East Africa recorded the continent’s best economic performance in 2017, with a GDP growth of 5.9 per cent — above the continental average of 3.6 per cent.
This growth was achieved in a year that saw the region’s economic fortunes dip, as several companies keen to lower costs and post profits turned to staff cuts. Read more. Source | East African
Members of the Private Sector Federation (PSF) have been challenged to improve coordination and work harder in order to contribute to national development as well as exports growth.
Government officials made the call on Monday at the opening of a retreat bringing together members of PSF. Michel M. Sebera, the Permanent Secretary at the ministry of Trade and Industry observed that PSF members are key players in national development. Read more. Source | New Times
Rwandan importers and exporters will no longer have to travel to Dar es Salaam port, Tanzania to clear their shipments, thanks to the new Tanzania Ports Authority (TPA) liaison office, which opened last week in Kigali.
The liaison office is expected to operate as a one stop centre for traders to pay and clear their goods from Kigali without having to travel to Dar es Salaam. Read more. Source | New Times
Rwanda is prepared to improve grain quality and recover from the post-harvest losses it has been facing over the past few years with the construction of grain storage facility. The country has counted over 30 per cent post-harvest losses due to poor storage that has indirectly affected the quality of their crops and propelled food insecurity issues in the country.
The profits of the farmers have been cut short with the same challenge, which has demoralized their status in the individual and corporate level. The government has been left scratching its head on how to make the mountain plain as it seeks to feed its citizens and harness some revenue from the exportation of the crop produce. Read more. Source | The Exchange
Rwanda's exports have increased significantly over recent years. The Rwanda Economic Update indicates that exports increased from $400 million in 2007 to $1.6 billion in 2016. Non-traditional exports have emerged as an important driver of growth, thus laying the foundation for export-led development in Rwanda.
Rwanda continues to promote export of semi-processed or finished products and more sophisticated niche products compared to export of raw materials and commodity products. The move is driven by the development of sector strategies, human capital improvements, and public-private discourse. Read more. Source | New Times
The woes faced by Rwanda’s leather tanning industry could soon be history following new initiatives that seek to address the challenges that have dogged the sector for years. Issues like lack of enough raw materials, skills gap and low prices as well as dependence on imported finished leather materials have stifled the growth of the sector. The fact that a big percentage of hides and skins are exported to the region has starved local tanneries of raw materials.
Many dealers prefer to sell hides and skins to neighbouring countries, where they fetch better prices, according to stakeholders. However, a number of interventions were instituted, including levying high taxes on exported raw hides and skins and increasing prices paid to small dealers, which has raised optimism among local leather tanneries. Kigali Leather, located in Bugesera District, is the biggest leather tannery plant in the country. Read more. Source | New Times
Rwanda will be looking to market its potential as a key horticulture sector player during the two-day Horticulture Connect Summit that opens in Kigali today, officials have said. The summit aims at creating linkages between the United Kingdom, the Netherlands and local horticulture sector players.
“This conference also provides a huge opportunity to introduce British and Dutch investors and buyers of horticultural produce to Rwandan producers and exporters,” said Gerardine Mukeshimana, the Minister of Agriculture and Animal Resources, in a statement. Read more. Source | New Times
Tanzania hopes to increase its rice exports to Kenya and Rwanda by one-third this year, according to forecast by a trade tracker. According to the East Africa Cross-border Trade (EACT), the trade volume will be boosted by supplies from the August harvest and high carry-over stocks, which are likely to lower prices. The low rice prices are due to lower maize flour cost which is a substitute staple food to rice. Read more. Source | East African
Tax and trade policies are becoming more and more business-friendly in Rwanda and across the East African Community. Rwanda is a good place to invest, and government’s efforts to create a conducive business environment are paying off. Also, the overall business climate in the EAC is favourable. Read more. Source | New Times
Farmers of maize, sorghum and soya need not worry anymore about market for their produce as local fortified foods manufacturer is looking to double local sourcing of raw materials this year to increase production.
Officials at Africa Improved Foods (AIF), which is behind the Nootri range of fortified foods, say the firm is targeting to produce 45,000 tonnes this year, an increase from 35,000 produced last year as the firm targets the export market, according to Darshana Joshi, the AIF commercial director. Read more. Source | New Times