setting up a business and finding reliable business partners. He will also talk about the do´s and don'ts when engaging with African businesspeople, taxation and customs, and explain AfCFTA and its benefits for Hong Kong traders.
Following the presentation, there will be a panel discussion featuring Getachew Regassa, Secretary General of Addis Ababa Chamber of Commerce & Sectoral Associations; Dr Erick Rutto, Vice President of Kenya Chamber of Commerce and Industry; and Chime Jude, Executive Director of Trade of Abuja Chamber of Commerce and Industry, for an in-depth discussion about doing business with Ethiopia, Kenya and Nigeria.
This is an invaluable opportunity to hear from experts on Africa, so register now!