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East African trade and investment news

Economists want more fund allocation to agriculture

Published on June 20, 2018

The government has been challenged to allocate more funds to agriculture sector so as to attract multiplying effects on other sectors including industries which could in turn create huge employment opportunities to youths.This was said yesterday at a breakfast meeting that brought together economists, tax experts and bankers in Dar es Salaam.

Organised by Enerst & Young, a global leader in assurance, tax, transactions and advisory, the meeting aimed to discuss on the recent presented 2018/19 budget and whether it meets the demands of the majority. Read More. Source | Daily News

Govt fiscal measures to boost industrialization

Published on June 20, 2018

The Confederation of Tanzania Industries (CTI) has commended government interventions on various taxes, charges and fees that burdened manufacturers in order to boost industrial productivity for strong economic growth. The CTI Board Chairman Dr Samuel Nyantahe said in Dar es Salaam yesterday that the government’s move will increase industrial production, improve business environment and enable the sector contribute meaningfully to economic growth, job creation and poverty reduction. Read more. Source | Daily News

Smallholders benefit from training on processing

Published on June 20, 2018

Over 60 smallholder farmers have been trained on tomato processing and packaging, a move which would enable them to make good earnings from their backyard gardens. The week-long training programme was conducted through the northern zone office of the Vocational Education Training Authority (Veta) as part of capacity building for grassroots business groups. Read more. Source | The Citizen

Is EAC sitting on an innovation goldmine?

Published on June 20, 2018

According to The Global Innovation Index 2017 Innovation Feeding the World, Kenya, Rwanda, Senegal, Uganda, Mozambique, and Malawi stand out for being innovation achievers at least five times in the previous six years. All six East African partner states have a great capacity to create wealth for their citizens by harnessing science to attain industrial development, EAC boss has said. Read more. Source | The Exchange

 

Trade among Least Developed Countries set to be boosted following historic WTO collaboration

Published on June 20, 2018

Least Developed Countries are set to benefit from an agreement that unites the work of the Commonwealth and the World Trade Organization (WTO) to boost commerce. Commonwealth Secretary-General Patricia Scotland today signed a memorandum of understanding (MOU) with the trade body’s Enhanced Integrated Framework, during a two-day summit at the WTO headquarters in Geneva. The agreement will support Commonwealth Least Developed Countries (LDCs), many of which also fall within the category of Small and Vulnerable Economies and Small Island Developing States. Read more. Source | The CommonWealth

COMESA searching for solutions to transform and sustain competitive businesses

Published on June 20, 2018

The COMESA Connect Industry Dialogue set for June 21st to 22th, in Kigali, will bring together high level technical expertise from the public and private sector to provide common solutions that will prepare, protect, revolutionize and sustain competitive businesses, organizers say. Formed in December 1994 to replace the Preferential Trade Area, the Common Market for Eastern and Southern Africa (COMESA) is a free trade area with 19 member states stretching from Libya to Swaziland. Read more. Source | New Times

Africa’s growth potential offers untapped long-term returns

Published on June 20, 2018

When thinking about investing in Africa, many investors identify SA as the most important market on the continent. However, we believe other countries also offer much untapped long-term potential. Among frontier markets globally, Africa offers one of the most exciting investment stories. But investors may need to be patient and understand some of the unique aspects of doing business in those markets, as well as the risks. Read more. Source | Business Day

How Africa can make its big trade deal work for it

Published on June 20, 2018

In 2017, 37 per cent of Kenya’s exports went to an African country, down from 40 per cent the previous year. This caused a near flat growth in export earnings, particularly from East Africa which accounts for more than half of Africa’s total trade with Kenya.These declining trade levels have spurred interest in the establishment of policies and structures that can boost intra-Africa trade. Read more. Source | Business Daily

Nation to promote sustainable cotton; Ministry

Published on June 13, 2018

Ministry of Industry (MoI) said that it is putting various activities in to practice in order to meet the 2025 International Buyers Binding Law/ Agreement of responsible cotton production under the compulsory sustainable cotton producing principle.

Zerihun Abebe, Director of Textile and Garment Industry Sector Study, Follow up and Support within the Ministry stated that as per to the law, the cotton cultivated within the country should be produced considering the environmental and social aspects that might cause on societies. Read more. Source | Ethiopian Herald

TRC directed to increase cargo traffic

Published on June 13, 2018

Tanzania Railway Corporation (TRC) has been directed to ensure the level of cargo is increased immediately after the arrival of eleven new locomotives worth $26.4 million.

Speaking during the inauguration of TRC new board, the minister for Works, Transport and Communications, Prof Makame Mbarawa, said the government wanted to see the output and not otherwise. In the financial year 2017/18 the corporation transported cargo weighing 352,000 tonnes and 600,000 passengers and the plan is to double. Read more. Source | The Citizen