ZIMBABWE has secured the bid to host the permanent headquarters of the Intra-African Trade Fair (IATF), defeating several rival nations in what is being hailed as a major diplomatic and economic milestone for the country.
The new entity, to be established in Harare, will be capitalised with an initial US$28 million seed fund from the African Export-Import Bank (Afreximbank).
“As I exit the stage, I am convinced that we have built a solid platform that can stand the test of time,” Afreximbank president Benedict Oramah said yesterday at the opening ceremony of the IATF2025.
“After four events and almost eight years, it is time to institutionalise the initiative and lessen the burden on Afreximbank and its collaborating partners, the AUC (African Union Commission) and African Continental Free Trade Area Secretariat.
“That is why I am very pleased that the advisory council has approved that Harare, Zimbabwe, be the new headquarters of an independent IATF entity.
“I thank all the countries that bid to host for their effort and also the spirit of sportsmanship that was exhibited throughout the entire process.”
Oramah said the Zimbabwe government put up a very strong bid and hoped that they “will work assiduously with the Advisory Council to quickly open the IATF as an independent, sustainable organisation in Harare”.
“It is also encouraging that the board of Afreximbank has approved an initial capitalisation of US$28 million for the institution.
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“While we anticipate that the organisation would strive for financial sustainability, I would like to seize this opportunity to call on African governments, corporations, and financial institutions to support it during its early teething stage,” he added.
The IATF2025, which runs until September 10, is expected to generate more than US$44 billion worth of trade and investment deals. The fair is being held under the theme: “Boosting Intra-African Trade for a Sustainable Future: Innovation, Value Addition, and Green Industrialisation”.
This year’s edition has attracted over 35 000 visitors and 2 000 exhibitors from 140 countries. Zimbabwe is being represented by companies from across manufacturing, agriculture, leather, fast-moving consumer goods, services, and creative industries.
