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East African trade and investment news

Improved investment climate attracts more investors-EPZA

Published on February 13, 2019

The Export and Processing Zones Authority (EPZA) said the improved investment climate has upped the number of inquiries and prospective investors coming to explore investment opportunities. EPZA’s Director for Investment Promotion and Facilitation Mr James Maziku said yesterday in Dar es Salaam after hosting a business delegation from Hong Kong showing key interest in agro-processing sector. Read more. Source | Daily News

Awareness campaign on EAC potential benefits launched

Published on February 13, 2019

Members of the East African Legislative Assembly (EALA) Tanzania Chapter have launched an awareness creation campaign aiming at equipping Tanzanian youth with knowledge and opportunities to be explored in the East African Community (EAC) member countries.

EALA Tanzania Chapter chairperson, Dr Abdullah Ma kame, told the ‘Business Standard’ in Dar es Salaam recently that the campaign is focusing on stimulating the youth mind and make them think regionally. Read more. Source | Daily News

Kenyans can now use shilling on Amazon

Published on February 13, 2019

Cross-border currency movement company Western Union and US tech giant Amazon have entered into a partnership that will allow Kenyans to use local currency to pay for products sold on the e-commerce platform. The deal is aimed at widening Amazon’s customer base in the country by bringing on board clients who were locked out by hitches on the payment platform, which do not allow transactions in local currencies. Read more. Source | East African

Ethiopia privatization plan gets underway

Published on February 13, 2019

The Ethiopian government has picked telecommunications firm Ethio Telecom as the first of four major state corporations to be sold to private investors, in a liberalization programme meant to boost economic growth. Ethiopia, with a population of over 100 million people, has been Africa’s fastest growing economy for years, but the country is now reaching the limits of its state-led growth, prompting the government to open up its economy. Read more. Source | East African

Private equity firms in East Africa

Published on February 13, 2019

Fifty three offices established by private equity and venture capital companies in the East African Community (EAC) countries which comprises a cumulative minimum value of at least $5.8 billion USD under management for investments throughout the world including in East Africa.  This is according to “The Map of Private Equity Firms” based in Sub-Saharan Africa by Africa’s leading private company research firm, Asoko Insight from December 2018. Read more. Source | The Exchange

Improving Early Stage Investor Engagement in East Africa

Published on February 13, 2019

Africa is the youngest continent in the world with almost 200 million people aged 15-24, and this number is expected to double by 2045. However, unemployment among East African youth is already high, at an estimated 51-57%. With a rising youth population and unemployment rate, young people are turning to entrepreneurship as both a means to generating income and jobs. 79 of every 100 jobs created by young entrepreneurs in East Africa have been for youth aged 18-34, however only 17% of entrepreneurs on the continent believe they will create a medium to high number of jobs over the next five years. Read more. Source| The Exchange

Continental tech stakeholders to convene in Kigali

Published on February 13, 2019

Over 400 delegates from the technology world are this week set to convene in Kigali for a three-day summit dubbed; Africa Tech Summit from February 13 - 15. The summit will convene African corporates, start-ups, investors and creatives, sharing insights from industry leaders including such as Safaricom, Econet Media Group, SAP, Uber, Gearbox, Imisi 3D and Gebeya among others.

According to the founder of the summit, Andrew Fassnidge, the conversations and deliberations will be themed around popular tech trends such as fintech, Artificial Intelligence (AI), payments and credit, mobility, Cloud and Internet of things connectivity, investing, mobile and content, among others. Read more. Source | New Times

AU to launch operations of continental free trade area in July

Published on February 13, 2019

The African Union (AU) Commissioner for Trade and Industry Albert Muchanga on Sunday said he expected the African Continental Free Trade Area (AfCFTA) to formally launch operations in July this year. Speaking during a press conference on the sidelines of the 32nd Ordinary Session of the Assembly of the AU in the Ethiopian capital Addis Ababa, Muchanga said the formal start of operations of the AfCFTA is expected to be launched during another AU summit to be held in Niamey, capital of Niger in July.

 “We have 12 African countries that have deposited the instrument of ratification at the AU, before the end of the summit we expect two more countries to ratify the agreement,” he said. Read more. Source | New Times

Five SMEs could soon be listed on Rwanda Stock Exchange

Published on February 13, 2019

Five local small and medium enterprises could in coming months be listed on the Rwanda Stock Exchange, according to officials at the agency. The firms have been found outstanding from more than 10 SMEs, which signed Memorandum of Understanding with Rwanda Stock Exchange last year. The five small and medium enterprises have showed positive signs and ability to meet the requirements as prescribed in the last consecutive meetings held by both parties, according to Celestin Rwabukumba, the Chief Executive of Rwanda Stock Exchange.

This follows  a two-month campaign, dubbed “access and grow”, launched in 2018, which was organised by Rwanda Stock Exchange in partnership with  Capital Market Authority and  USAID targeting about 300 SMEs from all sectors of the economy as a way to enable them access long-term investment capital. Read more. Source | New Times

Kenya companies among firms to scout for deals in Germany

Published on February 07, 2019

Three Kenyan companies will be scouting for business deals in Germany during the upcoming Ambiente Show 2019 organised by Messe Frankfurt. The annual trade show is expected to take place between February 8 and 12 in Frankfurt, Germany. This year, at least three Kenyan consumer goods companies have been partially sponsored by the USAID through the East African Trade hub and will be showcasing at the global event. The companies are Mohazo Eximpo Ltd (homeware and personal accessories), Bawa Hope Ltd (jewelry: necklaces, earrings, wristbands, fashion: bags: handbags, shoppers, living:  salad servers, bowls and Undugu Fair Trade (jewellery, beads). Read more. Source | Standard Digital 

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