Trade Between Africa, the Caribbean Can Reach $1.8bn by 2028- Report
Trade between Africa and the Caribbean could rise to 1.8 billion dollars annually by 2028 if value addition, trade facilitation, and improved logistics are prioritized.
This is according to new research by the International Trade Centre (ITC) and African Export-Import Bank (Afreximbank), a statement issued by Vincent Musumba, Afreximbank’s Manager of Communications and Events on Thursday.
Musumba said the current bilateral trade in goods between the two regions is worth 729 million dollars, which excludes tobacco, arms/ammunition, and fossil fuels.
He said the research showed that the travel and transport sectors offered the greatest potential contribution to that growth, making up two-thirds of the potential ‘services trade’ between the two regions.
“These latest findings also show that, in the goods segment, minerals and metals; wood, paper, rubber and plastics; processed food and animal feed are the three most important sectors.”
Musumba said these preliminary findings were released in Nassau, The Bahamas, as part of the inauguration of the ITC-Afreximbank ‘Strengthening AfriCaribbean Trade and Investment’ project.
He said the project was inaugurated during the 31st Afreximbank Annual Meetings and the third AfriCaribbean Trade and Investment Forum (ACTIF).
Musumba said the project was aimed at boosting trade and investment in Africa and the Caribbean, and to enhance cooperation between the private sectors of the two regions.
“Following this inauguration, Afreximbank and ITC will develop in-depth profiles of sectors in the two regions to map out these five promising value chains and identify barriers to, and requirements for growth.”
“The results of this analysis will be featured in a comprehensive report that will be published at the Fourth ACTIF in 2025.”
He quoted Prof. Benedict Oramah, President and Chairman, Board of Directors, Afreximbank, as saying “The report confirms the vast Africa-Caribbean trade and investment opportunities that remain untapped. It provides a strong validation of Afreximbank’s Caribbean Strategy.
“With a project pipeline of 2.5 billion dollars and an investment pipeline worth 1.5 billion dollars, the bank has demonstrated its commitment to realizing opportunities across the two regions. The productive collaboration between Afreximbank and ITC is a testament to this.”
Oramah said the collaboration aims to bridge the knowledge gap and capacity among small and medium-sized enterprises, which were critical for the growth of Africa-Caribbean trade and investment.
Musumba quoted Pamela Coke-Hamilton, Executive Director, and ITC, as saying: Small businesses can be among the first to drive and benefit from increased trade between these two regions, as they form the backbone of both African and Caribbean economies.
“There are huge growth opportunities if the right sectors are prioritized for development and investment. Zedcrest Acquires RMB Nigeria Stockbrokers
