At the recent trade conference held at The Pod, Vivéa Business Park in Moka, industry experts, economists, and business leaders gathered to discuss the future of trade in Africa. Organised by MCB, the event focused on “Enabling African Trade Growth with a Sustainable Lens,” offering a deep dive into the complexities and potentials of the African trade landscape. The conference, which started early with a breakfast session, provided a platform for a rich exchange of ideas and strategies to navigate the evolving economic environment.
The creation of digital infrastructures across Africa, such as single windows and the development of digital agents, is crucial for breaking down barriers for traditionally marginalised groups, especially women. The complexities of bureaucracy and limited access to education often hinder these groups from fully engaging in economic activities. However, by providing simplified access through technologies like single windows, these barriers can be significantly reduced, enabling greater inclusion and empowerment. This approach is transformative, particularly when viewed against the backdrop of statistics from the conference that project African consumers will generate approximately 6.66 trillion dollars in business by 2030, supported by a population expected to reach 1.7 billion.
The conference also highlighted the immense potential in expanding service sectors, especially in Information and Communication Technology (ICT) and healthcare, areas where Africa is poised for significant growth. The discussion emphasised the strategic role of Mauritius as a hub for not only financial services but also as a burgeoning center for healthcare excellence. Utilising its strategic location and established infrastructure, Mauritius can facilitate knowledge and resource sharing across Africa, enhancing healthcare outcomes and fostering economic resilience. This focus on empowering education and advancing women’s participation in trade is essential for leveraging Africa’s full potential, ensuring sustainable growth, and harnessing the youthful demographics of the continent.
Dr. Rebecca Harding, a distinguished trade economist, offered a critical evaluation of globalisation and its impacts, particularly criticising the World Trade Organisation’s handling of global fragmentation. “I think that word, fragmentation, is almost apologising on behalf of the World Trade Organisation for its own inadequacy,” she remarked, suggesting that the solution lies in a concerted effort to re-globalise and mend the fragmented international landscape. Dr. Harding highlighted the shortcomings of globalisation in fostering equitable growth, especially in Africa. “Why hasn’t globalisation worked? It hasn’t because it has not effectively included Africa or many other emerging economies, creating widespread frustrations and failing to deliver the expected income equality,” she explained.
Her discussion extended to the global geopolitical shifts, particularly after the Russian invasion of Ukraine, noting how these changes have transformed trade into a strategic and sometimes weaponised tool in international relations. Exploring further into the geopolitics of trade, Dr. Harding addressed the complex nature of modern warfare and technology. She stressed the challenges in mapping digital technologies’ origins and their applications in conflicts, which blur the lines of national ownership and control. “How do you find that supply chain? As a business or as a financial organisation, where does the money go? How do we protect ourselves?” she questioned, underscoring the urgent need for robust mechanisms to trace and protect financial flows and technological assets. Concluding her discourse, Dr. Harding emphasised the necessity of integrating African perspectives and sustainability into global economic discussions, elucidating the critical role Africa plays in the global context and the potential benefits of incorporating sustainable practices into economic frameworks.
Featured Interview with Jessen Coolen Economic Research Lead at MCB
Platform Africa caught up with Jessen Coolen, Economic Research Lead at MCB, who served as the moderator for the engaging discussions at the recent MCB Trade Week. He shared his insights on the pivotal role of trade in Africa’s socio-economic development and the specific contributions of the event towards promoting sustainable trade practices. “The Mauritius Commercial Bank recently organised the second edition of its Trade Week, focused on enabling sustainable trade in Africa,” Coolen began. He highlighted the comprehensive agenda of the event which included a series of conferences, training sessions, workshops, and masterclasses led by experts like Rebecca Harding, who shared insights on unfolding and projected trends characterising African trade and innovative approaches to drive sustainable growth.
One of the key moments Coolen emphasised was the round table discussion on “The role Mauritius can play in propelling intra-African trade.” The discussion brought together key public and private stakeholders, focusing on the strategic development of regional value chains, particularly in services trade. “Participants emphasised the need for Mauritius and African counterparts to accelerate the development of these value chains to reduce dependence on geopolitical strategies from powers like the US or China,” Coolen stated. He further discussed solutions for entrepreneurs in Africa, including the harmonisation of trade and ESG standards and the digitalisation of procedures across the continent, which could simplify cross-border transactions and improve efficiency. Additionally, leveraging the Mauritian risk mitigation platform was highlighted as a way to protect against market and currency volatility and geopolitical uncertainties. “The importance of accurate data and collaboration with partners on the ground in Africa to enhance market understanding was also a crucial point of agreement,” Coolen concluded, stressing the need for a targeted and coherent approach by Mauritius for tapping into the African potential.
About MCB
Mauritius Commercial Bank (MCB) has been at the forefront of banking in Mauritius since 1838, thriving on innovation and excellence. With a strong presence in nine countries across three continents, MCB is committed to supporting the ambitions of individuals and businesses alike. Learn more about MCB’s rich history and its commitment to future growth at MCB’s official website.
