Lisbon, Oct. 29, 2024 (Lusa) - A group of trade and industry associations from Africa, Portugal and Spain have created the Ibero-African Association of Chambers of Commerce (AFRICO), with the aim of strengthening relations between the two continents, the organisation announced on Tuesday.

The main objective is to "strengthen trade relations between the European continent, with an emphasis on the Iberian Peninsula, and the African continent", reads the press release.

The founding members of the Ibero-African Association of Chambers of Commerce (AFRICO) are the Portuguese Chamber of Commerce and Industry (CCIP), the Spanish Chamber of Commerce, the Official Chamber of Commerce, Industry, Services and Navigation of Gran Canaria, and the Federation of West African Chambers, which brings together Chambers of Commerce from 20 African countries.

Promoting the establishment of solid and sustainable commercial relations between Iberian and African companies, facilitating the exchange of information, experiences and best practices between the Chambers of Commerce of the countries involved, boosting co-operation in economic and business development projects that benefit these regions, are all functions that the new association has set itself.

It also wants to serve as a platform for identifying business opportunities, organising trade events and promoting investment and establishing direct communication with multilateral organisations to bring these entities closer to the chambers of commerce that are part of ÁFRICO.

 Promoting legal certainty in commercial relations in each region is also among AFRICO's objectives, according to the statement.

"The creation of AFRICO will make it possible to strengthen public-private collaboration; moreover, the union that is being established between the chambers of commerce of Portugal, Spain and West Africa and beyond, with the possibility of the PALOP (Portuguese-speaking African countries) joining, will bring great benefits to our companies and our economy," says the vice-president of the CCIP, Nuno Pinto de Magalhães.

At 190 years old, the Portuguese Chamber of Commerce and Industry is the country's oldest business association and its mission is to support companies in their growth and expansion into foreign markets, according to the organisation.

MBA/AYLS // AYLS

Lusa