The Finnish Government has announced 12 million Euros to TradeMark Africa (TMA) to boost trade efficiency in Africa.
This investment will unlock Africa’s economic potential by reducing the time and cost associated with cross-border transactions. The funding will support projects aligned with TMA’s third strategic plan (2023 – 2030), focusing on advancing inclusive, clean, and digital trade across the continent.
The announcement was made in Naivasha by Finland’s Minister for Foreign Trade and Development, Ville Tavio, who emphasized Finland’s commitment to sustainable development and economic growth in Africa.
Tech as Cure to African Problems
Minister Tavio commended TradeMark Africa for its impactful work in trade facilitation and highlighted the crucial role of technology in overcoming challenges faced by the African continent.
Minister Tavio expressed his confidence in the mutual benefits of TradeMark Africa’s initiatives, stating that Finland sees the increased economic activity in Africa as an opportunity for Finnish companies.
He praised TMA for its role in promoting regional economic integration and reiterated Finland’s unwavering support for the organization.
TMA CEO, David Beer, lauded Finland’s continuous support, acknowledging the positive outcomes of past projects that have streamlined trade processes and reduced trading costs between Africa and Europe.
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“This partnership allows us to deliver real results for businesses in Africa. We have seen dwell times at major ports reduce, and the time and cost of transporting goods along East African corridors go down significantly.
These successes increase margins for exporters and build trade flows. As we expand our operations across Africa, we are grateful for Finland’s strong continued commitment to taking down trade barriers in Africa,” said Beer.
Finland’s 26.9 Million Euros Support Package for Africa
Over the past decade, Finland has provided substantial financial support of over 26.9 million Euros through TMA, leading to advancements in innovation, sustainability, and cross-border collaboration.
These contributions have facilitated the digitization of port systems, the establishment of one-stop border posts (OSBPs), and initiatives supporting female entrepreneurs in trade.
Since its inception in 2010, TradeMark Africa has implemented various projects aimed at enhancing trade efficiency through infrastructure development, trade policy enhancements, and capacity building at key ports in the region.
TMA has also supported customs systems in collaboration with revenue agencies across several African countries.
