Business Matchmaking Platform Launches to Boost Regional Trade in West Africa

By mohamedj.bah@awokonewspaper.sl

Freetown, SIERRA LEONE – The International Trade Centre (ITC), in collaboration with the National Investment Board (NIB) and other partners, is hosting a Training of Trainers (TOT) workshop on a new Business Matchmaking Platform at the Radisson Blu Hotel in Freetown, Sierra Leone.

This initiative, part of the West Africa Competitiveness Programme funded by the European Union and coordinated by ECOWAS, aims to strengthen business networks across the region and support the development of regional value chains. The platform will provide a user-friendly online space where businesses can connect, promote their services and products, and communicate in English, French, and Portuguese through automated translation.

Edward Sandi, Executive Director of NIB, highlighted the transformative impact of digital technology on global business. “The world is rapidly evolving, and so is the way we conduct business. Companies are no longer constrained by geographic boundaries or local markets,” Sandi said. He emphasized that digital advancements now allow businesses of all sizes to participate in the global marketplace.

“This event, organized with the invaluable support of the International Trade Centre and the dedicated efforts of the Investment and Export Promotion Unit of the National Investment Board, is designed to equip you with the skills and tools necessary to navigate the digital landscape confidently,” Sandi added. Key objectives of the platform include digital business profile creation, AI integration, and enhanced business matchmaking capabilities.

Nicolas Kutin, representing the European Union, addressed the challenges faced by West African trade. “Trade competitiveness is a major challenge in West Africa, particularly when considering the limited intra-regional trade. For example, intra-African trade accounts for only about 17% of Africa’s total exports, compared to 59% in Asia and 68% in Europe. Within West Africa, intra-regional trade is even lower, around 10-12% of total trade, creating significant barriers for businesses to connect with potential partners across borders.”

Kutin stressed that these barriers limit growth opportunities, reduce the development of regional value chains, and hinder the global competitiveness of West African businesses. “Today, we are taking an important step to address these challenges with a digital solution that aims to bridge these gaps and empower businesses to connect across borders. This initiative aligns with the African Continental Free Trade Area agenda and focuses on strengthening business networks and integrating regional value chains, essential for boosting trade in the region.”

Madam Akpofure Sarah, representing ECOWAS, emphasized the organization’s commitment to economic integration and trade facilitation as central pillars for regional growth. She noted that ECOWAS has implemented several initiatives, such as the ECOWAS Trade Liberalization Scheme (ETLS), Common External Tariffs, and regional policies like the West Africa Common Industry Policy and the Private Sector Development Strategy.

“These initiatives have made significant strides in removing trade barriers and facilitating cross-border business connections. However, the Business Matchmaking Platform goes further by addressing one of the persistent challenges—connecting businesses with regional partners,” Sarah said.

The Business Matchmaking Platform, which commenced on September 16, 2024, and will run until September 19, 2024, aims to facilitate connections between buyers and suppliers across ECOWAS member states. This initiative represents a critical step forward in enhancing regional trade and fostering economic growth across West Africa.MJB/18/9/2024

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