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
East Africa’s economic growth is soaring leading other regions on the continent at close to 7 per cent while the overall outlook for the rest of Africa is cautiously positive.According to the African Development Bank (AfDB), job creation and ramping up manufacturing will continue to be major priority areas for creating growth and employment across the continent. In the Bank’s regional reports launched this week in Abuja, Nigeria, East Africa is leading the continent with GDP growth estimated at 5.7 per cent in 2018, followed by North Africa at 4.9 per cent, West Africa at 3.3 per cent, Central Africa at 2.2 per cent, and Southern Africa at 1.2 per cent. Read more. Source| The Exchange
East Africa’s intra-regional trade is falling by the day as trade disputes and non-tariff barriers persist, giving way to the creation of new trade alliances by frustrated partner states. Official data shows that the volume of trade among the East African Community partner states is not high enough, to prevent trading partners such as China and India makin major inroads into the region.
According to the EAC Secretariat, the overall intra-regional trade has been meagre, accounting for a paltry 0.2 per cent of global trade in 2017, compared with 0.3 per cent in 2016. Read more. Source | The East African
Efforts by East Africa Community member countries to attract foreign investors are being hampered by corruption, insecurity, unfavourable regulatory environment and a slow regional integration process. Although some countries in the region have improved significantly on the ease of doing business ranking, foreign investors seeking opportunities in the region remain apprehensive due to the existence of factors that bring about uncertainties. Read more. Source | The East African
The East African Business Council (EABC) has said they have started moving across EAC member states to understand why goods and services are not moving freely as envisaged. Speaking at the CEO’s roundtable breakfast meeting yesterday, Mr Peter Mathuki, the EABC chief executive officer, said they want to understand why goods and services are not moving freely within the East African region yet we claim to be a regional market without trade barriers. Read more. Source | Daily Monitor
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