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PDAC 2019: Commissioner Muchanga urges Canadian Investors and African Diaspora to invest in Africa as the Continent is creating a large market anchored on the African Continental Free Trade Area (AfCFTA)

Dates: 
March 08, 2019

PDAC 2019: Commissioner Muchanga urges Canadian Investors and African Diaspora to invest in Africa as the Continent is creating a large market anchored on the African Continental Free Trade Area (AfCFTA)

Press Release
PDAC 2019: Commissioner Muchanga urges Canadian Investors and African Diaspora to invest in Africa as the Continent is creating a large market anchored on the African Continental Free Trade Area (AfCFTA)

Toronto, Canada – 08 March 2019 - The African Union Commission (AUC) participated in the Prospectors and Developers Association of Canada (PDAC) Trade Show event from 03-06 March 2019. The key objective of the African Union Commission led Delegation was to provide a platform for business dialogue and establishment of linkages between the African Private Sector, the diaspora and the Canadian Private Sector with a view to promoting investments in the exploitation of mineral resources and to share best practices in Public Private Partnerships. It was also an opportunity for the AUC to promote value addition and commodity-based industrialization as part of the African Union Commodity Strategy guided by the aspirations of the Agenda 2063 and the principles of the Africa Mining Vision.
PDAC is the leading voice of the mineral exploration and development community. With over 8,000 members around the world in all sectors of the mining industry, the PDAC’s mission is to promote a globally-responsible, vibrant and sustainable minerals industry. As the trusted representative of the sector, PDAC encourages best practices in technical, operational, environmental, safety and social performance.
The African Union Commission’s Delegation was led by H.E. Amb. Albert Muchanga, Commissioner for Trade and Industry of the African Union Commission including the Chairpersons/Presidents of the African Chambers of Mines and Other Mining Associations of Africa (ACMMAA) and Sub-Regional Associations of the Chamber of Mines for Eastern, Central and Southern Africa. In his keynote speech at the 20th Annual African Mining Breakfast hosted by the Canada-Africa Chamber of Business and MineAfrica Inc., H.E Amb. Albert Muchanga underscored the importance of government to ensure that they have stable mining law and policies in order to attract & sustain investments. Commissioner Muchanga informed the audience that the African Union Commission is in the process of drafting a Commodity Strategy to complement the Africa Mining Vision (AMV) in value addition. “This will be anchored on the development of Regional Value Chains. We are also working on Protocols of Investment, Competition Policy and IPRs. These will make Africa more attractive to investment”, he underscored. The Commissioner for Trade and Industry furthermore, announced that the operational phase of the African Continental Free Trade Area (AfCFTA) which offers large market opportunities for large scale and long term investments, will be launched in July 2019 in Niamey, Niger. “The market will have rules of origin, schedules of concessions on tariffs on trade in goods, non-tariff barriers monitoring mechanism, digital payments and settlements platform as well as a Trade Observatory. We are hence launching a market that will be ready for use by the market players”, he echoed and adding that Africa is going into beneficiation through the development of regional value chains, in line with the AMV.
In his opening address, H.E. Assefa Kumssa, State Minister, Mines and Petroleum of the Federal Republic of Ethiopia, highlighted the importance of geological data regretting that there is not enough investment in this particular area in Africa. “If we make this investment, we can negotiate with companies from an informed perspective. We can also attract higher quality exploration companies”, he mentioned. The Honourable State Minister also pointed out that African Governments should ensure that there is generational benefit from the natural resources the continent is endowed with. He indicated that one of the tools for achieving this, is through fiscal regimes such as royalties and taxation with a long term perspective as they need to be fair, transparent and predictable. Before he concluded, the State Minister Kumssa informed the Seminar that Ethiopia is currently working closely with the Canadian International Resources and Development Institute (CIRDI) which, he said, is the genesis of the Ethiopian Mining Reform in line with the Africa Mining Vision. “All reforms we are implementing are mapped against the 9 clusters of the AMV, firmly rooting our mining strategy, policy and legislation within a broader continental framework”, he concluded.
Earlier on 3th March 2019 the AUC organized the first ever African Union Diaspora Minerals Forum. The objective of the forum, was to develop a platform for dialogue between the African Diaspora in Canada and the AUC delegation to PDAC. The forum was also set with a view to facilitating consultation and engagement on selected topics related to Mineral Resources Development and Africa’s Broader Development Agenda. In his opening statement, Commissioner Muchanga reiterated to the African Diaspora that Africa is creating a large market anchored on the AfCFTA and call on them to set up a mechanism in order to grow into a vital platform for continuous dialogue and networking. “We are witnessing growing remittances by the African Diaspora. These are projected by the World Bank to be US939 billion this year. The African Diaspora has embarked on feasibility study to set up investment facility on the Continent”, he emphasized.

At the PDAC 2019 Trade Show, the AUC managed to secure a booth that provided high visibility for its activities as well as for other African countries. It provided essential contacts and information about the AUC and also displayed information from across the continent on mineral resources development to be provided by the Sub-regional Associations of the Chamber of Mines.
At the PDAC 2019 Closing Ceremony, the African Delegation including the Commissioner for Trade and Industry of the AUC, H. E. Amb. Albert Muchanga, got for the third time, the privilege to close the Toronto Stock Exchange Index (TMX).

For further information:
Mr. Frank Mugyenyi, Senior Industry Advisor - Email: MugyenyiF@africa-union.org
Media contacts:
Patient Atcho - Department of Trade and Industry – Tel: + 251 929335250 - Email: AtchoP@africa-union.org

For further information contact
Directorate of Information and Communication | African Union Commission I E-mail: dic@africa-union.org I Web Site: www.au.int I Addis Ababa | Ethiopia

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