Afreximbank exhorted African Nations to give Premium to Export Trading Companies to strengthen Small Medium Enterprises in International Marketing
By Abdul Rahman Bangura-
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- …Africa International Exhibition at the just concluded 78th United Nations General Assembly Intra-African Trade Bank – Kanayo Awani Afreximbank’s Executive Vice President divulged that SMEs’ participation in global trade faced huge contest from multinationals which sees their chances of growth limited.
She emphasized how Asia was competent to work out this situation by developing ETCs to act as clout through which SMEs within their mainland could access global markets.
She pointed out that ETCs help develop an enormous trade volume that entices incredible value and withstands competition from large corporations.
Awani alike accentuated how policy bottlenecks within the African mainland limited the participation of Africa’s SMEs in global value chains.
She called for strong policy support systems that would help improve SMEs’ access to regional markets and access to finance. According to her, AfCFTA plays a huge role in implementing these policies.
“These are particularly urgent as Africa commences implementation of the African Continental Free Trade Agreement (AfCFTA).”
Afreximbank also launched a $1 billion Creative Africa Nexus (CANEX) program to support the African creative industry. Awani let out that this rapidly growing sector had become a significant export earner in several African countries.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent