This is a pivotal time in the history of Kenya. The handshake last year that paved the way for a stronger democracy rooted in peaceful dialogue and post-election political stability has allowed the economy to continue growing. By all accounts, Kenya is poised to be Africa’s shining star. Opportunities for advancements in health, education, justice and prosperity are set clearly before us. The United States stands ready to help ensure those opportunities become realities for the Kenyan people. Our new strategic partnership with Kenya holds the promise of great prosperity for our countries and we want our investments – both public and private – to provide the maximum benefits possible. Our governments have built a relationship rooted in common values. The door is open for private sector-led growth to be the engine that will transform Kenya. INVESTMENT The United States government, non-government, and private entities contribute over Sh100 billion each year in healthcare, agriculture, education, security and more in Kenya. These are investments in Kenya’s people, not loans. Over one million people are healthy, productive members of society due to the antiretroviral medication provided free by the United States government, a Sh60 billion annual investment. Our work with the brave members of the Kenya Defence Forces to combat Al-Shabaab is keeping the country safe from terrorism. And groundbreaking new private investment is ‘jembe tayari’, so let’s get started. The United States economy depends on sound infrastructure and services to facilitate long-term growth in jobs, education and government revenues, and we...

The news that Uganda will set up a dry depot alongside another one being built by the Kenyan government in Naivasha has excited the logistics sector, with expectations of major benefits accruing from a network of inland container depots (ICDs) across the country. Experts have hailed Uganda’s dry port as the only way of securing transit business with Kenya’s largest trade partner even as they expressed hope that more of such facilities will be set up in other areas with potential to serve as “logistics hubs.” Other towns earmarked for development of dry ports are Taveta and Voi, with the business community in Nanyuki expressing their interest to see a similar facility will also be set up in the town after revelations that the Nairobi-Nanyuki railway line would be revived. Although the facilities have not been efficient in the past with the one in Eldoret having failed to attract goods and business, ICDs have for a long time been seen as the panacea for Kenya’s hold onto regional cargo handling business that has eluded the Mombasa port over the years. Recently when President Yoweri Museveni visited Mombasa, President Uhuru Kenyatta said Kenya would provide land for Uganda to construct a dry port as the Standard Gauge Railway (SGR) is extended to Naivasha. There have also been talks that Rwanda, Democratic Republic of Congo (DRC) and South Sudan may follow suit. Shippers Council of Eastern Africa (SCEA) chief executive officer Gilbert Lang’at said should Uganda build the dry port, this would...

Kenya has ordered all the shipping lines that ply its waters to register with the industry regulator by June 1 in an effort to boost collection of fees and rid its maritime space of illegal activities. Ships that operate solely on the Kenyan territorial waters must register by May 20 while the foreign-flagged vessels have been ordered to furnish the Registrar of Kenyan Ships with their details by June 1, the Kenya Maritime Authority (KMA) says. “Any ship owner, operator, agent or master who engages a foreign ship in local trade or causes a ship to trade or operate solely in Kenyan waters without a licence commits an offence,” said KMA director-general Major (Rtd) George Okong’o. He adds in the notice published yesterday that “...every offending vessel shall be barred from trading in and operating solely within Kenyan waters.” The move comes amid rising concerns in the maritime fraternity that poor enforcement of existing laws has made it possible for foreign ships to frequently breach Kenya’s boundaries to engage in illegal fishing, smuggling of goods and dumping of harmful waste on the country's territorial waters. Section 14 (2) of the Merchant Shipping Act 2009 restricts the Kenyan waters only to Kenya-flagged ships with section 57(1) of the same law requiring vessels “of whatever length” operating within the territorial and inland waters be licensed by Registrar of Kenyan Ships. Kenya, which receives slightly over one million containers every year at its Mombasa port, does not have a local merchant shipping line....

At least 300 key business actors including government officials and investors from five countries have confirmed participation in the first international investment and trade forum to be held in Tanzania's Kigoma, an official said on Friday. Innocent Kahwa, Tanzania Investment Center (TIC) coordinator for western zone regions of Kigoma, Tabora, Katavi and Rukwa, said the participants will come from Tanzania, Burundi, Rwanda, the Democratic Republic of Congo (DRC) and Zambia. He said the forum themed "Tanganyika Business Summit and Festival" to be held from May 9 through May 11, will provide a platform for policy makers, private sector, entrepreneurs and non-governmental organizations to deliberate issues related to policy, laws, regulations, trade and investment opportunities for mutual economic development among stakeholders. "We are getting more confirmations of participation from business firms in Burundi, Zambia, Rwanda and the DRC," said Kahwa, adding that the forum will also be attended by 220 government officials and business firms from Tanzania. "The forum marks an important milestone in the road map towards establishing Kigoma to be a trade and business hub within neighboring countries," Kahwa told Xinhua in an interview. The official said during the forum participants were expected to present illustrative practices as well as new developments in the field of cross border trade and investment opportunities for smooth mutual economic and social development among stakeholders. "Also the entrepreneurs will get opportunities to showcase various products and services offered," added Kahwa when reached by phone from Kigoma town on the shores of Lake Tanganyika,...

East Africa has recently seen a surge in investments from Mauritius, with banking, insurance, agriculture, telecoms, trade as well as the oil and gas sectors receiving most of the capital. Global consultancy firm Binder Dijker Otte says that investors from the Indian Ocean island nation are also eyeing the retail, real estate and hospitality sectors. “There is a certain ease of doing business for Mauritian operators in East Africa, with the rule of law and a strong private sector making the region attractive,” said BDO experts. Kenya has attracted the largest number of investors, with data showing that the islanders have invested over Ksh10 billion ($100 million) in the country, mostly in financial services and the sugar sector. INVESTMENTS President Uhuru Kenyatta was recently in Mauritius on a four-day state visit where he met Prime Minister Pravind Kumar Jugnauth. They agreed to jointly support private sector investments in the two countries, by reducing the bureaucratic procedures required to set up businesses. “We can facilitate you to ensure that you prosper and our nations prosper so as to create jobs,” President Kenyatta told the Mauritius-Kenya Business Forum in Port Louis. During the visit, the two countries re-signed the Double Taxation Avoidance Agreement, which a Kenyan High Court had ruled as unconstitutional in March, citing a failure to conduct due diligence. The agreement is meant to ensure that the income earned by investors from the two countries is not taxed twice. The Mauritius Union Assurance Company Ltd, the largest listed insurer by...

Way back in History, Africa was not mentioned by authors writing about the global economy. It was as if Africa didn’t exist... Or it ‘existed’ only when media organs were writing about civil wars, famines, severe malnutrition and migration – mostly illegal migration! It was a continent of no hope; a continent of woes. However, all that has drastically changed in the last few years – and, in this article, I explore six areas of greatest opportunities in Africa. Today, there are about 400 companies that earn annual revenues of $1 billion or more in Africa – and, on average, they are both fast-growing and more profitable than their global peers. Africa has become an important test lab for global innovation. If you can build a product, a service or a business model that’s cost-effective and robust enough to succeed in Africa, chances are that it will be competitive anywhere else in the world. Admittedly, there are huge challenges to doing business in Africa. But, these same challenges also provide opportunities for value-creation. In all those opportunities the golden thread running through them is technology. More than perhaps any other continent, Africa is piloting digitally-enabled breakthroughs that aid companies in surmounting entrenched barriers and unlocking exponential progress. 1. Millions in Africa lack access to savings and credit facilities. To serve the excluded households and businesses – and to do so in a profitable, sustainable way – banks and other financial institutions must use efficient but easily operable technology-based solutions; and...

The sliver of land that follows the Gambia River into the Atlantic Ocean and cuts through the heart of Senegal was an unlikely setting for one of the most important steps in Africa’s free-trade revolution. Gambia, the smallest country in mainland Africa with a population less than Greater Manchester, became the crucial 22nd country to ratify the African Continental Free Trade Agreement earlier this month, helping the deal reach the minimum threshold for the area to be implemented. In a world where protectionism and tariffs are being used as economic weapons by the US, EU and China, Africa is making decisive steps to liberalise trade and open up its markets. The ambitious plan aims to double intra-Africa. Source: The Telegraph

This is a pivotal time in Kenya’s history. The handshake last year that paved the way for a stronger democracy rooted in peaceful dialogue and post-election political stability has allowed Kenya’s economy to continue growing. By all accounts, Kenya is poised to be Africa’s shining star. Opportunities for advancements in health, education, justice and prosperity are set clearly before us. The United States stands ready to help ensure those opportunities become realities for Kenyans. Our new strategic partnership with Kenya holds the promise of great prosperity for both of our countries and we want our investments – public and private – to provide maximum benefits possible. Our governments have built a relationship rooted in common values. The door is open for private sector-led growth to be the engine that will transform Kenya.The US government, non-government and private entities contribute over Sh100 billion each year in health care, agriculture, education, security, and more in Kenya. Over one million people are healthy, due to the anti-retroviral medication provided free by the US government, a Sh60 billion annual investment. Our work with Kenyan Defence Forces to combat Al Shabaab is keeping the country safe from terrorism. And groundbreaking new private investment is “jembe tayari,” so let’s get started.The US economy depends on sound infrastructure and services to facilitate long-term growth in jobs, education, and government revenues, and we want to help Kenya improve in both areas. US companies deliver world leading technologies and innovation that support Kenya’s Big Four agenda. The US model focuses on sustainable...

The manufacturing sector will hold the key to future growth in East Africa, the African Development Bank’s Lead Economist for the Bank’s East Africa Regional Office has said. Dr Marcellin Ndong-Ntah said the manufacturing sector’s potential to accelerate regional economic growth, generate more job creation, and ultimately reduce poverty was significant. “In order to achieve this objective, countries must continue to look for alternative sectors of economic growth, emphasize regional trade and continue to process goods for export rather than selling raw commodities,” Ndong-Ntah said. Mr. Gabriel Negatu, Director General of the Bank’s East Africa Regional Development and Business Delivery Office East Africa Regional Office, said robust economic growth was possible in countries taking steps to move their economies away from reliance on the export of raw commodities like tea, coffee, minerals and oil. Economic growth across East Africa will remain robust at 5.9 percent in 2019, higher than the continental average annual growth rate of 4 per cent and making it a promising investment and manufacturing destination, according to the 2019 East African Economic Outlook Report The report puts Ethiopia in the lead as the fastest growing economy in the region with an average annual growth rate of 8.2 per cent followed by Rwanda next at 7.8 per cent; Others are Tanzania at 6.6 per cent; Kenya 6 per cent, Djibouti 5.9 per cent and Uganda 5.3 per cent. Overall, most of the economies in East Africa are expected to continue on higher growth trajectories, with an expected average...

  Excitement was palpable throughout the region as the dream for a continental free trade area in Africa got the final ratification needed to become a reality this month. Gambia became the 22nd African country to ratify the African Continental Free Trade Area agreement (AfCFTA), meaning the bill now has the minimum number of ratifications needed to come into effect. On March 21 Ethiopia became one of the last African nations to ratify the AfCFTA, bringing the tally of endorsing countries to 21. The trade bloc spanning 49 countries with a combined GDP of $3trillion, will facilitate inter-regional trade, boost growth and help to alleviate poverty, its supporters say. The news was tweeted by the African Union Commissioner for Trade and Industry Albert Muchanga: “Good news! The Parliament of The Gambia has approved ratification of AfCFTA Agreement making us meet the minimum threshold,” he said. “The AfCFTA market is being born and is one step ready for launch of its operational phase in July this year. The agreement, signed by 49 of the 55 African Union nations in March last year, will dodge a patchwork of trade regulations and tariffs that make intra-African commerce costly, time-consuming and cumbersome. Its promotion of tariff-free movement of goods, people and services across the continent is also expected to favour SME’s, who account for 80% of Africa’s employment and 50% of its GDP, according to the World Bank. But skeptics have pointed to the impending challenges of uniting countries with the greatest level of...