Africa – West Asia: Opportunities for Vietnamese Exporters
Friday 28, 08 2020
In the context of the stagnation of our current markets, promoting exports to new markets is an ideal way for importers and exporters.
On 21 Nov morning, at Cong Doan hotel, Hanoi, Department of Asia - Africa Market under the Ministry of Industry and Trade held a “Africa – West Asia Business Conference”to introduce Africa and West Asia markets.
In the context of the stagnation of our current markets, promoting exports to new markets is an ideal way for importers and exporters.
West Asia – Africa occupies a great part of the world’s land but the area of cultivation is only 10% (rice is not grown in Algeria). Therefore, West Asia - Africa is known as a potential market with high demand for imports of agricultural products and foodstuffs that do not require too stringent quality standards.
In 2016, import turnover of Africa reached approximately USD480 billion. By 2020, the figure is expected to increase to about USD1,200 billion. In West Asia, in 2016, import turnover was about USD807 billion and by 2020 is expected to reach USD1,500 billion. This region is also of important strategic geographic area, adjacent to three continents of Asia, Europe and Africa, which is a hub for cargo, particularly Dubai has become the third largest freight market in the world.
The conference was held to promote the dissemination of market information, trade policy, business practices, trade opportunities, import demand of Middle East and African countries which help businesses approach the market and develope strategies to promote exports to the region.
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