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East African trade and investment news

U.S. State Department hosts “Ethiopia Partnership Forum

Published on May 22, 2019

The U.S. Department of State hosted the “Ethiopia Partnership Forum”, an economic engagement platform organized in by the Secretary of State’s office of Global Partnerships in collaboration with the Corporate Council on Africa, the Millennium Challenge Corporation (MCC) and Citi in Washington D.C. In remarks at the opening panel discussion, U.S. Ambassador to Ethiopia Michael Raynor stressed that these opportunities for investment are made possible by Ethiopia’s political & economic reform measures. He also encouraged U.S. companies to “expand and evolve the way our businesses and investors view Ethiopia, so that they can be a part of what is shaping up to be one of the world’s great stories of economic success.” Read more. Source | Africa News

AU to hold stakeholder dialogue on AfCFTA implementation

Published on May 22, 2019

African policy makers, Regional Economic Communities, African business leaders and others are set to hold a two-day policy dialogue in Addis Ababa, Ethiopia to map out a strategy for successful implementation of the African Continental Free Trade Agreement (AfCFTA). The May 27-28 policy dialogue is co-organised by the AU and the Coalition for Dialogue on Africa (CoDA), a 10-year old development platform for discussions and reflections, for stakeholders to map out a strategy for implementation of trade agreement and therefore lead to the realization of Africa’s aspiration enunciated in Agenda 2063. Read more. Source | New Times 

CMA takes investment campaign to civil servants

Published on May 22, 2019

Capital Market Authority (CMA), has commenced attempts and campaigns to reach out to local civil servants to consider saving and investing through the capital market. The campaign began with the Ministry of Justice Staff, who were tipped on how to save and invest through Rwanda’s capital market. The acting Executive Director of the Capital Market Authority (CMA), Eric Bundugu, noted that the authority is aiming at bridging the financial literacy gap by targeting civil servants, private sector and all people from all walks of life to educate them  to consider saving. Read more. Source | New Times 

New digital transformation centre ‘a relief to local tech innovators’

Published on May 22, 2019

Germain Rwibutso, a 28-year-old software developer from Kigali and Chief Executive of Binary Earth, an Artificial Intelligence software developing company  has for a long time sought to build devices that could enable firms to collect data. However, this has been a challenge as there has been a shortage of facilities to enable him to do this.

Rwibutso is one of many developers, innovators and tech entrepreneurs that have been facing challenges to  turn their interesting ideas into cutting-edge transformative technological solutions due to lack of a well-stocked and facilitated innovation centre. Read more. Source | New Times 

ITC partners with state agencies to transform Rwandan e-commerce

Published on May 22, 2019

E-commerce firm operating in Rwanda stand to benefit from improved skills and solutions following an intervention by Rwanda Information Communication Technology (ICT) Chamber, the Ministry of Information Communication Technology and Innovation, the Ministry of Trade and Industry, and the International Trade Centre. The four entities signed an agreement on the side-lines of the Transform Africa Summit aiming at sustainable solutions for doing business through e-commerce. Among other impacts the intervention seeks to ensure sustainability by training small firms through the Digital Business Institute, an initiative of the Rwanda ICT Chamber. Read more. Source | New Times 

African women build businesses

Published on May 22, 2019

Across sub-Saharan Africa, ambitious women are unleashing their potential by starting businesses. Female entrepreneurship in sub-Saharan Africa is rising rapidly, with a number of ambitious women defying the odds, going solo and unleashing their potential. In an increasingly interconnected world, the rise in technology-based businesses is playing a crucial role in narrowing the gender gap and pushing female entrepreneurship forward. As national economies face stiff competition for specialist market skills and resources, a number of startups are drawing international interest. There are also a number of global initiatives supporting and propelling female-run businesses on the continent. Read more. Source | New Times 

Kenya headed for stable growth, healthy forex reserve - study

Published on May 22, 2019

Kenya’s economic growth is likely to increase to an average of six per cent throughout 2020 to 2023, according to a new report from the Economist Intelligence Unit (EIU). In a generally upbeat analysis of foreign exchange availability and commercial credit for businesses across five key sub-Saharan African economies, the London-based EIU says that key economic indicators in Kenya show that although inflation will rise to nearly six per cent this year the current account deficit should narrow to below three per cent by 2023. Read more. Source | East African 

Rwandan youth urged to take part in capital market

Published on May 15, 2019

The Rwanda’s Capital Market Authority (CMA) has encouraged young people to make the most of the investment window through the local capital market. This was during this week’s Ministry of Youth’s monthly YouthConnekt Hangout, under the theme ‘National Employment Programme and Smart Saving for Self-reliance’. Theogene Kubahoniyesu, a former winner of the annual Capital Market University Challenge whose saving club won about Rwf 1.1 million invested in stock, said were already reaping benefits. Read more. Source | New Times 

New garment factory to boost employment creation

Published on May 15, 2019

A new garment factory; “Kigali Garment Centre Ltd,” is set to begin mass production of garments in the next two weeks after government, through Workforce Development Authority, placed thousands of youth to different industries for training and employment. The company had projected Rwf2 billion as start-up capital but Jerome Mugabo, the Director General of the company, told Business Times that they will directly begin with Rwf500 million in capital. Different tailors across the country have pooled their resources together to set up the factory in Gahanga semi-industrial zone in Kicukiro district. Read more. Source | New Vision 

Tanzania: Arusha to Set Up Investment Desk in Renewed Drive

Published on May 15, 2019

The Arusha regional commissioner's office of is in the process of setting up a special desk to fast-track the handling of investment issues. This is part of wider efforts by the regional administration to attract more investors to the region. The facility will work in collaboration with the Tanzania Investment Centre (TIC), but its formation is geared to cut down red tape. This comes at a time when a report by the National Bureau of Statistics (NBS) shows that Coast Region attracted a total of 48 new projects in 2017 alone, only second from Dar es Salaam which had its 163 projects registered by TIC. Read more. Source | Citizen

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