Automotive will be a key area of focus at the pan-African Intra African Trade Fair (IATF) in Durban in 2021 as the African Continental Free Trade Area (AfCFTA) becomes a lucrative reality for the development of automotive businesses which will produce and service vehicles made in Africa.
Regarded as the global automotive sector’s “final frontier” Africa presents explosive opportunities to car, truck, bus, motorbike and other vehicle suppliers and parts distributors. Those that build partnerships with distributors and sales networks in Africa will be positioned to benefit from AfCFTA – the single integrated, free-trade African market of over 1.3 billion people with a combined GDP of over US$3.4 trillion.
AfCFTA – a golden opportunity for entrepreneurs from African countries to start working together in a trade tariff-free environment, will be a key theme of IATF 2021 in Durban.
The development of regional value chains could see new vehicle sales increase from 1 million to 5 million units a year across Africa, according to Afrixembank.
Africa is a key trading opportunity for the automotive sector, however today intra-African trade is only 16% of total African trade. Even in the dominant market for cars in Africa – South Africa – approximately 72% of passenger cars sold are imported from outside of the continent.
The IATF brings together more professionals under one roof than any other African event. The Automotive Show, including the AAAM Forum at IATF2021, will personally connect current and prospective automotive related businesses, including manufacturers, materials suppliers and aftermarket parts and servicing, towards intra-African trade.