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East African trade and investment news

Ethiopia: Investment Commission, Africa Advisory Partners Sign MoU to Promote FDI

Published on April 17, 2019

The Ethiopian Investment Commission has signed a Memorandum of Understanding (MoU) with Africa Advisory Partners (AAP), an advisory firm that help clients establish and execute market entry and business development strategies across Africa. The MoU is aimed at promoting "foreign direct investment in Ethiopia, especially in the areas of manufacturing, agro-processing and services," a statement sent by AAP said. Read more. Source | AllAfrica 

Kagame makes a case for investment in Africa

Published on April 17, 2019

President Paul Kagame has called for increased investment in Africa, saying that countries on the continent understand the importance of foreign direct investments on their economies and have been working to create a friendly environment. Kagame was speaking on Thursday evening in New York, United States at an NBA Board of Governors meeting that attracted NBA club owners and executives. The President said that Africa is open to business partnerships with the rest of the world and has since improved in openness and was moving as a bloc toward a free trade area. Read more. Source | New Times

What African Nations can learn from Rwanda’s growth as an innovation hub

Published on April 17, 2019

Rwanda is quickly becoming an innovator’s paradise. Technology companies and manufacturers from within and outside the continent are moving to the country to either set-up innovation hubs or manufacturing plants. Last year Andela, which originally launched in Nigeria, announced it was launching a pan-African tech hub in Kigali. The hub will recruit and train software developers from anywhere in Africa. This year, CcHub, a Nigerian innovation lab, also launched its new design lab in Rwanda. The design lab fosters collaborationamong researchers, designers, product engineers and global stakeholders to solve Africa’s systemic problems in public health, education, governance and the private sector. Read more. Source | Tech Cabal

EAC Embarks On Plan to Remove Trade Curbs

Published on April 17, 2019

The East African Community (EAC) has embarked on a new bid to remove barriers blamed for low intra-regional trade. Under the initiative, about 200 experts from all the partner states would be trained on the best skills to fight trade bottlenecks in the region. The East African Business Council (EABC), an apex body of private sector organisations, will spearhead the programme in collaboration with the International Trade Centre (ITC). The four-year initiative took off in earnest in Arusha on Monday with the signing of a memorandum of understanding (MoU) between the two organisations. Read more. Source | All Africa 

Don't underestimate the power of the fintech revolution

Published on April 17, 2019

The Financial Stability Board divides fintech into five broad categories: payments, clearing and settlement; deposit, lending and capital raising; insurance; investment management; and market support. Fintech has made most inroads in the area of payments and less in the others.

So far, it’s the more open financial markets that have seen fintech develop rapidly. One example is the e-payment system M-Pesa, which operates in Kenya, Tanzania and elsewhere, and is one of the biggest fintech success stories since its emergence just a decade ago. By effectively transforming mobile phones into payment accounts, M-Pesa has increased financial access for previously unbanked people. The permissive stance of the Kenyan central bank allowed the sector to develop rapidly in one of East Africa’s most developed economies. Read more. Source | World Economic Forum

Kenya and Mauritius root for increased private sector participation

Published on April 17, 2019

President Uhuru Kenyatta and Prime Minister Pravind Kumar Jugnauth of Mauritius have stated their countries commitment to continue supporting the private sector by ensuring a conducive environment for enterprises to thrive. The two leaders said the private sector not only holds the key to unlocking the economic potential of Kenya and Mauritius but that of the entire African continent as well. President Kenyatta said his administration is fully committed to ensuring that investments by private enterprises in Kenya thrive. Read more. Source | KBC

IMF tips Kenya economy to hit Sh10trn this year

Published on April 17, 2019

The size of Kenya’s economy is projected to reach the Sh10.1 trillion mark this year, the latest statistical estimates by the International Monetary Fund (IMF) have shown. This will mark the largest absolute expansion in recent years, with the gross domestic product (GDP) estimated to rise by Sh1.1 trillion from Sh9 trillion in 2018. In percentage terms, the growth this year is estimated at 5.83 percent, a slight decrease from 5.95 percent last year. Read more. Source | Business Daily

Ethiopia eyes strong boost to industrial development through AfCFTA

Published on April 17, 2019

When the Ethiopian Parliament ratified the African Continental Free Trade Area (AfCFTA) last March, the decades-old dream of integrating the continent economically moved one big step forward. On April 2, the small West African nation of Gambia became the 22nd nation to ratify the free trade pact, the minimum threshold needed to approve the deal among the 55 members of the African Union (AU). The ratifying members will then need to deposit their instruments of ratification with the AU. So far, 15 members have already done so, and the AfCFTA will enter into force, 30 days after the required number of ratifications have been deposited with the AU. Read more. Source | Xinhuanet

Local investors in agriculture to get massive boost

Published on April 08, 2019

The Private Agricultural Sector Support (PASS) will dish out 184bn/- to potential local agricultural investors in the country to support them carry out commercial farming. That is a continuation of financing boosts the organisation has extended for the past 18 years of its establishment in which it has provided around 713bn/- invested in over 929,000 projects countrywide.Speaking to reporters over the weekend, PASS Managing Director Nicomed Bohay said in the period under review, the Organisation has worked with 15 financial institutions for a number of collaborations in its wake of empowering its target beneficiaries. Read more. Source | Daily News

EAC partner states told to focus on inclusive growth

Published on April 08, 2019

A strong call has been made to the East African Community (EAC), partner states to prioritize on policies that will attract and promote investment focusing on the development of the people and business community.The integration of the people into the economy is the only way to ensure that growth has a broad effect and is sustainable. “We have to listen to the people and to the businesses and it is only by working together that we will be able to spur economic growth in our region,” The Chairperson of the Summit of East African Community Heads of State, Paul Kagame said over the weekend. Read more. Source | Daily News

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