Browsing: Trade

• Small scale firms in Africa urged to embrace technology, research, and development to power their growth at scale.
• African MSMEs have been challenged to tap opportunities presented by the African Continental Free Trade Area (AfCFTA) Agreement.
• Agriculture, manufacturing, ICT, minerals, and creative industries highlighted as sectors that have huge potential for MSMEs’ growth.

The African Union (AU) has called upon startups and micro, small, and medium-sized enterprises (MSMEs) across Africa to harness the power of innovation for their growth and sustainability. This appeal has been made by Albert Muchanga, the AU Commissioner for Economic Development, Trade, Tourism, Industry, and Minerals during the third African Union Micro, Small, and Medium-Sized Enterprises Forum, which is taking place between September 9 to 13 in Windhoek, Namibia, and virtually.

This forum, which is arguably one of Africa’s largest gathering of MSMEs, focuses on the theme: “Fostering Financial Empowerment and Educational Innovation for African …

• 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.

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

• Non-tariff trade barriers are restrictions trade blocs impose to further their political and economic goals.
• Kenya and Tanzania are working on resolving non-tariff trade barriers that have stifled business between East Africa’s largest economies.
• Kenya is a crucial partner for Tanzania and is the largest source of African Foreign Direct Investment in Tanzania.

The East African Community

Countries have adopted regional trading blocs as a strategy to increase global competitiveness. The East African Community (EAC) member states are dedicated to enhancing economic efficiency and fostering regional integration through strategic investments using established industries.

EAC aims to position the Community as a single investment area, harmonising trade policies, investment incentives, and product standards.

At the beginning of its operations, EAC ended non-trade barriers (NTB) between member countries intending to liberalise trade. However, this affected the NTB imposed by the members, especially Kenya and Tanzania, who are critical traders in the market.…

• Since ascending to office in September 2022, President Ruto has remained relentless in his bid to boost Kenya’s agricultural productivity.
• Agriculture remains the bedrock of the country’s development and the key to creating equitable and sustainable growth for its citizens.
• President Ruto has focused on implementing policies and programs to enhance productivity, improve farmers’ incomes, and ensure food security.

Agriculture as a bedrock of Kenya’s economic prosperity

Kenya has made impressive economic strides in innovation and entrepreneurship, private sector enterprise, infrastructure, and human skills development. However, agriculture remains the bedrock of the country’s development and the key to creating equitable and sustainable growth for its citizens. The importance of agriculture has been highlighted in Kenya’s Vision 2030

Moreover, research has demonstrated that agriculture remains a major driver of economic prosperity for most African countries. In addition to driving economic growth, agriculture creates jobs for most rural communities and is essential …

United States officials and politicians have shown much interest and support for renewing the African Growth and Opportunity Act (AGOA) as its expiration date approaches in September 2025. The fate of this landmark legislation, which provides duty-free access to the US markets for some African countries, remains uncertain for the next 22 months but has significant implications for trade between the United States and Africa.…

Bamburi Cement PLC has announced plans to sell its Ugandan business to Sarrai Group, pending regulatory approvals. The Board of Directors of the cement maker has approved the sale of its stake in Hima Cement Limited, Uganda, amid declining profits.…

• The Nigeria-Saudi Business Council could see the Middle Eastern country fund several sectors of the West African economy.
• Through the council, the Kingdom of Saudi Arabia plans to replicate various investments made in Pakistan, Indonesia, and India in Nigeria.
• Africa has increasingly become the subject of high competition between global economic powers.

Nigeria anticipates multi-billion-dollar “immediate” investment flows from the Kingdom of Saudi Arabia. This follows the signing of an agreement between the countries to establish a business council. The Nigeria-Saudi Business Council could see the Middle Eastern country fund several sectors of the West African economy. These include technological advancements, telecommunications, energy, oil and gas, and agriculture.

The two countries resolved to restore the Nigeria-Saudi Business Council. Crown Prince Mohammed bin Salman Abdulaziz proposed the Business Council in 2019. However, the former president of Nigeria, Mahammadu Buhari, resisted the council.

“We expect to see significant investment flow immediately,” Abubakar …

• Tanzania is using Sabasaba trade expo to foster the country’s industrial might.
• This year, over 180 foreign companies including some from China took part in the exhibition.
• Overall, Tanzania’s trade with the outside world is marked by export of minerals and agricultural produce.

Across Tanzania, no exhibition can outmatch the Sabasaba trade expo, a platform that the East African country is using every year to showcase investment potential.

“Sabasaba” which translates to “seventh day” in Swahili, denotes Dar es Salaam International Trade Fair (DITF) tradition of going down during the first week of July, typically starting on the 7th of the month. The expo serves as a platform for local and international businesses to showcase their products and services, fostering trade and economic development in the region.

Sabasaba trade expo promoting industries

It attracts a diverse range of exhibitors and visitors from various industries, including agriculture, manufacturing, technology, tourism, and …