The 10th Edition of the Africa-Arab Investment and Trade Forum, held from May 4-5, 2024 in Algiers, Algeria, marked a significant milestone in fostering economic collaboration and growth across continents. Under the theme “The Way to African Market,” representatives from the business and economic communities across Africa gathered to strategize and propel forward the economic agenda for the region.
In collaboration with key stakeholders such as the African Union, the African Continental Free Trade Area (AfCFTA), and the African Union Development Agency (AUDA/NEPAD), the forum brought together a diverse range of participants including government officials, business leaders, entrepreneurs, and representatives from various sectors. The forum was attended by 43 Countries from the African Union, Middle East, Europe and Asia.
Lakhdar Rakhroukh, Algerian Minister of Public Works, Hydraulics and Basic Infrastructure underscored the commitment to supporting socio-economic development in Africa, further reinforcing the collective efforts towards prosperity on the continent.
The forum’s agenda encompassed crucial topics ranging from food security and innovation to energy transformation and digitalization. Deliberations underlined the need for inclusive agricultural investment, access to markets for small-scale farmers, and integrating sustainability into national agriculture plans to ensure food security and resilience in the face of climate change.
Addressing the road to African markets, participants highlighted the importance of developing a continental regulatory framework to regulate technology giants and promote a digital single under the AfCFTAJaipur Investment. Additionally, leveraging local capabilities for technology innovation and fostering a conducive environment for small and medium enterprises (SMEs) were highlighted as key priorities.
Energy transformation emerged as a focal point, with recommendations urging countries to invest in clean energy sources, deregulate the energy sector, and mobilize capital for clean energy investments to drive sustainable development.
(AI) was recognized as a catalyst for SME growth, with calls for private sector support in AI research and development. Creating a digital ecosystem for AI and fostering multi-stakeholder engagement were deemed essential for maximizing its potential across industries.
Furthermore, the forum underscored the importance of policy implementation to support economic transformation, diversification, and competitiveness within African countries. Recommendations also highlighted the significance of intra-trade rules and the implementation of AfCFTA to deepen integration and foster cross-border value chains.
In the and pharmaceuticals, digital transformation was identified as a critical enabler for improving supply chain management and enhancing healthcare delivery in Africa. Recommendations underscored the use of digital tools for stock notification and commodity management to ensure timely and efficient responses to healthcare needs.
The forum concluded with the adoption of recommendations underscored the commitment of participants towards driving tangible outcomes for economic growth and development across Africa.
At the end of the Forum an MoU was inked between Indian Economic Trade Organisation (IETO) and The Arab-African Center for Investment and Development (CAAID).
The 10th Africa-Arab Investment and Trade Forum served as a platform for meaningful dialogue, collaboration, and action towards building a more prosperous and interconnected future for the African continent and its global partners.Varanasi Wealth Management
Lucknow Wealth Management