PRESIDENT John Magufuli has invited investors from Nordic and African countries to seize investment opportunities in Tanzania, describing the country as an ideal place to put capitals. President Magufuli said Tanzania has taken various measures to improve investment climate with the target of attracting more investors. Speaking in Dar es Salaam at the official opening of the 18th Africa-Nordic Foreign Ministers’ meeting, Dr Magufuli said it was important for African nations to create enabling environment to attract more capitals and trade. He said Tanzania has reviewed various legislations and investment regulations as well as enacting new laws to attract and protect serious investors in various sectors. “We have the special ministry under the Prime Minister, dealing with investment related issues, the aim is to facilitate investment coordination in the country,” he said. President Magufuli further noted that the government was currently executing the blueprint for regulatory reforms to improve business environment in the country. Other efforts include allocation of special industrial zones, export and processing zones as well as special economic zones. He said through recognition of infrastructure as the business and investment catalyst, the government is currently constructing and rehabilitating transport and transportation infrastructure, including railways, roads, marine and aviation. “We are constructing the Standard Gauge Railway (SGR), we have revived our national airline and installed radars in our airports to enhance airspace security. We are also improving our ports in Dar es Salaam, Mtwara and Tanga,” he said. The president further said in efforts to minimise production costs,...

Congo's President Felix Tshisekedi is visiting Uganda to promote trade between the neighboring countries, after Rwanda closed its border with Uganda. After meeting with Congo's leader in Uganda's capital, Kampala, on Saturday Uganda's President Yoweri Museveni said the two countries will build stronger ties. "We shall build roads and bridges connecting the two countries," said Museveni. ". This is about trade, social welfare and security. To guarantee security, you need roads for easy movement of soldiers. But this can also help people to move to hospitals." Trade between the two countries was $513 million last year, but could increase as Uganda now eyes neighboring Congo, following the closure of the border with Rwanda in February. Museveni and Tshisekedi agreed to jointly build 1,200 kilometers of roads from Uganda to the three eastern Congo cities, Goma, Bunia and Beni. The pledge to build new roads to the eastern Congo centers comes despite the fact that they have been attacked by different rebel groups in Congo and that Congo is currently fighting an Ebola outbreak in the area. The presidents said the two countries' ministers of foreign affairs, infrastructure and finance would meet within two months and to plan construction of the roads. Source: The New York Times

President Paul Kagame told lawyers from member countries of the East African Community that they should continue to have an active role in realising the integration agenda for the region. The members of the East Africa Law Society are meeting in Kigali for the annual conference and General Assembly. Kagame, who is also the Chairperson of the EAC, said the bloc is the institutional embodiment of the region’s political will to integrate economies and cooperate closely. Among the achievements the regional body has made, he mentioned the Customs Union, the Common Market and the ability of citizens to travel freely. “Every aspect of the integration agenda is ultimately expressed as law. Without relevant legal frameworks, noble ideals can never be turned into reality,” he noted. “Of course, those agreements do not guarantee implementation. But they are a first and essential step. It is therefore highly significant that the East Africa Law Society is not only the largest professional association in East Africa, but one of the most vibrant,” he added. The Head of State applauded the East Africa Law Society’s commitment to the regional integration agenda over the past 24 years. “There have been difficult moments, but you have held together strongly. And there will certainly be more challenges on the road ahead. We are counting on you to continue in the same spirit,” he said. The East Africa Law Society comprises 19,000 members whose voices the President indicated were needed to drive the integration agenda, highlighting that the survival...

President Yoweri Museveni has urged African countries to promote trade as one of the strategies that will ensure the survival of the continent and the prosperity of the people. “Today, Africans must know that trade is a matter of survival. If you don’t trade, you will collapse because prosperity comes from trade,” he said. The President was opening the Uganda-Democratic Republic of Congo (DRC) joint Business Forum at Munyonyo that is running under the theme ‘Promoting Bilateral Trade for Mutual Peace and Prosperity’. The one-day conference was attended by business delegations from  Uganda and neighbouring Democratic Republic of Congo (DRC) as well as the line Ministers from the 2 countries. It is taking place as DRC President  Felix Tshisekedi starts a two day state visit to Uganda. The Governor of Beni in the DRC, Nyonyi Bwanakawa and that of Ituri also in the DRC, Jean Bamanisa Saidi, among others, were also present at the business forum. President Museveni, who warmly welcomed the DRC delegation to Uganda informing them that we are one people divided by the colonial boundaries, said trade in the region started  very many years ago. “Congo and East Africa have been trading since time immemorial,” he observed. The President cited products that were being traded from the Indian Ocean coast such as textiles, glass, beads and guns in exchange with the interior areas that included such products like copper, ivory, iron and cows. Museveni asserted that by facilitating trade, a number of challenges are resolved including job creation,...

Amr Kamel, the executive Vice President in charge of Business Development and Corporate Banking at the African Export-Import Bank (Afreximbank), has said they are ready to work with African banks and bankers and to ensure that the banks are well-equipped to deal with the risks in financing trade under a difficult politico-economic environment and changing trade counter-parties. Kamel was speaking at the Afreximbank Trade Finance Seminar and Workshop which was attended by more than 200 participants, including senior executives from African banks, financial institutions, regulatory institutions. It was organised by Afreximbank in collaboration with the South African province of Kwazulu-Natal. The training had been structured to ensure that participants acquired the capacity to structure bankable trade finance deals of varying levels of complexity, he stated. “As Banks, we all play a critical role in promoting trade,” said Mr. Kamel. He said that 2019 would go down as a watershed in Africa’s history, being the year when the continent came together to affirm its commitment to addressing its economic and social problems through the launch of the operational phase of the African Free Trade Continental Agreement (AfCFTA). “This should provide traders across Africa with preferential trading arrangements to enable them to enhance the level of intra-African trade and enhance economic growth for our countries,” he said. Also speaking, Sihle Zikalala, Premier of KwaZulu-Natal Province, said that the province aimed to position itself as the gateway to South Africa and the entire Southern African region. It aspired to act increasingly as a...

ENTEBBE, UGANDA - Uganda and the Democratic Republic of Congo sign agreements to work on key road networks within 24 months, connecting the two countries to ease business. However, security concerns on the routes remain key for business. Uganda and the Democratic Republic of Congo have signed an agreement to increase trade and investment between the two Great Lakes Region countries. Presidents Yoweri Museveni of Uganda and President Felix Tshisekedi of the DRC noted that there are numerous trade restricting measures and infrastructure obstacles that raise the cost of doing business in the region. Museveni noted that both Uganda and the DRC now import many products from China, Japan and India, instead of manufacturing them at home. The total distance of the three key road networks will be 1,182 kilometers within 24 months after the respective ministers have agreed on implementation details. “One road we want to work on is from Goli to Mahagi-Bunia. Then the other road would be from Mpondwe to Beni. The other road would be from Bunagana to Rutshuru to Goma. So, when you produce, you supply goods, you supply services. But you also create jobs for the youth,” said Museveni. There have been expressions of fear among business about the militias operating in the eastern D.R.C. that may destabilize trade between the two countries. However, Tshisekedi reassured them that the two countries will ensure there is peace to promote business and development. “We intend to develop or build infrastructure so we can carry out economic...

The companies comprised of American, Kenyan and regional companies looking for opportunities and business partnerships. AmCham CEO, Maxwell Okello described the purpose of the Summit as “a place where businesses come to meet and explore information, ideas and opportunities, driven by the spirit of partnership for mutual benefit.” AmCham Board President Phillipine Mtikitiki in her remarks discussed the interest of U.S. private sector in partnering with local businesses in Kenya and the East Africa region describing a mutually beneficial partnership that seeks to “support and develop the local private sector with the aim of creating foreign-domestic linkages.” She described local companies as“excellent partners adding value to investors by their knowledge of local markets and access to local opportunities.” She further reiterated the importance of partnerships with local companies form an American private sector perspective describing them as a means to, “Strengthen the capacity of the domestic economy and provide stability to American businesses invested in Kenya and the region.” Kenya and the U.S. are currently in discussions as part of the Bilateral Strategic Engagement to find a way forward in trade relationships between the two countries beyond AGOA’s expiration date in 2025. The second meeting of the Trade and Investment Technical Working Group working on this is taking place on the sidelines of the Summit. In line with this, AmCham Board President Phillipine Mtikitiki confirmed AmCham’s support for,“Open, comprehensive and reciprocal trade agreements, that will not only contribute to a more enabling business environment but also give more opportunity to...

For Uganda to achieve her ambition of becoming the regional distribution or even a production hub, the country will have to upgrade its transport infrastructure into a coordinated, seamless system. According to an interim study examining the development of a modern and cost-efficient freight logistics system in Uganda, multimodal transport system was zeroed on as the most preferred approach for the country to adopt, because it is the most cost effective compared to other available approaches. An effective multimodal transport system is one where there is integration, and cross interplay, by the various modes of transport including air transport, marine transport, and land transport. Land transport comprises of road, rail and pipeline transport. “The multimodal route is cost competitive vis-à-vis the Northern Corridor,” reads a section of the interim report, a position the stakeholders in their discussions agreed with without much hesitation. Being a land-locked country, Uganda is largely dependent on the regional transportation system to support her international trade endeavours, without which her economy could easily degenerate into abyss. Uganda is dependent on two major transport corridors for international trade, namely; Northern Corridor – connecting Uganda to the port of Mombasa in Kenya and the Central Corridor – linking Uganda to Dar es Salaam port in Tanzania. Currently, roads are the major mode of transport used to transport cargo to and from the ports in the region. But the cost of transportation by road on the Central Corridor is higher than the Northern Corridor because of the distance. The...

COMESA and Trade Mark East Africa (TMA) have signed a Memorandum of Understanding (MoU) to promote trade in the region by removing obstacles that impede the smooth flow or trade among the Member States in the region. Working closely with international and regional organizations, such as Trade Mark East Africa, national institutions, the private sector and civil society organizations, this will enable promote trade by unlocking the economic potential of the COMESA region through increased physical access to markets, enhanced trade environment and improved business competitiveness. The MoU marks an important milestone in providing a framework of cooperation and partnership between the two organizations in areas of common interest. These include market access, development or border post infrastructure, improvement of trade environment through trade facilitation and inclusion of the private sector as key players in economic development. The pact was signed by the Trade Mark East Africa Executive Director Frank Matsaert and COMESA Secretary General Chileshe Mpundu Kapwepwe at the COMESA Secretariat. "We are getting into this partnership to ensure that through policy formulation, creation of trade facilitation tool which are automated as well as standards and non-tariff barrier (NTB) removal so that business people, whether SMEs or large enterprises get the benefits," Mr. Matsaert stated. Secretary General indicated that jointly, COMESA and TMA will implement trade facilitation initiatives in the region through application or respective regional and international instruments. In particular, support will be provided to Member States to implement the World Trade Organization Trade Facilitation Agreement. The partnership between the two...

The  Port of Mombasa on Sunday welcomed a cruise ship christened ‘Ms. Albatros’ with 446 passengers and 346 crew members on board. The  luxury MS Albatros with mostly European tourists set sail from Zanzibar on Saturday and is headed for Seychelles  after  Mombasa. The luxurious cruise ship with tourists of various nationalities on board becomes the first passenger cruise ship of 2019 to dock at the port of Mombasa’s new world class cruise ship terminal. A  German tourist, Catherine  Bidman  who is visiting Kenya for the first time said she was excited, saying that she has heard the country has some incredibly friendly people. Bidman said she is part of a television crew that is documenting all the destinations the cruise ship will visit and broadcast it to audiences back home. The Inch-cape Shipping Line Operations Manager, Bwanaheri  Omar  who was among the stakeholders who welcomed the tourists said the holidaymakers will proceed to excursions in Maasai Mara national park, Tsavo National Park and Shimba Hills national reserve and a tour of Mombasa’s old town. The  passenger cruise ship terminal currently 90 per cent complete is being constructed with funding from Kenya Ports  Authority (KPA) and the Finish Embassy in Nairobi, which contributed funding through the Trademark East Africa. Omar  said the completion of the cruise ship terminal comes in time for the cruise high season during the December and New Year holidays, adding that the arrival of quality cruise ships with high spending tourists is an indication that Mombasa...