Tanzania is planning to merge three investment bodies to attract foreign direct investment and spur industrialisation.
The government has endorsed a proposal to merge the National Development Corporation (NDC), Tanzania Investment Centre (TIC) and Economic Processing Zone Authority (EPZA) to make it easy for investors to set up shop in the country. Read more. Source | East African
Increased American and global investments are key to unlocking Africa’s agricultural sector, African Development Bank (AFDB) has said.
AFBD president Dr. Akinwumi Adesina said that the US government should be at the forefront of efforts to encouraging fertilizer and seed companies, manufacturers of tractors and equipment, irrigation and ICT farm analytics to ramp up their investments in Africa. Read more. Source | The Exchange
The East African Business Council (EABC) board met in Kigali, last week, to discuss strategies that will help encourage the implementation of key projects by East African Community (EAC) states that seek to improve the business environment.
This comes on the back of a lot of frustration among the business community because of the slow pace by Partner States in the implementation process despite Heads of State directives for the projects to be prioritized. Read more. Source | New Times
When Brenda Amongin first started her online shop selling African art and crafts, she struggled to raise capital to grow the business. “I used my savings to buy materials but the money was not enough,” says Amongin, the founder of the online retail shop, Amayomart.com
But in 2016, having competed with thousands of other upcoming entrepreneurs, Amongin’s business idea was one of those that won up to $5,000 in seed capital to help make her business idea a reality. Read more. Source | East African
Social enterprises in East Africa are expected to receive $1.2 billion in funding within the next five years, says a new report. The report found that social impact investors have so far invested $680 million in Kenyan social enterprises with renewable energy, financial services and Pay as you go providers emerging as favoured investment sectors by social impact investors.
The report titled State of Social Impact Investing in Kenya was jointly done by US-based development finance consultancy firm FR LLC and students of the University of Virginia’s Darden MBA School of Business. Read more. Source | East African
Kenya has been ranked 112 globally on macroeconomic stability, institutional strength, openness and human capital and remains behind 11 other African countries.
Mauritius, Botswana and Rwanda are the top-most in Africa in terms of future growth promise on account of the measured indicators, according to a newly released report by audit and financial advisory firm KPMG titled Growth Promise 2018. Read more. Source | East African
Foreign investors have created more than 45 thousand jobs for Ethiopian citizens during the last two years, says Ethiopian Investment Commission (EIC).
EIC Communication Director Mekonenn Hailu told The Ethiopian Herald that attracting foreign investment is one of the best mechanisms to address unemployment in the country, he indicated. He added that the government is exerting various efforts to create employment for skilled and unskilled work force from investment alternatives in the country. Read more. Source | Ethiopian Herald
Online registration of companies will begin next month after completion of preparation of an online registration system, the business registration and licensing agency (BRELA) has said.
The agency said in a public note yesterday that it had completed development of online registration system for companies and post-registration services which will enable electronic registration for companies. Read more. Source | Daily News
Rwanda's tea export receipts increased to $78.1 million (about Rwf67.2 billion) during the first 11 months of 2017, up from nearly $57.4 million (Rwf49.4 billion) during same period in 2016, the National Agricultural Export Board (NAEB) report indicates. This indicates an increase of 36.16 per cent, which represents about $20.7 million growth in earnings, according to the report for November 2017.
The export body attributed the increase in export revenue to the high volume of tea sold during the period as well as a rise in global prices. Global tea prices averaged $3.21 per kilogramme during the reporting period compared to $2.56 per kilo in 2016. Read more. Source | New Times
Cross-section of Tanzania traders have expressed their hopes and expectations to see their businesses growing in the 2018. Speaking to the ‘Daily News’ the traders, both petty traders and big traders said 2017 was a bit challenging year and that they expect to see things changing for the better in 2018.
A petty trader at Ubungo, Fredrick Kishato said he expects to see business connections opening up to enable him develop his capital from less than 200,000/- to at least 1m/- “I sell shoes and beach sandals here at Ubungo, in 2017 the business was not good enough but I have set my strategies that will enable me to do better in 2018,” he said. Read more. Source | Daily News