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The Economist to hold “Global Illicit Trade” summit in Addis

The Economist to hold “Global Illicit Trade” summit in Addis

The Economist Events, an entity within The Economist Group that runs the The Economist magazine and The Economist Intelligence Unit (EIU), is set to come back once again to Addis Ababa to organize and hold a “Global Illicit Trade” summit by the end of June.

According to the Addis Ababa Chamber of Commerce and Sectoral Association (ACCSA), a partner for the summit to organize The Economist Events said that, the summit is set to be held on June 25, at Hyatt Regency to convene conversations on illicit trades and financial outflows from Africa.

The half-day summit will deliberate on three pertinent panels of discussions. The growing trend of underground economies, as indicated in the program agenda, Northwest Ethiopia is given attention as a place where numerous weapons are slipping in from Sudan. This trend is what The Economist Group chose to highlight as Africa is becoming a hotbed for terror for Al Qaeda and ISIS.

The panel that will deal with the Illicit Financial Flows (IFFs) will look at how Africa and Ethiopia in particular, are dealing with the matter. Based on the Global Financial Integrity’s estimates, Ethiopia is allegedly to be losing an average of 2.2 percent of its GDP to IFFs per year. However, the assessments are that Africa is responding in a hobbling manner. Hence, the summit will seek ways on how “multi-stakeholder actions across the government, financial institutions and civil societies,” could be “prioritized and incentivized,” to deter the illicit outflows.

The way forward as the fourth industrial revolution anchored with the vast expanse of ICT and artificial intelligence; illicit trade is also becoming more “revolutionized.” 

It is to be recalled that back in 2015, the well-established global policy influencer, The Economist Group, has held its first day “Ethiopia Summit” heralding the need to privatize major state-run enterprises and ease the monopoly grip of the government on the economy.

Though, the Ethiopia Summit was intended to be regularly held, however, it took The Economist Group to come back after four years. Back then, Pratibha Thaker, the then regional director of the Middle East and Africa department with The Economist Group was willing to host regular meetings depending on how things turn out and shape up in Ethiopia.