“Global interest in trade partnerships with Africa cannot be overstated”
Aneish Kumar, managing director and country executive at BNY Mellon India, feels that establishing domestic bank partnerships is key to tapping burgeoning trade opportunities in Africa.
There is no denying that the current percentage of global trade contributed by Africa is tiny, at 2%. That said, Africa has been home to six of the 10 fastest-growing economies in the world – a number that is only expected to grow. According to the International Monetary Fund, trade in the region is on track to rise 5% this year while World Bank noted that Africa could be on the brink of an economic take-off, much like China (30 years ago) and India (20 years ago).
Trade between Africa and the rest of the world has tripled in the last decade, with an increase in exports and imports of more than 200% from 2001 to 2011. This has led to positive forecasts about Africa emerging as the new trade corridor linking markets in the Middle East and Asia (AMEA) region.
Categories: Cash, Treasury & Trade
, Trade Finance
, Transaction Banking
Keywords: Aneish Kumar
, BNY Mellon India
, Trade Facilitation
, Sibos 2013