The 10th African Investment, Commerce Forum (AFIC10) took place in Algiers, Algeria, on May 4 and 5, bringing together approximately 800 delegates from 39 countries and territories, VNA reported.
Held under the theme “Your Road to the African Market,” the forum, organized by the Arab-African Centre for Investment and Development (CAAID), highlighted the importance of implementing the African Continental Free Trade Agreement (AfCFTA) and fostering increased intra-regional trade.
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| Visitors at Vietnam’s booth. Photo: VNA |
A total of 800 important participants attended the conference, including high-level businessmen, investors, and experts, 250 exhibitors, from 39 countries specializing in these fields from Africa, the Middle East, and Europe, as well as representatives of national chambers of commerce, regional chambers, and international academic experts. Seminars, exhibitions, bilateral B2B meetings, and workshops were held in person and also via Zoom.
An accompanying exhibition showcased diverse sectors, including export, trade, agriculture, food processing, tourism, services, technology, and digital transformation. Additionally, sectors like energy, construction, public administration, healthcare, pharmaceuticals, investment, finance, transportation, and environment were represented.
Visiting the Vietnamese booth and trying out products, delegates attending the forum highly appreciated the quality of Vietnamese goods. Some business representatives expressed their desire to connect with Vietnamese businesses to exchange, identifying potential and opportunities for cooperation.
The Vietnamese Embassy and the Vietnam Trade Office in Algeria collaborated to set up a booth showcasing various Vietnamese products to potential African partners, such as coffee, pepper, cashew nuts, macadamia nuts, coconut rice, pharmaceuticals, and handicrafts.
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| Visitors at Vietnam’s booth. Photo: VNA |
Vietnamese Commercial Counselor in Algeria Hoang Duc Nhuan said it is the fourth time Vietnam has joined the event with a view to understanding trade and investment policies across Africa. It aims to learn about African trade and investment policies. Specifically this year, African countries promote the concretization of AfCFTA. This is an opportunity for Vietnamese businesses and goods to take advantage of investment incentives to penetrate deeply into this market.
On this occasion, the Trade Department also participated in B2B meetings to understand the needs and introduce catalogs and sample products of Vietnamese businesses to customers in the areas in charge.
According to Vietnam’s customs data, the export turnover between Vietnam and Africa increased by 31.7% in the first quarter of this year.
Particularly, import-export turnover between Vietnam and Algeria in 2023 reached USD 50 million, an increase of 68% compared to 2022. In the first three months of 2024, import-export turnover between the two sides reached USD 75 million, up 16% year on year.
Earlier, the Vietnam Trade Office in Algeria and the Chamber of Commerce and Industry of Algeria’s Annaba province held a seminar to introduce the potential for trade and investment partnerships between the two countries.
Algerian companies expressed their interest in importing aquatic products like tra fish (pangasius), tuna, and shrimp, along with steel and railway equipment while exporting agricultural products such as date palm fruit, onion, and garlic to Vietnam.
They also hoped to collaborate with Vietnamese partners in the mining industry to produce cement and fertilizers and exploit rare earths.
At the seminar, the two sides also sought measures to beef up economic partnerships in the coming time, including promoting the exchange of business delegations, organizing more business-matching events, creating favorable conditions for companies to participate in international fairs and exhibitions held in each country, providing market information and introducing business opportunities.
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