We are big believers in Africa’s trade potential: MSC CEO
MSC is aiming for double-digit annual growth in its inter-African business.;
Soren Toft, CEO, Mediterranean Shipping Company (MSC) highlighted the stable trade flows within Africa, and emphasised the growing importance of inter-African trade.
"We are very keen on Africa. We are big believers in Africa," Toft said while speaking at the Africa CEO Forum in Abidjan, underscoring MSC’s commitment to expanding its footprint in the region.
He also mentioned that MSC is aiming for double-digit annual growth in its inter-African business, indicating a robust strategy for the future.
The theme of the two-day CEO Forum was: Africa in a transactional world - Can a new deal between state and private sector deliver the continent a winning hand?
The topics included the importance of governance and accountability, targeted public policies and accelerated implementation of African Continental Free Trade Area (AfCFTA).
Toft also spoke about the repercussions of the ongoing tariffs between China and the United States, which have led to a notable decline in trade between these two economic giants. There has, however, been a resurgence in trade from Southeast Asia, although it has not entirely offset the decrease in Chinese trade, he added.
The conversation, moderated by Raman Yam, a journalist with CGTN and Bloomberg, discussed the critical challenges in implementing the AfCTA agreements. Toft pointed out the need to harmonise customs procedures and standardise paperwork to facilitate smoother trade flows. He stressed the importance of liberalising customs and documentation processes to unlock the full potential of inter-African trade.
MSC is committed to making significant contributions to the efficiency of African ports and expanding its logistics network, he added. "Our investments are aimed at making African ports more efficient and enhancing the overall logistics infrastructure."
Safety concerns, particularly piracy, were also discussed. Despite a decrease in reported piracy incidents, Toft emphasised the continued importance of precautionary measures to ensure the safety of seafarers.