Report By: Business Desk
In a significant advancement for economic relations between Africa and Canada, the Africa Prosperity Network (APN) and the Canada-Africa Chamber of Business have entered into a pivotal Memorandum of Understanding (MoU) aimed at fostering trade and investment between the two regions.
This partnership was officially established during a high-profile reception at the Canadian Embassy, coinciding with the ongoing Africa CEO Forum in Abidjan.
The MoU was signed by Gabby Asare Otchere-Darko, the Founder and Chairperson of APN, alongside Paula Caldwell St-Onge, the Chairperson of the Board of Directors of the Canada-Africa Chamber of Business, with the ceremony attended by Canada’s Ambassador to Côte d’Ivoire, H.E. Blanchard.
Mr. Otchere-Darko highlighted the relevance of this partnership, pointing out that Canada’s goal to increase its exports by 50% by 2025, initiated in 2018, has faced obstacles, particularly due to a post-pandemic pivot towards Asia-Pacific markets.
He emphasized that Africa presents a wealth of untapped opportunities, asserting that for Canada to genuinely realize its trade diversification goals, it must focus more on Africa.
He noted that Africa is committed to establishing a unified market of 1.5 billion people, with a rapidly expanding middle class projected to reach half a billion by 2030, representing a substantial consumer base and trade potential.
Ambassador (Ret’d) St-Onge, who previously held the position of Director-General for Pan African Affairs in the Canadian government, elaborated on the practical implications of the MoU,
According to Ambassador St-Onge, “this agreement ensures both organizations engage reciprocally through their comprehensive program offerings and sets the stage for new initiatives that will directly bolster Africa-Canada trade and investment”.
She also expressed gratitude to her predecessor, former Board Chair Sebastian Spio-Garbrah, for his pivotal role in making this initiative a reality.
Canada’s Ambassador, H.E. Blanchard, expressed his support for the agreement.
This Memorandum of Understanding (MoU) exemplifies the kind of leadership from the private sector that enhances our diplomatic initiatives aimed at fortifying relations between Canada and Africa.
“We are delighted to observe this dedication to organized cooperation that fosters sustainable economic growth”.
The agreement is anticipated to create new opportunities for Canadian companies seeking to invest in Africa, while also aiding African businesses in gaining access to North American markets.
Source: www.thenewindependentonline.com
