Author: Salum Mohamed

South Korea has managed to maintain its first position on 2018 Bloomberg Innovation Index for the fifth consecutive year.

The 2018 Bloomberg Innovation Index results published on January 22, 2019 which compiles the index based on data from sources including the World Bank (WB), International Monetary Fund (IMF) and Organization for Economic Co-operation and Development (OECD), credits South Korea`s top ranking to Samsung. The electronics giant is South Korea`s most valuable company and has received more US patents than any company other than IBM since the start of the millennium.

This innovation trickles down the supply chain throughout South Korea`s economy. It was divided into seven assessment categories namely, research and development (R&D), manufacturing, Hi-tech density showing the number of domestic high-tech companies, tertiary efficiency showing the total enrollment in tertiary education, research personnel and activity showing resident patent filings, total patent grants and patents in force per million population.…

Tanzania`s vast geographical boundaries and mobile phone penetration among its demographics have attributed to a shift of many Tanzanians from traditional cash transactions to emerging mobile payment solutions.

Mobile solutions are being used to send money home, facilitate informal business transactions, pay bills, or buy pre-paid electricity. Notably, low-income people, especially in the rural areas, find value in remote digital payment solutions.

According to the second National Financial Inclusion Framework 2018-2022 (NFIF2), mobile payment solutions have contributed to an increasing number of adults in the formal financial systems, from 58 per cent in 2013 to 65 per cent in 2017.

The framework further asserts that the combined efforts between the government and the private sector are a main factor for the upsurge in financial inclusion.

The World Bank also maintains that the inclusion of people in the formal financial system will enable communities, especially businessmen to access financial services with …

Less than a fortnight after a thousand visitors from the Middle East toured Tanzania, the country has just received the first batch of expected 1,000 tourists from the Far East.

Landing at the Kilimanjaro International Airport (KIA) on Sunday 13^th May, 2019 evening, more than 350 tourists from China kicked off their itinerary by sampling Northern Zone attractions, including the Ngorongoro crater and Serengeti National Park.

They were received at the airport terminal by the Prime Minister, Kassim Majaliwa, who described the entourage as yet another indication that Tanzania is becoming a lucrative destination for visitors and investors from overseas.

The 10,000 visitors from China will be touring Tanzania through the `Tour Africa – New Horizon` program coordinated by Touch Road International Holding Group, which in addition to opening doors for tourists from the Far East, is hatching a new initiative where some visitors are going to identify potential …

China`s economic miracle is a combination of several factors, including globalization, openness and cooperation, a prominent Chinese national stated.

Speaking during a high-level business talk in Dar es Salaam, board member, deputy secretary and member of the party committee at Moutai Group, Wang Yan, said 40 years ago, China was poorer than most African countries at present.

The business talk, which was graced by former Prime Minister, Mizengo Pinda held in Dar es Salaam, was part of the `Cultural Moutai, Colourful Guizhou` – China Kweichow Moutai Belt and Road Branding Initiative in Tanzania.`

The business talks also coincided with the launch of Moutai liquor in Tanzania.

`Africa is still developing. China`s development miracle from being the poorest country in the world to today has showcased the profound power globalization, openness and cooperation have over people`s lives……I remember vividly that over 40 years ago, the income of these families was extremely …

Tanzania is on the right track in implementing the Africa Mining Vision (AMV)-a continental initiative aimed at seeing minerals drive development of endowed countries, it has been observed.

Speaking in Dar es Salaam on 9^th May, 2019 during the regional dialogue on `Enhancing National Ownership in the mining sector, the United Nations Development Program (UNDP) Resident Representative Natalie Boucly said that Tanzanian government has undertaken key reforms which are constituent with the AMV principles.

The Africa Mining Vision was adopted by Heads of State at the February 2009 AU summit following the October 2008 meeting of African Ministers responsible for Mineral Resources Development. It is Africa’s own response to tackling the paradox of great mineral wealth existing side by side with pervasive poverty.

Boucly said it was according to the overall findings of the Gap analysis study conducted by UNDP in collaboration with the Uongozi Institute to analyze AMV …

The East and Southern Africa Breeding Network (ESABN) on 4^th May, 2018 launched the accelerated genetic gain in rice (AGGRI) project aiming at the empowering women involved in rice value chain in the region.

The launch of the project was on the sideline of the just- concluded three-day 11^th East and Southern Africa Breeding Network meeting held in Dar es Salaam.

Speaking soon after launching the initiative, representative of International Rice Research Institute (IRRI) for Eastern and Southern Africa, Abdelbagi Ismail said that the beneficiaries will be unified by a set of standards developed to make breeding decisions consistent with the demand of regional farmers, consumers and processors.

Funded by Bill and Melinda Gates Foundation (BMGF), the Initiative is also aimed at expanding International Rice Research Institute (IRRI) `s variety testing network into a globally aligned, modernized, rice breeding `community of practice`

In another development, IRRI`s targets …

The Tanzanian shilling is expected to hold steady against the United States dollar in the second quarter of 2019 due to increased inflows of the greenback from tourism,  agriculture exports and demand from corporate to meet the 2018 dividend obligations.

The National Microfinance Bank (NMB) Market Digest said in its report that the second quarter will witness increase of inflows from tourism and agriculture thus bolstering the local unit.

The report stated that with traditional inflows mostly from tourism and agriculture expected to increase by June, the local unit is to hold steady with minimal volatility as the central bank continues its liquidity management efforts to preserve calm market conditions.

Further, according to the report, the local currency ended the quarter strongly after trading weaker during the first two months of the year to appreciate by 2.1 per cent. The quarter opened at Tshs.2,300 per dollar, traded to a high …

Tanzania is set to test its first, maiden, cheaper and very superior own funded electric train. The train is tipped to be one of Africa`s high speed trains with projected speeds of up to 160 mph.

Speaking at a historic event to launch the flash butt welding of the Standard Gauge Railway (SGR) exercise that took place at Soga in Coastal region outside Dar es Salaam, the Minister for Works, Transport and Communications, Eng. Isaac Kamwele said first trials for speedy electric train will be conducted in July this year to cover a section of the SGR.

The first 300 kilometers phase running from Dar es Salaam to Morogoro with 6 stations in between will commence its operations in December this year. This will be three passenger trains in phase one at the starting point that will be taking daily round trips between the two cities. Each passenger train is …

East African countries are set to attend the ninth East African Petroleum Conference and exhibition to discuss investment opportunities to enhance socio-economic transformation.

This year`s conference is themed:` East African Region – the destination of choice for Oil and Gas Investment Opportunities to enhance Socioeconomic Transformation.`

Chairperson of the organizing committee, Marin Heya said over the weekend that over 1,000 local, regional and international delegates will be attending the three-day conference that will be in Mombasa from May 8.

`The conference will help attract investors on oil and gas into the region given the potential in the region, ` Heya said.

He revealed that the Chinese geo-spatial and survey firm BGP and CNOOC are among the companies that are expected to attend the three-day conference.

The official also stated that the East African Community (EAC) member states, including Kenya, Uganda, Tanzania and Rwanda will exhibit at the conference alongside international …

The World Bank has increased emergency support for the three Southern African countries affected by a devastating cyclone that killed hundreds in March to Tshs.1.6 trillion ($700 million), the lender said on 3^rd May, 2019.

More than 1,000 people were killed across Mozambique, Zimbabwe and Malawi after Cyclone Idai, the worst cyclone in decades, lashed the Eastern Indian Ocean coast bringing heavy winds and rains.

New World Bank President David Malpass, who is in Africa for his first foreign trip, toured the affected areas in Mozambican port city of Beira on 3^rd May, 2019. The bank said it was activating the International Development Association`s (IDA) Crisis Response Window (CRW) to provide up to Tshs.1.2 trillion ($545 million) in total for the three countries.

“This is in addition to the nearly Tshs.345 billion ($150 million) in resources that have recently been made available from existing projects. Together, total …