A new trade route targeted at boosting international trade between Africa and Asia has been launched.
Known as Asia Africa Chamber of Commerce (AACC), came on stream on November 5, 2021, in Malaysia, with Mr. RJ. Liow, as the Chairman of the newly founded Chamber of Commerce, the Chamber has also unveiled take-off projects in Africa.
Other members of the Executive Board of AACC are: the Secretary-General, Mr. Naunihal Singh Sangha; Treasurer General, Mr. Gurcharan Singh Hans; President (ASEAN), Prof. Dr. Kabur Ibrahim; President (Africa), Prince Olawale Suleiman Ayinla; President (Greater China), Prof. Dr. Denver Tan; and President (Women & Youth Development), Dr. Sevaran Kaur Dhalliwal JP.
Sources described Mr. Liow who initiated the concept of AACC, as an experienced exporter, international speaker and author of Business BestSeller.
He explained that AACC has officially approved and registered with the Registrar of Societies in Malaysia, an agency under the Ministry of Home Affairs in Malaysia on November 5, 2021, adding that the main goal of the Chamber was to become a world class reference point, and an NGO that promotes and facilitates the trade between Asia and Africa.
“AACC aims to translate economic co-operation into increased in disposable income with women and youth as prioritised end beneficiaries,” Mr. Liow said, adding that Asia and Africa are the two largest continents in the world with 6 billion population, 75 per cent of world population, and contributing 40 per cent of the world GDP.
The AACC President (Africa), Prince Olawale Suleiman Ayinla, in his contribution, said the Chamber “aims to be a trusted Centre of Facilitation for trade and investment opportunities between Asia and Africa, working on needs driven from local countries/cities as priority, with underlying commitment to building sustainable corporate social responsibilities in the process.”
Ayinla said that AACC earmarked Africa as an amazing market that was still under explored by Malaysian and Asian exporters mainly due to lack of a safe and secured channel. “AACC knows what their pains are, and we can help them,” said Ayinla, who is also a Market Development Specialist who spent more than a decade in Malaysia facilitating bilateral trade and investment development between Malaysia/Asia and Africa.
It was gathered that one of the iconic initiatives of AACC is the Trade & Investment Platform (TIP) which showcases trade and investment opportunities that have been reviewed and endorsed by AACC.
Under TIP, Nigeria, the largest single market in Africa, is categorised as a priority region for AACC in the first year and the surrounding countries in West Africa.
Besides promoting trade and investments, AACC is expected to launch a Pan Regional Community Service Program called “Light Up Africa!” in Nigeria, where AACC, together with local partners, will install Smart Street Lights in designated areas, to generate sustainable income from advertising to improve the life of communities while reducing crimes.
“We encourage Entrepreneurs, SMEs and MNCs to collaborate with AACC for this good course, and be rewarded with economic returns along the process,” Prince Ayinla said.
“Recent interruption of global supply chains has reinforced the necessity for closer economic integration, especially amongst Asia and Africa. AACC is also stepping up, and taking on the challenges to facilitate as well as promote the trade and investments between the two largest continents in the world,”Ayinla added.
AACC said it was poised to tap the benefits presented by the Africa Continental Free Trade Area (AfCFTA).
According to Liow, Malaysian and Asian exporters should not lose sight of the US$3.4 trillion market that Africa, via Africa Continental Free Trade Area (AfCFTA), has to offer.
Launched on January 1, 2021, the AfCFTA is an exciting game changer. Currently, Africa accounts for just 2 per cent of global trade. And only 17 per cent of African exports are intra-continental, compared with 59 per cent for Asia and 68 per cent for Europe.
The potential for transformation across Africa is therefore significant. The pact will create the largest free trade area in the world measured by the number of countries participating, connecting 1.3 billion people across 55 countries with a combined gross domestic product (GDP) valued at US$3.4 trillion.
Liow, therefore, listed six ways to make AfCFTA the game changer for Africa and the world.
“To overcome many current challenges, and to build back better in the wake of COVID-19, AfCFTA is expected to be a game changer to Africa and the world. Mr. Liow shares six reasons for this, according to World Economic Forum: Significantly reduce poverty through the boosting of regional income by 7 per cent or USD450 billion; Positive economic outcome via increased trade, investment and employment income; Enabling informal women traders operate through formal channels with better protection; Trade integrity and good governance will be centre stage; the negative impact of COVID-19 will be cushioned; and the benefits of cooperation will set an example for the world,” Liow said.
He said that AACC has opened access to Entrepreneurs, SMEs and MNCs that wish to explore a safe and secured platform to the African markets and vice versa. To this effect, AACC may be contacted via www.1aacc.org
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