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Lack of knowledge hinders cross-border trade - TWCC

Published on September 24, 2015
Lack of knowledge on international trade remains one of the key challenges facing local entrepreneurs, especially the youths, the Tanzania Women Chamber of Commerce (TWCC), director Fatma Riami has observed. Speaking during a two days meeting for female traders from eleven regions bordering other countries, she noted that most youths fail to trade across the border due to limited knowledge on legal procedures. “In most cases they use unregulated routes and upon arrest, they end up paying twice the amount spent on buying or abandon the goods all together” she said.   The TWCC boss noted that some youths who have been enlightened on the rightful procedures have attested that if one follows the requirements, cross border trade is quite easy.   She urged over sixty female young entrepreneurs from the eleven regions that converged here to freely share challenges they face at the border points as they sell or buy goods in other countries. Read more. Source | IPP Media  
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Tanzania, Ethiopia in top 10 index

Published on September 21, 2015
East Africa can become a global and intra-regional trade hub but only if it dismantles all trade barriers in the region, according to researchers at the UK-based Barclays Bank plc. The researchers note that improving Customs  clearance procedures, facilitating greater cross-border co-operation, eliminating both tariff and non-tariff barriers  and increasing  investment in infrastructure such as roads, railway, ports, airports and energy  could transform the prospects for the region’s trade. “East Africa benefits most from relatively strong border administration and a fast-growing regional market,” they say. In their  Barclays Africa Trade Index (2015) report, the researchers  say many countries in Africa  have taken some positive steps  to boost  trade  by harmonising regulations along transport corridors, reducing stay times at the ports and delays associated with Customs control points and coordinating Customs processes across regional economic communities. Read more. Source | The East African
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Tanzania is now East Africa regional IT hub

Published on September 17, 2015
Better telecommunication means speedy and cheaper access to information, which is a key factor for enhanced economic growth. Tanzania is determined to capitalise on this through its national fibre optic cable network also termed as the National ICT Broadband Backbone (NICTBB) and other links such as the East African Submarine Cable System (EASSy) and the SEACOM. The NICTBB fibre-optic backbone has been extended to nine border crossings with Kenya, Uganda, Rwanda, Burundi, Malawi and Zambia. The fibre optic network connectivity to more countries, mostly landlocked countries to the international cable having the landing points in Dar es Salaam is making the country a hub of ICT infrastructure and solutions within the region. Read more. Source | Daily News
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Dar port wins confidence of top global shippers

Published on September 17, 2015
Dar es Salaam Port is steadily winning the confidence of shippers-thanks to massive improvements in its physical infrastructural capacity and operational efficiency. From customers in neighbouring landlocked countries to international shipping liners, the port had transformed with improved services and capacity to rival other established facilities along the coast of Indian Ocean. Last month, the port received a 255 (LOA) meters long vessel, the longest vessel it had ever handled early this month. The vessel, named Clemens Schulte from a top global shipping line Maersk Group, with a capacity to carry 5,466 containers, docked at the port early this month to signify the level of confidence international shipping liners have for the port. It discharged 250 containers and load 1,300 containers during the maiden call. Stakeholders applauded the new development saying it marked an important milestone in the efforts to upgrade operations at the port. Read more. Source |Daily News
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Tanzania: Cross-border businesses meeting to discuss on advantages of competition

Published on September 15, 2015
Tanzanians that are involved in the cross-border businesses have been enlightened to reduce obstacles in order to allow the well functioning trade arrangements, together with movements of people and goods. The call was part of the deliberations during the two days   seminar to discuss cross border concerns in Dar es Salaam on August 3rd and 4th. The seminar was organized by the Policy Research for Development (REPOA), CUTS International, and the Trade Mark East Africa; it as well involved civil servants, and officials that are involved in cross-border transactions in various forms. Read more. Source | Shout Africa
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Tanzania businesses to get $80m push

Published on September 14, 2015
“Thousands of young people enter the workforce every year and are filled with energy and high expectations.  “Creating productive jobs is a priority for Tanzania and only the private sector can generate the number of jobs required. The policy reforms supported by this operation help to remove obstacles for doing business in the country, unleashing the private sector and employment growth,” Bella Bird, the World Bank’s Country Director said last week. The bank’s Board of Executive Directors approved the $80 million credit for the Business Environment for Jobs Development Policy Operation (DPO) as the first in a programmatic series of three budget support operations for Tanzania.  The Japanese government, through JICA their development agency, will also provide some assistance under the project. According to the bank, over the past decade, private sector investment has been concentrated in a few fast growing sectors, such as the extractives, finance, communication, and transport while labour-intensive sectors such as agriculture and manufacturing expanded below the average rate of the economy (about 7 percent in 2014/15).  As a result, job creation did not accelerate to keep pace with the growth of the working population. Each year, about 800,000 young people enter Tanzania’s labour force, which is expected to increase from 20 million as of today to 40 million in 2030. Read more. Source | East African Business Week
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Podcast: The EAC Common Market Protocol

Published on September 11, 2015
The Protocol on the Establishment of the East African Community (EAC) Common Market provides for "Four Freedoms", namely: the free movement of goods, labour, services, and capital, which will significantly boost trade and investments and make the region more productive and prosperous. The EAC, however, still has a long way to go to achieve this goal. The Hub is partnering closely with the private sector, across the region to ensure full, appropriate and timely implementation of the protocol. Listen to the Hub's Trade Policy expert discuss the Protocol, free movement of capital and the Hub's interventions with the private sector:
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Tanzania Ports Authority launches Integrated electronic payment system

Published on August 19, 2015
The Tanzania Ports Authority (TPA) has recently launched its new Integrated Electronic Payment System (e-payment) seeking to modernize the port services to reduce costs and clearing timing. The new e-payment is part of a USD 10 million TPA’s project to install the Electronic Single Window System which is meant to integrate all the port activities and stakeholders in a single interface and improving the flow of information. With this new system which is now available by its own website, the TPA stopped using paper invoices since all of them are now available online. Read more. Source | Tanzania Invest
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