South Sudan on Friday said it was working on creating an attractive investment climate to lure foreign investors as the country seeks to reinvigorate its economy that has been battered from over four years of conflict. Abraham Maliet Mamer, secretary general for South Sudan Investment Authority, told journalists that the country is open and ready for big foreign investments to revive its economy. “As far as the big picture is concerned, our country is ready to receive investors. Our country has been closed for so long and now is the time to speak loud and clear that our country is ready for investment,” he said in Juba. Mamer said international businesses are welcome to come and invest in South Sudan. He said they are looking toward integrating e-business and e-investment platforms to ease the cost of doing business. The country relies on oil production to finance 98 percent of its fiscal expenditure and recently hinted at boosting oil production levels following disruption by violence which saw production drop to below 165,000 barrels per day (bpd) from 350,000 bpd in 2012. South Sudan is set to host its second oil and gas investment conference on Nov. 21-22 in Juba. The first one took place in October last year Source Coastweek

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the annual summit -- which was regularly attended by his predecessor Barack Obama -- in a sign of how far he has withdrawn from attempts to shape the global rules of trade and raising new questions about Washington's commitment to Asia.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...

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...

South Sudan will embark on implementing major infrastructure development projects in an effort to open the landlocked east African nation to trade opportunities as it seeks to recover from a devastating five-year-old conflict. Transport minister John Luk Jok said Monday that with the prospects of peace returning to the war-torn country, the government would embark on building new roads and establish rail and air infrastructure in a bid to tackle the country’s current infrastructure challenges. He said the government also plans to erect new rail lines to connect the country to Ethiopia, Sudan and Uganda respectively. He added that the government is also searching for potential investors to build the country’s second international airport in Tali, a remote area some 80 kilometers north of the capital Juba. “South Sudan needs to build its transport sector and particularly the air transport and road infrastructure. We must continue to build our roads because roads are the most ideal modes of transport,” Jok said. According to the World Bank, South Sudan’s road network remains in very poor condition, especially in rural areas that are largely inaccessible during the six-month rainy season (from April to October). “South Sudan in the near future can be an international hub, we have this idea of building a new airport at Tali, the location is so central that it can attract so many big international airlines,” Jok said. The official spoke during an occasion to inaugurate the country’s first modern terminal Juba International Airport ahead of peace celebrations...

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...

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...

In an effort to reach common ground on the harmonisation of domestic taxes in the region, EAC partner states have agreed not to levy value added tax on some essential goods and services that are consumed domestically. They have also agreed to offer tax incentives under an agreed set of rules and regulations to avoid unhealthy tax competition. The EAC’s Committee on Fiscal Affairs noted that although the best practice is to subject all domestically consumed goods and services to VAT, the reality in all partner states is that, for various considerations, some goods such as medical supplies and educational materials are given some tax relief. Currently Kenya levies 16 per cent VAT on books and other learning materials and eight per cent VAT on fuel. In Uganda, Rwanda, Tanzania and Burundi, learning materials have been zero rated. Kenya’s standard VAT rate is 16 per cent, while Uganda, Tanzania, Rwanda and Burundi are at 18 per cent each. However, a domestic taxes harmonisation progress report prepared by Kenya’s Ministry of East African Community Affairs shows that the process of harmonising domestic taxes (VAT, income tax and excise tax) is moving slowly largely because some member states think it will lead to loss of revenue. The partner states had criticised the domestic tax harmonisation policy for failing to provide guiding principles, and ordered that the document be reviewed by February. However, some partner states like Uganda had not submitted their country-specific comments on the draft policy by the time of its...

The African Development Bank (AfDB) will fund infrastructure projects by Eastern African countries to the tune of $2 billion over the next four years. The funding, unlocked by the recently approved East Africa Regional Integration Strategy Paper (RISP), could be scaled up to $3 billion in the same period, bank officials said. The Strategy Paper lays out the roadmap to accelerated regional integration through joint infrastructure development, and covers regional transport connectivity, energy infrastructure, ICT connectivity, and management of transboundary water resources. The East African Community (EAC) Secretariat has been driving the push for regional infrastructure that would increase competitiveness and bring about structural transformation. The Strategy Paper was developed in consultation with regional economic communities (RECs) and is aligned with key REC strategies for the EAC, the Common Market for Eastern and Southern Africa (Comesa) and the Inter Governmental Agency on Development (Igad). “The key objectives of this four-year strategy are fast-tracking structural transformation, increasing trade and promoting financial sector integration and inclusion,” said Nnenna Nwabufo, AfDB deputy director general for East Africa. The funding programme also covers Djibouti, Eritrea, Ethiopia, Seychelles, Somalia, and Sudan. In Tanzania, AfDB is offering to finance the country’s 2,100MW Stiegler’s Gorge hydroelectric plant and the modernisation of the Dodoma Airport. In May, AfDB president Akinwumi Adesina said that President John Magufuli of Tanzania was considering seeking funding for the Stiegler’s Gorge project. “We are looking at that with him and the government, but we are also very keen on alternative sources of energy,...