The Netherlands government is channeling $63 million funding into TradeMark Africa, with a focus on amplifying global trade development by enhancing the market access of local products on a global scale.
Through the Dutch’s foreign affairs office, the allocated funds will be directed towards fortifying trade systems to benefit local exporters, stimulate economic growth, and establish sustainable livelihoods across various sectors.
This investment aims to enhance market access for local products globally while supporting initiatives that drive innovation, research, and development within the African market, thereby promoting competitiveness and green trading practices.
The Netherlands, as part of its Africa Strategy, actively contributes to the realisation of the African Continental Free Trade Area (AfCFTA).
The AfCFTA, anticipated to amplify intra-African trade by over 30 percent by 2045, is poised to deliver an average additional 2.7 percent GDP boost across the continent.
The agreement holds the potential to uplift 30 million Africans from poverty by 2035, presenting lucrative market opportunities for both African and Dutch businesses.
This financial boost is in line with TradeMark Africa’s Strategy 3, spanning until 2030, which aims to propel green and sustainable economic growth, encourage innovative trade practices, and advance inclusive trade initiatives across the African continent.
Highlighting the Netherlands’ commitment to fostering economic opportunities, job creation, and sustainable trade in Africa, Marchel Gerrmann, Ambassador for Business and Development Cooperation at the Netherlands Ministry of Foreign Affairs, emphasised that TradeMark Africa’s efforts would play a pivotal role in creating a more inclusive and prosperous trade landscape for both African and Dutch businesses.
David Beer, CEO of TradeMark Africa, expressed enthusiasm about the enduring partnership with the Netherlands, highlighting the tangible outcomes achieved in reducing the cost and time of trade across East Africa.
Looking ahead, Beer said the focus is on addressing future trade challenges, particularly ensuring Africa takes the lead in green trade and extending the benefits of trade corridors to regions and populations most in need of an economic boost.