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
The signing of the African Continental Free-Trade Area (AfCFTA) on March 21 in Kigali by 44 countries represented a milestone towards achieving the long-standing goal of creating a unified African market. Yet we are only halfway there, for a number of reasons.
First, there is a need to achieve 22 ratifications by March 2019 for the agreement to go into force — and so far, only seven countries have done so. Read more. Source | East African
The United Nations Economic Commission for Africa (UNECA) on Monday urged the East African Community (EAC) to liberalise trade in professional services in order to spur growth of the manufacturing sector.
Stephen Karingi, the Director of Capacity Development Division said in Nairobi that the region’s manufacturing sector is not as competitive as it should be due to relatively high cost of services including in the insurance, legal, logistic and finance sectors. Read more. Source | New Times
EGM Securities, Kenya’s first and only regulated non-dealing online forex broker, has launched the region’s first online forex trading offering in Kenya that enables trading using multiple payment channels including mobile payment channels such as M-Pesa.
This innovative financial offering bolsters Kenya’s positioning as a leader in financial innovation in Africa. For the first time, Kenyans will have the opportunity to participate in global forex markets in a strictly locally regulated environment and at lower transaction costs. Read more. Source | Global Banking and Finance Review
East Africa has enjoyed stronger and more resilient economic growth than the other regions in Africa, at over 4 per cent per year since 1990, a new report shows.
A new joint report by the African Union Commission (AUC) and Organisation for Economic Co-operation and Development (OECD) shows that East Africa and West Africa managed to reduce extreme poverty by 23 and 12 percentage points respectively between 1990 and 2013. Read more. Source | New Times
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