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...

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...

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...

Asmara. Economy in the Eastern Africa, which is one of the fastest growing regions, is projected to grow by 6.4 per cent this year, despite facing some major risks. The 14-member region, which has been growing by 6.6 per cent since 2014, faces domestic and global economic risks, but the United Nations Economic Commission for Africa (UNECA) says the countries have recorded improvements in agricultural production and sustained infrastructure investment which sustained growth and will continue to do so. The resolution of the political conflict between Eritrea and Ethiopia is also expected to provide a boost to growth in the Horn of Africa. Experts at the 23rd meeting of the intergovernmental committee of senior officials say the countries should now focus on regional cooperation to accelerate their economies. One of the challenges reported is weak trade between the countries with the East African Community (EAC) mentioned to have half of its potential. “Cross border problems affecting the region need a cross-border answer. Enhanced regional cooperation is needed to make regional growth more sustainable and inclusive,” said Mr Andrew Mold, the acting director for the ECA in East Africa who presented an analysis of the macroeconomic situation. Ethiopia, Rwanda and Tanzania are top three countries with the fastest growth rate of the Gross Domestic Product (GDP). The region is also said to have a challenge of debts with Kenya and Ethiopia mentioned staying atop the list. Besides, climate change was identified as another major challenge as the eastern Africa still suffers...

Kenya on Wednesday launched an investment policy in order to boost foreign direct investment (FDI) in the country. Peter Munya, Cabinet Secretary in the Ministry of Industry, Trade and Cooperatives said that the Kenya Investment Policy seeks to anchor the role of the private sector investment in economic development. "The ultimate objective is to position Kenya as a premier investment destination as well as a global leader in investment attraction and retention," Munya said. He said the policy is guided by seven core principles that emphasize the need for openness and transparency, inclusivity, sustainable development, economic diversification, domestic empowerment, global integration and investor centeredness. Munya said that Kenya has been lacking a well-articulated framework to grant and monitor existing incentives in line with the country's development goals and desired culture. "It will be the first time that Kenya has developed a national investment policy to optimize investment promotion, facilitation and management," Munya said. He said that Kenya has already formulated various strategies and policies that focus on investment growth and support, stipulated in various policy documents like the national development blueprint Vision 2030, but these programs and initiatives have had suboptimal impact. Kenya Investment Authority said the new policy will provide a roadmap for the country to increase its level of public and private investment to at least 32 percent of gross domestic product (GDP) by the year 2030. Source: Xinhau

The World Customs Organization of East and Southern Africa on Wednesday dispelled fears that the coming into effect of the African Continental Free Trade Area (AfCFTA) agreement was likely to affect revenue collection among countries in the African region. Larry Liza, director of the customs organization in charge of building capacity said countries will need to put in place implementation measures and legal frameworks aimed at protecting revenue collection. He said there was need for countries to look at a broader picture on what benefits were expected to be accrued from the agreement. "The market may seem to affect revenue collection, but the agreement is expected to be more beneficial to society through increased trade facilitation and business opportunities," he is quoted as saying by the state-run news agency, the Zambian News and Information Service (ZANIS). According to him there was no need for stakeholders to be agitated with the impending implementation of the agreement, adding that it will allow the business community to have access to foreign markets. Source: Xinhau

Kenya's has received a major boost in its efforts to build special economic enclaves after the World Bank came on board to provide technical support. The bank has approved a deal to offer advisory services in the development of a legal and regulatory framework special economic zones (SEZs) and proposed industrial parks. The SEZs are expected to play a big role in attracting high net worth investors into the country to mainly set up export-oriented enterprises. The project, whose budget is $4 million (Sh413 million) through December 2021, is being implemented by the International Finance Corporation (IFC) — the group’s arm that deals with investment and advisory services to encourage private sector development. IFC says in disclosures on October 30 the Kenya Investment Generation Project will help streamline the legal, regulatory and administrative environment for SEZ development. It also targets to boost the country’s industrial competitiveness by creating an environment for investment in quality and market demand driven industrial infrastructure and address bottlenecks hindering value addition and manufacturing, among other interventions. “The project will support Government of Kenya in the development of Special Economic Zones and industrial parks to attract targeted investors and developers resulting in new investments,” the IFC says in the disclosure. “This will ensure viability and economic usefulness of special economic zones and industrial parks in the context of Kenya’s public policy goals of increasing manufacturing share of GDP, boosting quality industrial infrastructure development and generating investments.” The share of manufacturing sector to gross domestic product shrank...

Leaders from Uganda and Kenya have resolved to enhance border patrols to ensure smooth movement of goods and people between the two countries. The resolution was reached during a special purpose joint border committee meeting at the Kenyan Busia town's One Stop Border Post (OSBP) boardroom. Government officials from the two countries convened the meeting to explore ways to cut down on tax evasion by traders smuggling goods across the common border. Busia county commissioner Jacob Narengo said the OSBP is the most important infrastructure for the two nations. Narengo said the movement of goods and passengers is a major challenge affecting trade at the facility, with most businesspeople preferring to use non-gazetted points. “It is also necessary that we ensure effective revenue collection for the two countries because if people can use the porous border, then it means the concept underlying URA and KRA will not be achieved due to numerous pilferages as some individuals try to enrich themselves,” he said. The administrator said that cartels behind vehicle theft were on the rise and the two countries have agreed to come up with measures to ensure that those who are behind the vice are apprehended and necessary action taken against them. “On the Kenyan side, we want to ensure that all goods pass through legal border posts, and they must be verified,” he said. Busia Uganda resident district commissioner Chris Mike Okirya said the porous border was one of the challenges facing the two countries. “We are going to...