Awambeng: We must trade among ourselves

The 31st Afreximbank annual meetings are currently underway, with a significant focus on fostering trade relations between Africa and the Caribbean. Rene Awambeng, Founder & Managing Partner of Premier Invest, recently shared insights on the importance of collaboration between these regions to realize more trade opportunities. Awambeng commended the bold decision of the African Export-Import Bank to host the Annual General Assembly of Afreximbank in the Bahamas and to organize the third African Caribbean Trade Investment Promotion Forum. These initiatives mark a crucial step towards linking the African continent with the Caribbean, aiming to create a cohesive and globally influential Africa. The collaboration between Africa and the Caribbean is viewed as essential in promoting trade, investment, and overall development among their people. Awambeng emphasized the pivotal role of the private sector in driving this partnership forward, noting the active participation of business leaders from both regions at the ongoing event in Nassau. The engagement of the private sector is critical in scaling up trade volumes and fostering economic growth. Through networking and exploring business opportunities, entrepreneurs from Africa and the Caribbean are seeking to leverage each other's strengths in various sectors. The tourism industry, for instance, presents promising prospects for collaboration, with opportunities for knowledge sharing and infrastructure development. Additionally, sectors like aviation and finance are being explored for potential partnerships to facilitate smoother trade relations and enhance connectivity between the two regions. The development of a robust trade framework is seen as a key priority in leveraging the existing trade agreements and initiatives, such as the African Continental Free Trade Agreement (AfCFTA) and initiatives by the CARICOM states. Establishing basic infrastructure for payments, promoting free movement of goods and services, and enhancing trade information are identified as crucial steps in enhancing trade volumes between Africa and the Caribbean. Awambeng highlighted the potential for Africa to export agricultural commodities to the Caribbean, add value through processing, and capitalize on existing trade agreements to access markets in North and South America. By strengthening ties and building bridges, entrepreneurs and financial institutions can capitalize on the geographic proximity between West Africa and the Caribbean to facilitate faster trade transactions. A key takeaway from the discussions at the Afreximbank meetings is the emphasis on intra-African and intra-Caribbean trade. Awambeng stressed the importance of unity and collaboration among African nations, advocating for increased trade within the continent's market of over two billion people. Encouraging a mindset of 'trading amongst ourselves,' Awambeng highlighted the potential for growth and mutual benefit through intra-African trade facilitation. The strategic initiatives of Afreximbank, particularly its intra-African trade program, have played a significant role in advancing trade relations within Africa and the Caribbean over the past decade. Beyond economic benefits, these trade partnerships also extend to cultural exchanges, art, sports, music, and hospitality, enriching the lives of people across both regions. The ongoing efforts to strengthen African-Caribbean trade ties underscore the shared vision of creating a more interconnected and prosperous future for Africa and the Caribbean.