Soren Toft, CEO of the Mediterranean Shipping Company (MSC), highlighted the stable trade flows within Africa and underscored the increasing significance of inter-African trade. "We are very committed to Africa. We strongly believe in its potential," Toft stated during his address at the Africa CEO Forum in Abidjan, reaffirming MSC's dedication to expanding its presence in the region.
He further mentioned that MSC aims for double-digit annual growth in its inter-African business, reflecting a robust strategic vision for the future.
The two-day CEO Forum focused on the theme: "Africa in a Transactional World – Can a New Deal Between State and Private Sector Deliver the Continent a Winning Hand?" Discussions encompassed governance and accountability, targeted public policies, and the accelerated implementation of the African Continental Free Trade Area (AfCFTA).
Toft also addressed the implications of ongoing tariffs between China and the United States, which have resulted in a significant decline in trade between these economic giants. However, he noted a resurgence in trade from Southeast Asia, although it has not fully compensated for the reduction in Chinese trade.
The session, moderated by Raman Yam, a journalist with CGTN and Bloomberg, explored critical challenges in implementing AfCFTA agreements. Toft emphasized the necessity of harmonizing customs procedures and standardizing documentation to enhance trade efficiency. He stressed the importance of liberalizing customs and documentation processes to unlock the full potential of inter-African trade.
MSC remains committed to improving the efficiency of African ports and expanding its logistics network, as Toft reiterated: "Our investments are geared towards enhancing the efficiency of African ports and strengthening the overall logistics infrastructure."
Safety concerns, particularly piracy, were also discussed. Although reported piracy incidents have decreased, Toft highlighted the ongoing need for precautionary measures to ensure the safety of seafarers.