WTCA General Assembly to facilitate trade between Africa and Asia

The 2023 World Trade Centers Association (WTCA) General Assembly is set to take place from 23rd to 28th April in Accra, Ghana, focusing on facilitating greater cross-border investment and trade opportunities between Africa and Asia.

With over 200 participants from more than 30 countries and territories, including two of the world's fastest-growing regions – APAC and sub-Saharan Africa – the event will serve as a platform for business and trade discussions.

One of the highlights of the assembly will be the exploration of potential business partnerships between Asia Pacific companies and local industries in Africa. This is expected to be enhanced by the African Continent Free Trade Area (AfCFTA), which was signed in 2018 and covers 54 countries with a combined GDP of US$3 trillion. The AfCFTA is seen as a game changer in the region's economic growth, and post-Covid, it is expected to attract more foreign direct investment (FDI) into the continent.

WTCA's executive director of business development, Robin van Puyenbroeck, believes that the creation of the AfCFTA, combined with the continent's demographics and rapid industrialisation, makes Africa a strategic economic market for growth.

The association, with its 300+ member-cities and businesses in nearly 100 countries/territories, aims to use its network and reach to facilitate more trade and investments, and help balance the FDI gap between Africa and Southeast Asia.

The WTCA's efforts to encourage growth between the two regions are timely, coming on the back of increasing trade activity between Africa and Asia in the post-pandemic landscape. According to reports, Asia's share of FDI inflows into Africa has been steadily increasing in recent years, growing from 18% in 2004 to 2008 to over 30% during the period of 2014 to 2018. China and Singapore have also ranked among the top 10 investor economies in Africa in 2020.

Scott Wang, WTCA vice president of Asia Pacific, sees tremendous potential for the region amid the restructuring of global supply chains. He added that the WTCA network is uniquely positioned to support the development of international trade and investment globally, including the African continent.

Each World Trade Center operation is positioned as a two-way access point to connect local companies with business opportunities in the global WTCA network.

The WTCA's upcoming General Assembly is a good example of how the platform facilitates potential business for delegates and matches them with growth opportunities across the region and beyond.

The key African industries that ASEAN and Asia Pacific companies can invest in include energy, mining, and infrastructure. With the WTCA's strong network of members across 92 countries, the association will be able to bridge the FDI gap between ASEAN and Africa.