East African countries are performing well in economies, the bloc now becoming the fastest growing in the continent. A report released by the United Nations Conference on Trade and Development (UNCTAD) and made available by the East African Business Council (EABC) indicated that the region received 7.6 billion US dollars in Foreign Direct Investment (FDI) last year. Read more. Source | Daily News
East African ministers responsible for regional affairs on Monday praised Kenya’s Chinese-built Standard Gauge Railway (SGR), saying it has not only helped ease the cost of doing business in the region but also set an example on the transformation an investment of that nature can bring about.
John Luk Jok, the South Sudan Minister of Transport and Roads, said there is great progress in the Northern Corridor improvement process, noting that the issue of financing however remains the biggest challenge. Read more. Source | New Times
Nairobi will next week play host to East Africa’s largest convention on Private Equity, providing a platform to unpack the opportunities in the region, while addressing common challenges and solutions in the market.
The fourth annual-Private Equity in East Africa Conference will bring together over 250 delegates from around the globe. The conference is being facilitated by the East Africa Private Equity and Venture Capital Association (EAVCA). Read more. Source | The Exchange
East African Community has continued to realize significant growth and development even though there have been mixed results, EAC Chairperson of the Council of Ministers has said.
According to the Second Deputy Prime Minister, of Uganda, Dr Ali Kirunda Kivenjija, EAC region maintained its position as the fastest-growing sub-region in Africa, with estimated growth of 4.6 % in 2017, up from 4.4 % in 2016. Read more. Source | The Exchange
East African countries could lead the world in growth in consumption of tea during the next decade, even as they occupy top positions in exports of the commodity. Estimates by the Food and Agricultural Organisation show that Rwanda will lead in growth at nine per cent followed by Uganda at five per cent and Kenya at 4.4 per cent. Read more. Source | East African
The East African Community is pushing for an amendment to the Customs Management Act to allow Customs officials to get advance information regarding goods being moved across national borders ahead of their arrival on carrier vessel.This would enable Customs officials to detect high-risk consignments and take appropriate action, and expedite clearance of legitimate cargo. Read more. Source | East African
Regional exporters of coffee, tea, fish, hides and skins are set to enjoy faster transit times from next month, when the commodities start being cleared under the Single Customs Territory.
The new regime seeks to minimize delays and costs for goods moving across borders to export markets by having them cleared at the point of origin. Read more. Source | East African
AfCFTA is a statement by Africans saying that they want to take control, own and have a view of their own economic relationships, and as a continent, have slightly more power regarding their trade. Countries want to exploit these benefits to grow faster and create jobs.
AGOA, for instance, was opened to 49 countries, and though 35 tried to take advantage of it, only seven are benefiting. The AfCFTA will help with these negotiations and tell our international partners that they need to bring more to the table, not less. Read more. Source | East African
In an effort to assist the economies of sub-Saharan Africa and to facilitate trade between the region and the United States, the U.S. government initiated in the year 2000 the African Growth and Opportunity Act, or AGOA. Under the Act, regional trade hubs, or technical assistance centers, were created. The USAID Trade and Investment Hubs, located in Ghana, South Africa and Kenya, assist, enhance and broaden the flow of trade between the United States and Africa.
The hubs, which are managed by the U.S. Agency for international Development, bring together African and U.S. businesses to attract investment to Africa and promote two-way trade between the U.S. and African countries, creating jobs and generating income for all of us. Read more. Source | Voice of America
Chief justices from the East African Community have resolved to speed up cases involving trade disputes in order to support the regional process.
The judicial bosses from Kenya, Uganda, Tanzania, Rwanda, South Sudan and Zanzibar, met in Nairobi to draft a framework where judiciaries in the region will cooperate, share experiences and expertise, harmonise jurisprudence and jointly confront challenges to the administration of justice in the region. Read more. Source | East African