Among policymakers and scholars alike, a robust manufacturing sector is broadly understood as a fundamental path to economic growth and development. The most recent illustration is the launch of the African Continental Free Trade Area (AfCFTA) in March 2018, a single market for goods and services in Africa that aims to unlock manufacturing potential and facilitate industrialization, driving sustainable growth and jobs among other objectives. Read more. Source | Brookings
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
National Agriculture Export Board (NAEB) has projected tea export revenues to increase from $88M last year to $92m this year. Rwanda’s tea exports for 2017 increased by 15 per cent compared to 2016 and is further expected to do better owing to increased brand promotional activities. NAEB Tea Divison Manager Issa Nkurunziza said that Rwandan tea has been competitive on international markets. Read more. Source | New Times
The Common Market for Eastern and Southern Africa (COMESA)'s competition watchdog plans to tighten surveillance in order to enhance consumer protection, officials said on Monday.
George Lipimile, Chief Executive of the COMESA Competition Commission, told journalists in Nairobi that restrictive trade practices by member states and big firms are on the rise leading to exploitation of consumers. Read more. Source | New Times
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
Diego Dieudonné Twahirwa, a 30 year old Rwandan entrepreneur has been nominated for the Young Entrepreneur Awards at 2018 World Forum for Export Development 2018 (WEDF 2018).
The award is an initiative of the International Trade Centre (ITC) youth and trade programme, which aims at connecting young social entrepreneurs to markets. The programme also supports social entrepreneurship to help achieve the United Nations Sustainable Development Goals on quality education and inclusive and sustainable economic growth. Read more. Source | New Times
The probable largest free trade area agreement, African Continental Free Trade Agreement (AfCFTA) has been tipped to be a huge game changer for the intra-African trade share. Africa’s total trade share currently stands at 16 percent, but with the implementation of the trade agreement between 44 African Union member states, it could shoot to 52 percent. This would be propelled courtesy of the increased trade relations and interactions in the African continent. Read more. Source | The Exchange
Exports to Tanzania rose by the highest margin, outpacing other top buyers of Kenya’s goods in the first five months of the year, fresh statistics show, as trade relations begin to improve between the two states. Dar es Salaam ordered goods worth Sh10.54 billion between January and May, 28.58 per cent more than the same period in 2017, data released by the Kenya National Bureau of Statistics (KNBS) last week indicates. Read more. Source | Daily Nation
Today, Kenya finds itself in an awkward yet promising position in its history. For one thing, our unemployment rate is arguably one of the highest in the East African region. Additionally, Kenya’s youth (between 18-35 years) account for over 30 per cent of the total population, and over half of the country’s population is below 35 years. Read more. Source | Daily Nation
Kenya’s Chamber of Commerce and Industry (KNCCI) and the ministry of EAC and Regional Development are working on educating kenyan businesses and entrepreneurs on the available opportunities for trade in the EAC market. This has been agreed by the KNCCI chairman Mr Kiprono Kittony and the cabinet secretary for EAC and Regional Development Mr Peter Munya at a meeting seeking to have both parties collaborating on sensitization and capacity-building of Kenyan businessmen and entrepreneurs to seize the opportunities provided by the EAC integration for accessing the larger East African market. Read more. Source | The Exchange