Monday, July 22

Industry and Trade

Tanzania Investment centre
  • Tanzania Investment Centre (TIC) targets to register 1,000 investment projects in 2024
  • The government of Tanzania is also revising the immigration law to draw diaspora investors.

Tanzania Investment Centre (TIC)

From changing harsh taxing practices to revising the foreign direct investment environment – the Tanzania Investment Centre (TIC) is significantly making notable efforts to make the East African nation investor-friendly.

On Tuesday, July 16, TIC displayed its ambitious goal of attracting nearly $10 billion in capital investments in 2024.

The new target comes seven months later after the government of Tanzania introduced a new campaign to increase investment to around $14 billion attributed by locals.

Tanzania’s investment trajectory took an uplift witnessing 504 projects worth $5.2 billion in 2023 an increase from $3 billion previously.

According to TIC executive director, Gilead Teri, the ambition eyes building impressive growth in foreign and domestic investments for five consecutive years, factored by favourable …

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electric train
  • On May 1st, 2024, Tanzania launched the first test run of its state-of-the-art electric train.
  • Tanzania Railways Corporation’s General Manager Masanja Kadogosa highlighted the project’s significance in fostering economic growth and enhancing transportation efficiency throughout Tanzania and Eastern Africa.
  • Tanzania has purchased 10 sets of locomotives and coaches from the Hyundai Rotem Company of South Korea.

Electric train in Tanzania

Tanzanians now can travel a distance of nearly 200km within one hour and 40 minutes, a significant travel time and a long awaited as the nation ushers in transformative railway structures worth $10 billion.

On May 1st, 2024, Tanzania launched the first test run of its state-of-the-art electric train, Standard Gauge Railway (SGR) from the nation’s commercial pulse Dar es Salaam to its capital Dodoma.

Then came the second experience on July 15th, when the first electric train, transporting ,400 passengers from the coastal city of Dar es Salaam …

Shelter Afrique
  • South African rating agency GCR has upgraded Shelter Afrique Development Bank’s global scale long issuer rating to B from B- and affirmed a stable outlook.
  • Additionally, GCR has upgraded the national scale issuer ratings for Kenya, Nigeria, and Mauritius, all with stable outlooks, while recognizing Shelter Afrique’s transition to a treaty-based entity and strategic efforts to address capital arrears.
  • This transformation has improved the bank’s operational and financial performance, enhanced governance, and solidified its legitimacy and confidence among members.

South African rating agency GCR, has upgraded Shelter Afrique Development Bank’s (ShafDB) international scale long issuer rating to B from B- and affirmed the short-term national scale issuer rating of B, with the outlook accorded as Stable.

At the same time, GCR has also upgraded the long and short-term national scale issuer ratings for Kenya to AA-(KE)/A1+(KE) from A+(KE)/ A1(KE); Nigerian to AA+(NG)/A1+(NG) from AA(NG) / A1+(NG); and Mauritian to BB+(MU)/B(MU) …

Africa Private Capital Deals
  • Africa private capital deals fell to to 450 deals in the past one year.
  • The continent’s total private capital deal value stood at $5.9 billion, the fourth largest value on record since 2012.
  • Decline in Africa private capital deals marked the continent’s steepest year-over-year decline in volume in 12 years.

Africa recorded a 28 per cent year-over-year (YoY) decline in the total private capital deal volume for the first time since 2016, falling to 450 deals. This downturn is attributed to the global economic turmoil, which led to inflation spikes and the devaluation of continental currencies.

In Kenya and Nigeria for instance, the Shilling and the Naira plunged to historic lows in 2023, while in Egypt, a shortage in foreign currency led to increased controls over its usage in the country.

According to the 2023 African Private Capital Activity Report, the depreciation of local currencies and the depletion of foreign …

African food systems
  • The urgency to transform African food systems is not solely an agricultural or economic imperative but a moral, social, and ecological one.
  • Africa is confronted with a heavy crisis of malnutrition, poverty, inequality, and unemployment. Food affordability and access are unevenly distributed, and gaps widen even further.
  • Improving the performance of the food system is critical if we are to sustainably feed nearly 10 billion people by 2050 while raising farmer incomes, protecting them from climate change, and helping them to thrive.

Africa, a continent of great potential, stands at a crossroads. Africa has most of the world’s most fertile lands, immense resources, and a growing young population. However, it remains paradoxically entangled in the danger of food insecurity and malnutrition.

Challenges such as climate change, post-harvest losses, poor farming technologies, and inadequate supply chains persist. The urgency to change African food systems is not solely an agricultural or economic …

AIM Congress 2024
  • AIM Congress promises to be a melting pot of insights, strategies, and opportunities aimed at shaping the future of global investment.
  • The congress has carved a niche for itself as a premier investment platform dedicated to fostering collaboration and driving innovation.
  • The Innovation and Technology Track will delve into the latest trends and innovations across various domains, including artificial intelligence, the Internet of Things, smart agriculture, and bockchain technology.

The anticipation is building as the AIM Investment Summit 2024 gears up to host over 450 dialogue sessions, featuring 900 speakers and experts from around the globe. In collaboration with over 330 local, international, and global partners, this event promises to be a melting pot of insights, strategies, and opportunities aimed at shaping the future of global investment.

Twenty-four of these partners step forward as supporting sponsors of the main conference, lending their expertise to provide participants with invaluable insights, best …

AIM Congress 2024
  • AIM Congress will be hosted by Abu Dhabi, with the support of the UAE Ministry of Industry and Advanced Technology and the Abu Dhabi Department of Economic Development (ADDED) as lead partners.
  • The Gold Sponsors for the event are Saud Bahwan Group, Jordan’s Ministry of Investment, and Moroccan Investment and Export Development Agency.
  • The Silver Sponsor for the event is Ajman Chamber of Commerce and Industry.

As the Annual Investment Meeting (AIM) Congress 2024 draws even closer, the spotlight is on the outstanding partnership efforts that have fueled its success over the years. With the event slated to take place between May 7 to 9 in Abu Dhabi, the United Arab Emirates, AIM Congress highlights its long-standing partnerships with esteemed organisations.

In partnership with over 330 local, regional, and international partners, the 2024 AIM Congress is committed to enhancing global economic growth by promoting investment opportunities and facilitating meaningful communication …

Kenya-Ethiopia trade relations
  • Kenya-Ethiopia trade relations have been on the rise in the past 27 years, with Kenya having the upper hand. 
  • Ethiopia, on the other hand, recorded an increase at an annualised rate of 23.7 per cent.
  • During the Meeting Kenyan investors also undertook exhibitions showcasing some of their products.

Kenya and Ethiopia have renewed the push to streamline the bottlenecks that are hampering trade growth between the two states. A delegation of the National Assembly to the Kenya-Ethiopia Trade and Investment Mission held in Addis Ababa, Ethiopia, has rooted for the speedy removal of bottlenecks hampering cross-border trade between both Nations.

Kenya and Ethiopia have engaged in bilateral trade across multiple sectors, including agriculture, manufacturing, energy, and services, with the balance of trade hugely in favour of Kenya. In 2022, Kenya exported $95.1M (Sh12.8billion) to Ethiopia, mainly Palm Oil $12.4M (Sh1.7billion), Metal Stoppers $7.95M (Sh1.1billion), and Yeast $6.92M (Sh934million).

This compares …

AmCham Business Summit 2024
  • Meg Whitman, US Ambassador to Kenya, highlights key investment opportunities in Kenya, particularly in the creative industry and clean energy.
  • She noted that Kenya has the potential to become the Singapore of Africa through vertical business integration, job creation, innovation, and foreign direct investment.
  • AmCham Business Summit 2024 seeks to strengthen bilateral trade and investment between the US, Kenya, and East Africa.

The fourth edition of the regional American Chamber of Commerce Kenya (AmCham) Business Summit, has officially kicked off in Nairobi, Kenya, under the theme, ‘Catalyzing The Future of US-East Africa Trade and Investment’.

This year’s forum underscores AmCham Business Summit as the premier platform for strengthening bilateral trade and investment between the United States, Kenya, and East Africa.

Hosted by the American Chamber of Commerce (AmCham), the two-day Summit has brought together delegates from the United States of America, East and Sub-Saharan Africa in efforts to deliberate and …

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