Today, the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, delivered a keynote address to kick off the Africa Accelerating 2023 conference in Toronto, Ontario.

“The Africa Accelerating conference helps drive Canada-Africa business development and deliver responsible economic growth for Canada and Africa’s shared prosperity. Today we reaffirmed Canada’s efforts to provide opportunities for Africans and Canadians alike to benefit from trade and a resilient economy.”

- Mary Ng, Minister of Export Promotion, International Trade and Economic Development

• As of 2022, Africa was home to 2 of the top 10 fastest-growing economies in the world. Once fully implemented, the African Continental Free Trade Area will be equivalent to the world’s fifth-largest economy, with the potential for a combined GDP of more than $3.4 trillion.

• The first Canada-African Union Commission Trade Policy Dialogue, held on May 16 and 17, 2023, offered opportunities to discuss trade policy issues of mutual interest and will contribute to Canada’s ongoing efforts to solidify a comprehensive partnership with the countries of the African continent. The dialogue builds on the first Canada-African Union Commission High-Level Dialogue, which was held from October 26 to 28, 2022.

• The stock of Canadian investment in Africa grew at an annual rate of 12.5% from 2018 to 2022, reaching a value of $15.7 billion Canadian dollars last year. African foreign direct investment stock in Canada amounted to a value of $2 billion.

• In 2022, Canada’s merchandise trade with African countries totalled a value of $15.2 billion.

• In the last 5 years, 2-way merchandise trade between Canada and the African continent increased from $9 billion to $15.2 billion.

• Canada has foreign investment promotion and protection agreements with Benin, Burkina Faso, Cameroon, Côte d'Ivoire, Egypt, Guinea, Mali, Senegal and Tanzania. These agreements provide stable, rules-based environments for investors.

• Canada is partnering with the United Nations Development Programme and various African regional economic communities to advance gender equality and women’s economic empowerment in trade policy in Africa.

• In June 2022, Canada announced both the establishment of a dedicated mission and the appointment of a permanent observer to the African Union in Addis Ababa, Ethiopia, and the conversion of the Canadian office in Kigali, Rwanda, into a high commission to enable Canada to strengthen ongoing efforts with the African Union on shared priorities and further strengthen its diplomatic relationship with Rwanda.

Associated links

• African Union
• Minister Ng successfully concludes first Trade Policy Dialogue with African Union Commission
• Minister Ng launches public consultations on Canada-Africa Economic Cooperation Strategy
• Minister Ng speaks with African Union Commissioner for Economic Development, Tourism, Trade, Industry and Mining
• Minister Ng meets with Kenya’s Cabinet Secretary of the Ministry of Trade, Investment and Industry
• Minister Ng concludes successful virtual trade mission to Africa for women-owned and -led businesses
• Readout: Minister Ng speaks with Betty Maina, Kenya’s Cabinet Secretary of the Ministry of Industrialization, Trade and Enterprise Development
• Minister Ng speaks with Amadou Hott, Senegal’s Minister of Economy, Planning and Cooperation
• Minister Gould and Minister Ng conclude first Canada-Africa Clean Growth Symposium and announce Canada-African Development Bank Climate Fund

Shanti Cosentino
Press Secretary
Office of the Minister of Export Promotion, International Trade and Economic Development
343-576-4365
Shanti.Cosentino@international.gc.ca

Media Relations Office
Global Affairs Canada
media@international.gc.ca
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