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East African trade and investment news

Market integration will ensure Africa’s prosperity – Museveni

Published on May 15, 2019

Speaking about regional trade, the President said the closure of the border by neighboring Rwanda is a ‘hiccup’ that will not slow the region down. President Yoweri Museveni has said market integration of Africa and political integration for strategic security will stimulate the continents prosperity and rapid economic transformation for the continent. “The modern way for prosperity is the exchange of goods and services for sale, the more buyers the better. We now have the  African Continental Free Trade Agreement (AfCFTA) where you can trade with anybody. East Africa is highly compatible, similar and linked. Our fraternity has not been emphasized,” he said. The President was today delivering an opportunity lecture to 17 high ranking military officials from 11 countries including USA, UK, Germany, Netherlands, Germany, Bolivia among others at Masindi State Lodge in Masindi district. Read more. Source | New Vision 

Intra-African Trade Fair to generate $40 million in trade deals

Published on May 15, 2019

The second Intra-African Trade Fair (IATF2020) scheduled to take place in Kigali from 1 to 7 September 2020 will target the execution of Intra-African trade deals worth more than $40 billion, President of the African Export-Import Bank, Prof. Benedict Oramah, said. Prof. Oramah was speaking in Kigali at the signing of the hosting agreement for IATF2020 by the Government of Rwanda, Afreximbank and the African Union on May.14. Soraya Hakuziyaremye, Minister of Trade and Industry of Rwanda, signed for the Government while Prof. Oramah signed for Afreximbank and Amb. Albert Muchanga, Commissioner for Trade and Industry of the African Union, signed for the organisation during the ceremony held at the Transform Africa Summit taking place in Kigali. Read more. Source | The Independent 

Microsoft to set up tech hubs in Kenya, Nigeria

Published on May 15, 2019

Kenya is hoping for new jobs and business opportunities when a plan by Microsoft Corporation to set up a technology development centre in Kenya comes to fruition. The US corporation's vice president for gaming Phil Spencer said during a meeting with President Uhuru Kenyatta at State House, Nairobi that the center would serve the eastern Africa region, the presidential media unit reported. The technology center would be the seventh globally for Microsoft and would be the lead hub of engineering for the company and its affiliates. Read more. Source | East African 

Comesa steps up to shield farmers from sub-standard seeds

Published on May 15, 2019

The Common Market for Eastern and Southern Africa has launched an online seed label verification system which will see all local seed in member states countries sell those branded with the trading bloc’s logo, in order to shield farmers from fake and uncertified products that had flooded the market. The launch, through the Alliance for Commodity Trade in Eastern and Southern Africa Seed Programme, also scored another first by introducing Comesa Regional Certificates to be issued by national seed authorities. This is also expected to boost seed trade in the 21 countries. Read more. Source | East African 

 

Inside Tanzania’s 12-year plan to boost rice output

Published on May 08, 2019

Tanzania has launched a 12-year plan to boost rice production and forestall a food crisis in the region. The National Rice Development Strategy programme launched last month is part of the Coalition for African Rice Development, which is aimed at feeding East Africa. Permanent Secretary in the Ministry of Agriculture Mathew Mtingumwe said they are looking to raise annual rice production from 2.2 million tonnes to 4.5 million tonnes. Read more. Source | East African 

Rwanda’s Investment In Statistics Yielding Good Results – PM Ngirent

Published on May 07, 2019

The Prime Minister of Rwanda has said that the country has resolved to use accurate statistics to inform decision making, and this is yielding results. Ngirente opened the fifth international conference on big data in Kigali on Tuesday on a note such that, Statistics and data for informed decisions is paramount. And for that reason, he said, Rwanda with its partners with development partners has consistently invested in official statistics development, production, analysis and dissemination. Read more. Source | KT Press 

AfCFTA: African countries urged to discuss implementation modalities

Published on May 07, 2019

The United Nations Economic Commission for Africa (ECA) has urged African countries and pan-African institutions to prepare modalities as the African Continental Free Trade Agreement (AfCFTA) edges closer to entry into force. Adeyinka Adeyemi, ECA senior adviser with the African Trade Policy Center (ATPC), called on African countries and partners to undertake trade and investment forums toward the success of the continental free trade pact, which is weeks away to entry into force. Read more. Source | New Times 

Department of State Hosts First Annual U.S.- Kenya Bilateral Strategic Dialogue

Published on May 07, 2019

The United States Department of State will host the first annual U.S. Kenya Bilateral Strategic Dialogue (BSD) on May 7-8. President Donald J. Trump and President Uhuru M. Kenyatta established the Dialogue at the White House on August 27, 2018, when they elevated the bilateral relationship to a Strategic Partnership. As democracies committed to a rules-based order, the Strategic Partnership is grounded in shared values, mutual cooperation, and a common vision for free, open, and secure societies.

On May 7, on the margins of the Strategic Dialogue, Deputy Secretary John J. Sullivan will meet with Cabinet Secretary Monica Juma and jointly sign the Strategic Dialogue Framework Agreement. On May 8, Under Secretary Hale will open the high-level meetings of the Strategic Dialogue, organized around four thematic pillars: economic prosperity, trade, and investment; defense cooperation; democracy, governance, and civilian security; and multilateral and regional issues. Read more. Source| Africa News

First US-Kenya bilateral dialogue kicks off today

Published on May 07, 2019

Cabinet Secretary for Foreign Affairs Amb. Monica Juma arrived in Washington DC on Monday afternoon for the inaugural Bilateral Strategic Dialogue between Kenya and the US. bThe delegation of Kenya also includes Interior CS Fred Matiangi and high level government officials from the Ministries of Defense, Interior, Trade and Foreign Affairs. The first annual meeting will be held from May 7 to May 8, 2019. Read more. Source | The Star 

EPZ companies make Sh77.2 billion in sales

Published on May 07, 2019

Kenya’s Export Processing Zone-based (EPZ) companies raked in Sh77.2 billion in sales last year, being a 14.7 percent growth compared to Sh67.3 billion realised in 2017. Newly released official data shows that exports, which formed the bulk of trading, rose by 19 percent from 60.7 billion in 2017 to Sh72.3 billion mainly attributed to increased market access in the European Union and the US, especially for apparels facilitated under the African Growth and Opportunity Act (Agoa) initiative. Read more. Source | Daily Nation

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