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
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
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
The East African Business Council (EABC) has launched its new Secretariat Office at Mafao House, with a 2019 theme; ‘Improving Competitiveness, Investment and Intra EAC Trade’.
In his speech during the launch, EABC Chairman, Mr Nick Nesbitt, said that EABC is committed to maintaining the momentum of EAC as the fastest growing regional economic community by repositioning itself as a key anchor in the African Continental Free Trade Area. Read more. Source | Daily News
Kenya, Rwanda and Tanzania will be among Africa’s most attractive investment destinations in 2019, according to a new study by South Africa’s Rand Merchant Bank (RMB). The RMB Investment Attractiveness index looks at countries’ economic and operating environments to assess their potential to attract investment.
According to the report, Where to Invest in Africa 2019, Africa’s overall operating environment has improved only marginally since 2017 due to difficulties in getting financing, corruption, inadequate infrastructure and weak governance. Read more. Source | East African
The chief executive of the East African Business Council Peter Mathuki spoke with Patty Magubira on the region’s economic prospects for 2019. With regards to challenges the East Africa Community faced in 2018, he outlined that most of them were compounded by protectionist approaches that hindered trade within the East African Community.
"EAC intra-trade stood at only 20 per cent of the total, compared with 46 per cent in the Southern African Development Community, and 67 per cent in the European Union. We have partly implemented the Common Market Protocol, which helped the EAC become the fastest growing regional economic bloc," he said. Read more. Source | East African
East African Community Partner States continue to introduce tariff and non-tariff barriers that are hindering intra-regional trade and putting integration at risk. Manufacturers of confectionery in Kenya, oil and fats in Uganda and a wheat and juice producer from Tanzania reported encountering tariff and non-tariff barriers that blocked them from entering regional markets. Read more. Source | East African
So far the benefits of the Single Customs Territory are already being witnessed by both the public and the Private Sector in the region, The East African Business Council Chairperson has noted.
According to the EABC Chairperson Mr Nicholas Nesbitt, with the Single Customs Territory regional customer-centric procedures have been put in place eliminating duplication and reducing the cost of doing business. Read more. Source | The Exchange
Resolving the current economic and social problems facing East Africa requires a multi-faced approach, with a positive fiscal regime being one of the most important interventions. For local and international investors alike, committing to a country can only be desirable when it makes economic sense. Therefore, to boost the economy and much needed government revenues, it is essential that attractive tax incentives are put in place. Read more. Source | New Times
The East African Community (EAC) bloc is developing a regional Science, Technology and Innovation (STI) Policy to boost its competitiveness, officials said on Tuesday.
Gertrude Ngabirano, Executive Secretary of the East African Science and Technology Commission (EASTECO), told a media briefing in Nairobi that the draft policy will be submitted to the EASTECO Governing Board for adoption before consideration and approval by the EAC Council of Ministers of the six member states. Read more. Source | New Times