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East African trade and investment news

Tanzania tops EAC GDP growth in 2016

Published on April 25, 2017

The East African Community registered 6.1 percent growth in 2016 even as Sub Saharan Africa grew by 1.4 percent, according to the Economic Survey 2017 by the Kenya National Bureau of Statistics.

Tanzania was the best performer recording at 7.2 percent Gross Domestic product growth followed by Rwanda that grew at 6 percent. Kenya came in third recording 5.8 percent while Uganda grew by 4.9 percent. Read more. Source | The Exchange

Experts urge African nations to increase science funding

Published on April 25, 2017

African countries should allocate more funds to agricultural science, research and technology for the continent to bridge crop production gap and ensure food security, agriculture experts have said.

The experts expressed concern that most African countries have not met the targets of the 2003 Comprehensive Africa Agriculture Development Programme (CAADP)’s Maputo declaration, requiring African countries to allocate at least 10 per cent of their national budget to agriculture. Read more. Source | New Times

Kenyan farmers celebrate with further rise in global coffee prices

Published on April 25, 2017

The initiatives being pursued have therefore boosted farmers’ morale to increase production and quality in order to earn premium prices in the global market. The industry for the last four production years has witnessed increased production, area under coffee and high prices as well.

According to the Economic Survey 2017 launched recently, the price of a kilogram for unroasted coffee for the last four years at the international market has increased by almost 30 percent to reach 4.7 U.S. dollars in 2016 compared to 3.3 dollars earned in 2013 production year. Total coffee earnings increased to 213 million dollars in 2016 from 205 million dollars in 2015 registering a 3.9 percent increase.

Currently a team of Kenyan coffee value chain players under the leadership of agriculture cabinet secretary Willy Bett are in Seattle, United States for an exhibition where Kenya is the portrait country. This is expected to enhance the exposure of Kenyan coffee. Read more. Source | Coast Week

Producers in East Africa to discuss industrialisation

Published on April 25, 2017

Over 400 stakeholders from public and private sectors will deliberate on the nexus between application of local content requirements and EAC industrialization.

The deliberation is staged to take part during the 2nd East African Manufacturing Summit scheduled to take place in the last week of next month in Kigali, Rwanda.

Local content requirements have been used with varying degrees of success in many countries in the world. Read more. Source | Daily News

New storage tech cuts post-harvest losses

Published on April 25, 2017

Food is one of the three basic needs. The global population of about seven billion people needs enough food of high quality. According to FAO, the world population is predicted to hit the 9 billion mark by year 2050.

During the same period, Africa’s population is expected to double from the current 1.2 billion to 2.5 billion. To meet the food and nutrition needs of the rising population, food production will have to increase by 70 per cent, with substantial reduction in food loss and waste.

One strategy for increasing food available is to ensure proper and better use of food that has been produced. Read more. Source | Business Daily

Intra-Africa trade at 40pc as EAC spurs Kenya’s sales

Published on April 25, 2017

Intra-Africa trade took 40 per cent of the exports worth Sh234.1 billion indicating a need to ease movement of goods and services.

The Economic Survey 2017 shows the East African Community that brings together Kenya, Uganda, Tanzania, Rwanda and Burundi continued to provide Kenya with a ready market that accounted for 51.9 per cent of the intra-Africa trade.

The bloc, which is pursuing integration at economic and political levels, has also provided a ready market for Kenyan investments in manufacturing, banking and provision of professional services. Read more. Source | Business Daily

US investors seek joint ventures with local SMEs

Published on April 24, 2017

Local small and medium enterprises (SMEs) have an opportunity to secure funding, as well as network and form partnerships and joint ventures with investors from the US at the ongoing annual Rwanda Investment Conference in Kigali.

Heath Cardie, who led the US business delegation of 16 investors, said SMEs should be given more support because “they are drivers of any economy.” 

“We want to work with local SMEs to help them improve their operations and business practices so that they can grow and create more jobs and also become more profitable and sustainable enterprises,” Cardie said on Wednesday. Read more. Source | New Times

US roasters to raise Kenya’s coffee imports 25 per cent

Published on April 24, 2017

American roasters are expected to raise coffee purchases from Kenya by a quarter to Sh3.5 billion annually after the country showcased its produce in the ongoing symposium in Seattle, US.

Coffee Directorate made a pitch for Kenya’s specialty coffee during the exhibition to have the US, which pays a premium price for the commodity, increase its uptake 25 per cent. America buys seven per cent of Kenya’s annual export of 46,000 metric tonnes but it pays highly compared to the other top buyers. Read more. Source | Business Daily

Nairobi ranked as leading destination for multinationals

Published on April 19, 2017

Nairobi has been named as one of the leading regional destinations for companies establishing international headquarters.

Kenya’s capital appears on the Fortune 500 list alongside Dubai, Johannesburg, Casablanca, Lagos and Cairo, as one of the destinations with the highest appeal.

According to a new report released by Infomineo, a global business research company specialising in Africa and the Middle East, Nairobi is the leading destination for Fast Moving Consumer Goods (FMCG) companies. Read more. Source | Daily Nation

What Tanzania should do to accelerate growth and deepen financial inclusion

Published on April 19, 2017

Two Tanzanian entrepreneurs: Hadiya and Mzuzi. Hadiya built a successful micro-business taking advantage of mobile money services, including money transfers and savings products that are low cost and safe, as well as short term micro-loans.

Mzuzi, owner of a small 10-person enterprise, is facing a financial crisis despite huge personal drive and inventiveness, because of his inability to access credit to expand his business.

The stories of these two entrepreneurs embody the experiences of real-life Tanzanians seeking to extend opportunities for themselves and their families. Read more. Source | The Citizen