There is something peculiar going on in the country. There is one conference after another every week in Kigali, which means more foreign exchange for the country. Rwanda has managed to position itself in a unique way that enables it to attract international conferences from different countries and organisations. This has helped it to inch closer to its goal of becoming the region’s conference tourism hub and is projected to collect $74 million this year from $42 million made from 192 conferences in 2017. The country has been chosen to be the second country in the East African Community — after Uganda — to host the Commonwealth Heads of State Government Meeting (CHOGM) in 2020. Preparations The UK Commonwealth envoy, Philip Parham, was recently in the country for a three-day visit, to discuss preparations for 2020 CHOGM with government officials. “The CHOGM 2018 was hosted in London in April, and Rwanda will host the next meeting in 2020. We want to ensure that the UK hands over the baton in the most effective way,” he told Rwanda Today. With the UK expected to soon leave the European Union, experts say that the western power will look into turning the Commonwealth from an association of friendly English speakers into a strong trading bloc. Mr Parham said that although the Commonwealth is not a trading bloc, there are specific efforts among member states to increase the levels of trade and investment between them. “Brexit is about departing from the EU, which is a...

BERLIN | GENEVA (IDN) – Eight months after the launch of the African Continental Free Trade Agreement (AfCFTA), the first pan-African agreement of its kind, Germany has donated 1.6 million euros to UNCTAD, to help the UN's trade and development body work with African partners to implement the landmark continental pact on cross-border commerce. "This is a big new step forward in the economic development of Africa," said Ambassador Hans-Peter Jugel, Germany’s deputy envoy to the United Nations in Geneva, adding that the African Union had sought UNCTAD's support to meet the aims of the AfCFTA. "We will observe its effects closely. We trust in UNCTAD’s competences and expertise in making trade facilitation operational," Jugel added. The donation comes two months ahead of Germany beginning its two-year term as  non-permanent member of the 15-nation UN Security Council. "Germany is already a leading supporter of UNCTAD's work. This fresh funding is a clear sign of the country’s commitment not only to making trade work for development, but also to multilateralism. That sends a strong signal in challenging times," UNCTAD Deputy Secretary-General Isabelle Durant said. "The projects that Germany is backing will play a key role in helping Africa meet the new trade objectives that the continent has set itself," she added. UNCTAD provides policy advice and technical cooperation to help poorer countries reap more benefits from the global economy, and regional integration is a key part of that process. The German funding, which runs from November 2018 to December 2020, focuses...

Singapore's prime minister made an impassioned plea Monday for open markets and warned "political pressures" were driving countries apart, in a swipe at rising protectionism at the start of a gathering of world leaders. Dignitaries including Chinese Premier Li Keqiang and US Vice President Mike Pence are attending this week's summit in the city-state against the backdrop of a months-long trade dispute between Beijing and Washington. Some of the leaders are expected to announce major progress on a massive China-backed trade deal that excludes the US, in a rebuke to President Donald Trump's increasingly unilateralist approach to international commerce. Trump is skipping the annual summit -- which was regularly attended by his predecessor Barack Obama -- in a sign of how far he has withdrawn from attempts to shape the global rules of trade and raising new questions about Washington's commitment to Asia. Addressing a business forum ahead of this week's main meetings, Singapore Prime Minister Lee Hsien Loong called for Southeast Asian companies to invest more in each other’s' markets and be more open to foreign competition. "The more integrated and open our markets are, and the more conducive our rules and business environments to foreign investment, the larger the pie will grow, and the more we will all benefit," he said. The 10-member Association of Southeast Asian Nations (ASEAN) "has great potential, but fully realizing it depends on whether we choose to become more integrated, and work resolutely towards this goal in a world where multilateralism is fraying...

The East African Community (EAC) is working on Trade and Investment Portals to enable investors access information on investment opportunities and projects online. This was revealed by the regional body’s Secretary General, Amb Liberat Mfumukeko while receiving the credentials of the Swedish Ambassador to Tanzania, Anders Sjöberg at the EAC Headquarters in Arusha recently. Amb. Mfumukeko said European Union remained “the number one trading partner” for the EAC and urged Sweden to “support capacity building for the private sector and to link business people in Sweden and the EAC.” Amb. Mfumukeko said the EAC was also working on the development of the financial sector and integration of capital markets in the region. The SG further said work on the Constitution of the proposed East African Political Confederation had started with EAC Partner States nominating constitutional experts to the EAC Secretariat. He said the EAC integration process was a progressive idea which was gradually trickling down to the populace as they begin to reap the benefits. In his remarks, Amb. Sjöberg said Sweden was directly supporting sexual reproductive health programmes in the EAC through the Swedish International Development Agency (SIDA) while there was indirect support for the region’s financial markets and customs sector through a World Customs Organization project. Amb. Sjöberg said Sweden was a keen supporter of free trade and export promotions worldwide since 50 per cent of the country’s GDP comes from exports. “70 per cent of our exports are to the European Union and 30 per cent to...

East African countries stand a chance to be among the biggest beneficiaries of funding from the US government, as President Donald Trump’s administration remains keen to command its influence on Africa. This is in the wake of the widening gap on Sino-African relations which have recently been buoyed by increased lending by the Chinese to the African continent. President Trump signed into law the Better Utilization of Investments Leading to Development (BUILD) Act of 2018, On October 5, which creates an International Development Finance Corporation (IDFC) and establishes a powerful tool for U.S assistance and foreign policy. The IDFC is coiled towards supporting private investment and development projects in emerging countries, including backing private investment; a move that gives or rather empowers private entities which have previously struggled with funding. Americas move is seen as a shift to counter China which has cemented its position in East Africa as a key lender and developer of mega projects. The region’s economies are reported to have borrowed over $29.42 billion from Beijing in the past 10 years to grow their transport, energy, manufacturing and communication sectors. On the other hand, American companies have struggled to invest in the region and the continent at large where they have cited the challenge of securing financing and mitigating risk as impediment, which has blocked them from competing with the deep-pocketed Chinese for major projects. During the 6th Forum on China-Africa Cooperation held in Beijing, in September this year, President Xi Jinping pledged an additional $60...

Rwanda is doubling its efforts to help build the capacity of its businesses to tap into international and regional markets. This has therefore pushed the Rwanda Development Board (RDB) and TradeMark Africa (TMA) to sign an agreement worth USD $2.4 million. The agreement aims to link 40 local producers of non- traditional exports to new markets by 2023 by providing business advisory services for export-ready companies. According t a statement from TMA, Rwandan university graduates will be placed in mentorship programmes to build their capacity in trade policy and export development. This will ensure the long-term sustainability of the outcomes of the programme. “The support from TradeMark Africa (TMA) is part of the USD $50 million Memorandum of Understanding signed between TradeMark Africa (TMA) and the Government of Rwanda early this year.  The funding to RDB is being provided by the United Kingdom’s Department for International Development (DFID) and United States Agency for International Development (USAID) through TMA.” The statement reads in part. In July 2016, the Hub and Rwanda Development Bank identified, prepared and showcased several promising investment opportunities to global investors during the United Nations Conference on Trade and Development, World Investment forum. There are currently three possible transactions awaiting closure in the Hub’s investment pipeline. One of the deals is in the financial service sector, the other two are within the agribusiness sector. According to the East Africa Trade Investment Hub, nearly 50 entrepreneurs attended the Hub’s March 2016 AGOA workshop in Kigali, Rwanda. From export-ready firms...

TradeMark East Africa (TMA) announced last week that it will be investing $2.4 million in Rwanda (Rwf2.1 billion) to facilitate local business to raise the capacity to access the complex international markets. The deal is part of the $50 million (Rwf44.3 billion) memorandum of understanding between the Government of Rwanda and TMA signed last year to improve the capacity of local businesses to export. Patience Mutesi, TMA’s Country Director, said the support will facilitate local industries in producing products that meet international standards. “The largest component of the funding will be used in providing support to exporting firms to increase their capacity to export. This could be in the form of putting together export strategies, training them on the standards of the markets they export to, and market linkages where they will participate in sales and trade missions to key markets,” she told Business Times. Rwanda has pursued a raft of reforms aimed at creating a conducive environment for businesses but the economy is rattled with a sustained trade deficit stemming from a weak export sector. Mutesi believes the productive capacity of businesses to trade beyond borders remain low. Rwanda was ranked 29th globally this year in the World Bank Group annual series of Doing Business Report. However, the report ranked the country 88th globally in terms of trading across borders. “Trade is the way to reduced poverty and increase prosperity and so businesses need to take full advantage of the reforms to increase trade between Rwanda and the world,” she...

The move has significantly reduced the time taken by travelers and trucks at the borders from days to about 1.5 minutes to 30 minutes on average respectively. The EAC with the support of TradeMark Africa (TMA) is finalising the completion of the Malaba OSBP on the Kenya-Uganda border at a cost of $ 7.5 million. Speaking after the meeting of the EAC Committee on Customs at the EAC Headquarters in Arusha, Commissioner General of the Kenya Revenue Authority, John Njiraini said that TMA was supporting construction of OSBPs at Elegu/Nimule (Uganda/South Sudan Border), Tunduma/Nakonde (Tanzania/Zambia) and Moyale (Kenya/Ethiopia). “We recognise that trade is global. Therefore, as much as we smoothen the flow of trade within the EAC, we intend to ensure the flow out and into EAC boundaries with neighbouring countries is smoothened,” said Njiraini, who was flanked by among others Commissioner General of the Tanzania Revenue Authority (TRA), Charles Kichere. The list also includes, Dickson Kateshumbwa, Acting Commissioner General, Uganda Revenue Authority and Kenneth Bagamuhunda, the Director General, Customs and Trade at the EAC Secretariat. The meeting drew participation from Commissioners General and Commissioners of Customs in the EAC partner states. Njiraini disclosed that in order to resolve the problem of lack of information to business, Trade Information Portals (TIPs) had been installed in Kenya, Rwanda and Uganda. “Tanzania is in the process of establishing the trade portal. The TIPs will also be installed at a later stage in Burundi and South Sudan. The link of the EAC Trade...

THE East African Community (EAC) is optimistic of realising its integration agenda, with development partners injecting 500m US dollars in the past five years, to jack up the agenda. The figure entails both direct and technical support to various aspects of the EAC integration. Addressing the Second Community’s Development Partners Forum here, EAC Secretary General, Ambassador Liberat Mfumukeko was confident about the prospects of realising the integration agenda, thanks to the support from development partners. “With this revamped collaboration, the EAC has been able to spearhead the integration agenda with remarkable speed,” noted the Secretary General. The main contributors to the EAC Development Programmes include Germany, the USA through the United States Agency for International Development (USAID), European Union (EU) and the African Development Bank (AfDB). “The EAC has transformed itself from a loose co-operation framework into a fast-emerging, solid and dynamic regional economic bloc... it has also evolved strong institutions and vigorous programme delivery, which are already making an impact on the economies of the region,” he said. The economic bloc was recently ranked as first among the eight Regional Economic Communities in the Africa Regional Integration Index Report. launched in Addis Ababa through the collaboration between the UN Economic Commission for Africa (ECA), the African Development Bank (AfDB) and the African Union Commission (AUC). Ambassador Mfumukeko, however, called for more partnerships with the business community and, in particular, the East African Business Council(EABC) in industrial development through investment in private sector development and improvement of business environment. The...

Major port operator DP World is focusing on innovation and infrastructure and development to stay ahead of the curve. Guest of Honour at the opening of the 9th Seatrade Maritime Middle East event in Dubai this week was H.E. Sultan Ahmed Bin Sulayem, group chairman and ceo of DP World, chairman of Dubai Ports, Customs and Free Zone, and chairman of Dubai Maritime City Authority. Seaborne trade forms “the largest, cheapest and most efficient part of the logistics chain”, he said in remarks preceding the Port Technology conference session, “but still needs to continuously implement innovation” or risk disruption by outside players. It is estimated that new technologies can account for as much as a third of the predicted healthy growth in trade between now and 2034, he added - despite the current spectre of “trade wars and protectionism”. He personally dismissed these threats as “more emotional and a negotiating tactic” than likely to have any “real effect”, he added, since “eventually it will come to [sitting down at] a table where people will have to trade.” Dubai itself has a particularly bright trade future because it serves a region of almost 2.5bn people, he continued, including a lot of cargo bound for Africa, “so naturally is one of the points on the Belt and Road Initiative.” Hence DP World is not letting up on “infrastructure development,” he said, including “innovation in ports in particular.” For example, it has developed its own blockchain system that has gone live and is...