Why Africa?

Economic analysis commissioned by the Business Council of Canada suggests that if Canada seized the opportunities in Africa our exports to the region could reach USD 6.6 billion in 2030, representing a growth potential of about USD 4.1 billion over the coming decade. [...] The number of connected smartphones is projected to increase from 250 million in 2017 to 690 million in 2025.6 Better access to the internet will allow these users to take advantage of e-commerce platforms for goods and services. [...] Not surprisingly, this growth has attracted the attention of the world’s largest economies: • The European Union has negotiated Economic Partnership Agreements with African countries; • China is heavily invested in the region through its Belt and Road Initiative; • The United States has the Prosper Africa project, which is a reaction to the expansion of China’s relationship with Africa; • In Octob. [...] In terms of growth, while Canada more than tripled its exports to Africa over the period (from USD 1 billion to USD 3.3 billion), India expanded its exports to Africa almost 10-fold (from USD 2.8 billion to USD 27 billion) and China more than 17-fold (from USD 6 billion to USD 105 billion), while the EU led in absolute terms with an expansion of exports of over USD 115 billion. [...] The combination of strong economic growth and the expansion of trade in the region due to the AfCFTA, new trade infrastructure and the rapid spread of ecommerce, create significant opportunities for Canadian businesses.