A STANDARD gauge railway (SGR) project that will link Rwanda, Burundi and DR Congo with the Dar es Salaam port is one among major projects that will feature in the Africa Investment Forum that begun in Johannesburg yesterday. The President of African Development Bank, the organiser of the forum, Dr Akinwumi Adesina said the SGR project currently being undertaken by the Tanzania’s government using local resources would be on the table in the forum that has brought together global multilateral development and finance institutions and investors to tackle the continent’s infrastructure investment challenges and advance Africa’s economic transformation agenda. The three-day Africa Investment Forum billed a game-changer to tilt capital flow into the continent has been organised by the African Development Bank and partners in Sandton Convention Centre to advance projects, raise capital and close financial deals. Around 2000 delegates were expected to attend the innovative investment marketplace which has brought together heads of state, project sponsors, pension funds, sovereign wealth funds, institutional investors in 60 boardroom sessions to move projects from commitment to action. And the organisers of the forum are adamant that it will not be a talk shop but a unique platform to close financial deals for major projects that will boost economic growth and development in the continent. Africa Investment Forum is not a talk show. We deliver,” said Dr Adesina at the opening ceremony. “We promised (during the inaugural forum last year) and we delivered. We’re changing the investment narrative of Africa.” “When we laid...

$3tn GDP growth opportunity if the African Continental Free Trade Area (AfCFTA) is fully implemented Biggest potential economic gain and business opportunities will be from from growth in trade between African nations Countries with open economies and significant cross-border trade set to benefit most quickly South Africa, Ghana, Côte d'Ivoire, Kenya and Morocco will grow most from AfCFTA Conflicts with older regional free trade agreements a major hurdle Manufacturing among sectors with biggest growth opportunities Success dependent on African countries putting rules, regulations and mechanisms in place around Rules of Origin, digital payments and the elimination of non-tariff barriers. New research from global law firm Baker McKenzie and Oxford Economics – AfCFTA's US$ 3 trillion Opportunity: Weighing Existing Barriers against Potential Economic Gains - shows that if fully implemented, the African Continental Free Trade Area (AfCFTA) will unlock significant but uneven growth opportunities on the continent. The African Union is putting the Africa Continental Free Trade Area (AfCFTA) into operation. It will be the world's largest free trade area by number of countries and is so far in force across 27 countries. Open economy key to success Some countries are currently better placed than others to reap the rewards of intraregional trade and numerous obstacles mean that the tangible benefits of the agreement will likely only be realized from 2030. The report finds countries with good existing trade integration with their neighbours and which have open economies are most likley to benefit economically from lower trade tariffs. For example, South...

ANKARA Uganda’s President Yoweri Museveni said Monday improvement in road infrastructure with DR Congo was a step to boost bilateral trade and social ties and to enhance security cooperation between the two states, local media reported. Museveni’s remarks came after a two-day visit of DR Congo’s President Felix Tshisekedi to Uganda started on Saturday, during which the two leaders witnessed signing of memoranda of understanding on infrastructure, security and tourism, according to Uganda’s State House. The visit’s agenda also included Tshisekedi’s attendance to the first ever Uganda-DRC Business Forum hosted by Uganda, according to The East African website. “We are going to improve road infrastructure including the Mpondwe-Beni, Goli-Bunia, Bunagana-Rutshuru-Goma roads and the bridge across river Semuliki to Bunya. This will improve trade, social issues and will guarantee security,” Museveni was quoted by the Kampala Post as saying apparently in reference to the agreement between the two countries to develop road networks. “It is clear that he understands where prosperity of the people comes from. Modern prosperity comes from business. If we have factories, we sell more, expand and also provide goods and services for the population,” Museveni added. In turn, Tshisekedi thanked Museveni, expressing his hope for “a long relationship between the peoples of Uganda and D.R. Congo,” according to the Kampala Post. “I thank my elder, President Museveni, from the bottom of my heart. I know who he is, his vision for the region and for Africa. I am aware of his other vision of integration and prosperity...

President Yoweri Museveni and his DRC Felix Tshisekedi counterpart signed signed a raft of bilateral agreements but importantly stressed the need to improve the trade relations between Uganda and Democratic Republic of Congo. The two leaders signed memorandums of understanding on security, infrastructure, transport and tourism. The two presidents agreed to improve road infrastructure including the Mpondwe-Beni, Goli-Bunia, Bunagana-Rutshuru-Goma roads and the bridge across river Semuliki to Bunya. These will improve trade, social issues and will guarantee security. H.E Felix Tshisekedi with delegation of 117 was over the weekend in Uganda for a two day state visit. ‘‘The visit of President Felix Tshisekedi is very important because it goes to the heart of Africa’s future. Modern prosperity comes from business. If we have factories, we sell more and expand and also provide goods and services for the population. Africa imports a lot from China, Japan and India. Such goods should be made here.’’ president Museveni said during a joint press conference held at State House Entebbe shortly after bilateral talks He added: When we produce, we supply goods and services to the population, create jobs for our youth and generate taxes for governments to build roads, hospitals and provide security. Without business, there can be no prosperity, no jobs, no infrastructure and no security. I am happy to see that President Tshisekedi is clear on these issues President Tshisekedi thanked his host for the warm welcome. He explained that he is travelling across the region consulting elders on how his...

Ugandan President, Yoweri Museveni, and his Congolese counterpart, Felix Tshisekedi, have agreed to boost trade between the two countries. Tshisekedi, who is on a three-day visit to Uganda during which he will attend the first ever Uganda-Congo Trade Forum, said he was backing Museveni’s vision to have an integrated Africa. The two leaders jointly addressed a press conference in Kampala over the weekend where they revealed plans to construct roads linking the two countries to enable the transportation of goods across the border. “One road we want to work on is from Goli to Mahagi, Bunia, that’s one road. Then the other road would be from Mpondwe to Beni and the other from Bunagana to Rutshuru to Goma,” said Museveni. Ministers from the two countries also signed memorandums of understanding on security, infrastructure, transport and tourism. The border region between Uganda and the Democratic Republic of Congo has seen years of violence, with militia groups from both countries based in the area. Source: Channel Africa

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 activity to lead...

Vera Songwe, the Executive Secretary of the UN Economic Commission for Africa (UNECA), on Tuesday last week opened the 23rd meeting of the intergovernmental committee of senior officials and experts from 14 eastern African countries in Asmara, Eritrea insisting on the importance of increasing regional trade and implementing the African Continental Free Trade Agreement (AfCFTA). Leveraging new opportunities for regional integration was the theme of the ECA annual meeting. In the eastern trading Africa bloc, she said, the implementation of the continental free trade agreement could result in $1.8 billion welfare gains and creation of 2 million new jobs. The New Times’ James Karuhanga caught up with Songwe to talk about, among others, why the historic agreement is not just another trade agreement, what the meeting’s host country – which was hosting the meeting for the very first time – has to offer, and the importance of the continent’s aspirations for peace and harmony. Excerpts: In the discussions on leveraging new opportunities for regional integration in eastern Africa, the AfCFTA keeps coming up again and you particularly emphasised that this is not just another trade agreement. Why? Like I said, this is not just another agreement because it actually is, if it is taken right, a stepping stone for huge investment compact for the continent. The Continental Free Trade Area Agreement is, on paper, a policy statement but I think when you translate that policy statement into actuality, it means that we need to create industries, develop infrastructure, build roads, make our airlines...

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 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...