Huge export, trade opportunities for Africa
African countries have a lot to gain from a US-China trade war, with opportunities for the continent to step up its services and product export capabilities. This is according to Francois Fouche, advisor at the Trade Research Unit of North-West University, who was addressing dignitaries including ambassadors and trade mission officials at the launch of the 2020 edition of Africa Trade Week in Johannesburg recently.
“South Africa and the SADC region need to export,” Fouche said. “In South Africa alone, while in Q219 there was reasonable quarter on quarter growth, South Africa has not had a very impressive growth run prior to that. We’re a very small and open economy, and we must participate in the global market.”
Noting that the world’s largest importers and exporters were also the world’s largest economies, he highlighted that international trade strengthened economic growth. Currently, there were massive opportunities for African exporters to go into markets like China and the US, he said.
In order to mine the opportunities, countries had to understand the changing nature of globalisation, he said. “In future, globalisation will be more about what we do than things we make. So, services trade will pick up faster than products trade. Global services trade, at around US$5 Trillion, is still three times smaller than products trade, which is very mature and stands at around US$15.7 Trillion.
The globe is becoming a very small place from a services perspective, with digital technology allowing people in developing countries to render services in the developed world with the benefit of significantly lower costs. This is an opportunity if you are in the services sector, in a low wage country, are highly skilled and globally competitive,” he said.
Fouche cited the ITC survey for the Fifth Global Review of Aid for Trade (2015), which found that the top component of trade costs in which trade support institutions would most value improvements was access to information about export opportunities. “People want intelligence to help grow their export business opportunities,” he said.
“Networking and knowledge sharing are crucial for building mutually beneficial trade ties across Africa, and Africa Trade Week is designed to facilitate opportunities to do so,” said Lynn Chamier, Event Director of Africa Trade Week organisers dmg events. “As the key engagement platform for over 10,000 international industry professionals from 67 countries, Africa Trade Week helps broker deals and boost trade across the continent and overseas.”
Africa Trade Week incorporates three leading exhibitions and conferences – The Hotel & Hospitality Show, Africa’s Big 7 and SAITEX, highlighting pan-African business opportunities, products, services, equipment, supplies, innovations, technology and solutions.
SAITEX, which has served as the key annual product sourcing opportunity for the entire continent’s retail and trade industry for over 25 years, features a key exhibition and the two-day Trade Development Forum, which serves as a platform for high-level intra-Africa trade discussions for government officials, diplomats, entrepreneurs and business leaders from around the world.
Africa’s Big 7 is the only food and beverage trade show in Africa to bring together thousands of stakeholders, suppliers and buyers under one roof and features the two-day FOODNEXT.AFRICA conference; while The Hotel & Hospitality Show is Africa’s leading event for the hospitality industry and features the Hospitality Leadership Forum.
About Africa Trade Week
Africa Trade Week is the key platform for continental trade across the retail, hospitality, food and beverage and wholesale sectors. Hosted by dmg events, Africa Trade Week 2020 incorporates three leading exhibitions – The Hotel & Hospitality Show, Africa’s Big 7 and SAITEX, as well as their associated conferences and workshops, to create the new home of trade highlighting pan-African business opportunities, products, services, equipment, supplies, innovations, technology and solutions. Africa Trade Week will be held from 21 – 23 June 2020, at the Gallagher Convention Centre, Johannesburg.
dmg events is a leading organiser of face-to-face events and a publisher of trade magazines.
We aim to positively impact the African economy and community by providing platforms for public and private sector professionals to connect and forge strong relationships that will drive the future of the African continent.
With two offices based in South Africa, dmg events organises 14 events in Africa, bringing together more than 30,000 professionals from the Construction, Infrastructure, Coatings, Mining, Transport, Food & Beverage, Trade and Hospitality sectors.