Friday, May 24

Industry and Trade

aviation industry

 

  • Zanzibar invests in improving Isle’s aviation industry as President Hussein Mwinyi commends expansion works at AAKIA
  • Construction underway to improve efficiency at Terminal 3 AAKIA
  • Zanzibar’s AAKIA recognized for winning international Award

Aviation industry and tourism in Zanzibar

Aviation industry is the bedrock of the tourism sector in Zanzibar, it is dependent on a successful airline industry, and as a tourism destination having frequent flights from top international airlines is the key to growth.

As an archipelago off the coast of Tanzania, Zanzibar is made up of three main islands, that is; Zanzibar, Pemba, and Mafia Island.

To strategically grow its tourism sector, all three islands have their airport, the largest and busiest is the Zanzibar Abeid Amani Karume Airport. The airport is named after Abeid Amani Karume, the island’s first president.

Zanzibar is working on the construction of a new passenger Terminal building (Terminal 3) at the Abeid …

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Insurance in Agricultural value chain
  • Insurance emerges as a beacon of hope in mitigating risks and managing resilience across the agricultural value chains.
  • Partnerships between the government and private entities are needed to devise, develop, and establish efficient and sustainable solutions to risks in the agricultural value chains.
  • To cope with the additional pressure of climate change on socioeconomic development and food security, Africa has adopted a policy framework that concedes and puts emphasis on the importance of strengthening climate and disaster resilience. 

Agricultural value chains are multi-faceted industries encompassing farmers, agro-processors, and traders. The resilience of each impacts the entire system. However, the vulnerability of these facets to various risks threatens the stability and sustainability of the whole value chain.

Agriculture remains vital in feeding nations and maintaining economic stability in the ever-changing global economies. Despite its immense contribution, it faces a series of challenges. From unpredictable weather patterns to market fluctuations, posing a

Finance Bill 2024 Proposals
  • Finance Bill 2024 Proposals seek to introduce a 25 per cent excise duty on vegetable oils, which KAM says will drive upwards the cost of cooking oil.
  • The proposed finance law aims to expand Kenya’s tax base by bringing more economic activities into the tax net.
  • This, according to KAM, will lower the cost of living for Kenyans and create prosperity for the country.

The Kenya Association of Manufacturers (KAM) has raised concerns over the state’s proposal to increase the Import Declaration Fund (IDF) from 2.5 per cent to 3 per cent.

In a raft of proposals to the government, the manufacturers highlighted some of the expected impacts of the proposed law on Businesses in the East African nation.

KAM argues that the imposition of IDF will significantly elevate the costs of raw materials, thereby stifling the manufacturing sector’s ability to add value.

In a statement on Monday, May 20, …

AIM Congress 2024
  • The key highlight of the AIM Congress 2024 is the Investment Awards, scheduled for the opening day, May 7th.
  • These awards celebrate top direct investment (FDI) projects from around the globe.
  • The awards underline the diverse ways investment can contribute to economic progress with categories ranging from Innovation and Research to Sustainability and Local Linkages.

As the global investment contours keep evolving, the AIM Congress 2024 is taking shape as a critical platform to foster global investment innovations and sustainability.

Set to convene in Abu Dhabi from May 7-9, the Annual Investment Meeting (AIM) Congress promises to be a crucial gathering for driving the new dynamics of economic resilience and growth.

This year’s congress theme, “Adapting to a shifting Investment Landscape: Harnessing New Potential for Global Economic Development,” aptly captures the current global challenges and the opportunities they present. Under the banner “Resilient Sustainable Economic Growth–Creating a Healthy and Prospective …

Kenya Ports Authority
  • Kenya Ports Authority handled 37,576 metric tons  of cargo in 2023, according to its Managing Director.
  • The KPA MD revealed the gantry cranes were procured to the tune of $31,493,808
  • One of the notable recent investments by KPA is the construction of the second phase of the Lamu Port.

The Lamu port is poised to become a key driver of economic growth and regional integration, according to industry players.

Kenya Ports Authority (KPA) Managing Director Captain William Ruto said the impressive statistics underscore the vital role that the Lamu port plays in facilitating trade and driving growth in the region.

He added that this results from its container capacity of 1.2 million twenty-foot equivalent units (TEUs) across its three berths of 4000 meters each.

 “The Lamu facility is poised to become a key driver of economic growth and regional integration,” he pointed out.

Captain Ruto disclosed last year that …

DRC Joins Organisation of Southern Cooperation
  • DRC Joins the Organisation of Southern Cooperation after depositing the Instrument of Acceptance
  • Secretary-General Manssour Bin Mussallam received the Instrument of Acceptance.
  • The OSC, aimed at fostering cooperation and development among Southern Hemisphere countries

The Republic of the Congo has consolidated its full membership status of the Organisation of Southern Cooperation (OSC) by depositing the Instrument of Acceptance by Daniel Owassa, Ambassador of the DRC to Ethiopia and Permanent Representative to the African Union.

Secretary-General Manssour Bin Mussallam received the Instrument of Acceptance at a handover ceremony yesterday at the OSC Headquarters in Addis Ababa.

The Republic of the Congo is a founding member of the OSC. The depositing of the Instrument of Acceptance signifies the completion of the full membership process by countries in the Global South.

Read Also: SkyPower, AFC, and DRC join forces for $2.3Bn Green Giant project

H.E. Bin Mussallam said the occasion marked the beginning …

Red Sea Shipping Disruptions
  • Red Sea shipping disruptions by Houthi rebels stemming from the Israel -Palestine dispute in the Gaza Strip.
  • Simultaneously, transits around the Cape of Good Hope are up by a nearly similar amount in the same period.
  • Since the first attack in November last year, data shows the numbers have risen to about 68 as of March 12.

The East African region is still at risk of future global shocks as continued Red Sea shipping disruptions and attacks on cargo vessels by Houthi rebels could likely dent the current ease in the cost of living in Kenya, with analysts predicting an increase in fuel prices.

This is likely to negate the calmness in inflation witnessed in the past three months, when the country recorded a decline in fuel and some food item prices, bringing down the level of inflation to 5.7 per cent in March.

The attacks that are stemming from …

Blue economy
  • Kenya looks to rise on its estimated $38.4 million blue economy investments to grow sector revenue to $921 million annually. 
  • Africa, with its vast coastline and rich marine resources, is poised to harness the immense potential of the blue economy.
  • BlueInvest Africa is a business-to-business event that aims to catalyse the growth of Africa’s blue economy through strategic investments.

The Kenyan government is looking to ride on its estimated $38.4 million (KES 5 billion) investments in the blue economy initiatives to increase revenue to $921 million (KES 120 billion) annually.

This will be a threefold increase from the current $288.6 million (KES 37.6 billion) that the state generates from the blue economy.

The Cabinet Secretary in the Ministry of Mining, Blue Economy & Maritime Affairs, Salim Mvurya, said that part of the plan was to map the fisheries’ infrastructure across the country.

“We want to increase the revenue to Sh120

African startups
  • 121 African startups secured $466M, marking a 27 per cent drop from the previous quarter; women-led startups got 6.5 per cent of the capital.
  • About 87 per cent of startup funding in the three months to March went to entities in Nigeria, Kenya, Egypt, and South Africa.
  • Gender imbalance persists as only 6.5 per cent of the financing went to female-led startups in Africa.

The big four economies of Nigeria, South Africa, Kenya, and Egypt continue to attract the highest share of funding going to startups in Africa, even as the ecosystem suffered a 27 per cent drop in financing to $466 million in the three months to March 2024.

The latest analysis from Africa: The Big Deal shows that 87 per cent of startup funding in the three months to March went to upcoming entities in Nigeria, Kenya, Egypt and South Africa.

Attracting $160 million, Nigeria’s economy accounted for …

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