Market News| Africa Business News

Tanzania, France Sign New Pact to Foster Air Links

Going by the National Bureau of Statistics (NBS), with 100,371 arrivals last year, France brought in the second highest number of arrivals from outside the African continent, after the US, whose figures stood at 100,600. The Basa, meant to attract more tourists, was signed by the Works and Transport minister, Prof Makame Mbarawa, on behalf of Tanzania and France’s minister for Foreign Trade and Economic Attraction, Mr Olivier.... Read more »

Posted on : Monday , 27th February 2023

UAE Firms Troop into Tanzania after President Samia’s Visit

Two more United Arab Emirates companies have made in-roads into Tanzania, following President Samia Suluhu’s trip to the Gulf country last year to seek business. On 6th February, the Tanzania Forest Services Agency (TFS) and UAE-based Blue Carbon LCC announced a joint environmental conservation programme to promote sustainable forest management practices while reducing greenhouse gas emissions. It came after state-owned Emirates.... Read more »

Posted on : Monday , 27th February 2023

Kenya Eyes More Regional Trade after Pact with Two Blocs Kicks Off In March

Kenya could soon start exporting its goods outside the East African Community (EAC) market with the implementation of a tripartite agreement that is expected to be implemented in March this year. The free trade pact that brings together 3 regional business blocs the Common Market for Eastern and Southern Africa (Comesa), EAC and South African Development Community, was mooted seven years ago. However, it stalled after it did not meet.... Read more »

Posted on : Thursday , 26th January 2023

KNCCI Boss Richard Ngatia Lauds Kenya, DR Congo Trade Ties

Business persons from Kenya and the Democratic Republic of Congo (DRC) recently met to discuss trade opportunities under the theme ‘unlocking trade opportunities in East Africa and the Region’. The meet was organized by the Kenya National Chamber of Commerce and Industry (KNCCI) in collaboration with the East Africa Chamber of Commerce and Industry (EACCIA), the Embassy of Kenya in the DRC, and the Federation of Congolese Enterprises.... Read more »

Posted on : Thursday , 26th January 2023

Ghana, Kenya Bolster Historic Ties

Ghana will continue to build up its economic corporation with Kenya by harnessing the potential of intra-Af¬rican trade, the Deputy Minister for Tourism, Arts and Culture, Mr Mark Okraku Mantey has said. “The African Continental Free Trade Area AfCFTA headquartered in Accra, provides yet another incen¬tive to build up economic corpo¬ration, explore trade and investments opportunities, and contribute to Africa’s accelerated.... Read more »

Posted on : Friday , 23rd December 2022

UK Govt Gives Euro 900k to IT Company for Africa Expansion

UK Export Finance has provided £900,000 of support to Atlancis, a Kenyan cloud services company, enabling it to build a new relationship with UK exporter Vespertec to open growth opportunities in Africa. A Standard Buyer Loan Guarantee was offered by UK Export Finance to guarantee an export credit loan from Apple Bank, supported by its UK servicer and arranger of the deal AF Capital. Both AF Capital and Apple Bank specialise in export.... Read more »

Posted on : Friday , 23rd December 2022

SA Targets Greater Kenya Trade, Investment

South Africa plans to prioritize its economic relationship with Kenya to boost trade and investment, Trade, Industry and Competition Minister Ebrahim Patel said. Trade between the 2 countries last year was only R6.5 billion, which was “not sufficient,” Patel said at a business forum in the Kenyan capital, Nairobi, on 2nd November. He spoke after South African President Cyril Ramaphosa and his Kenyan counterpart, William Ruto, held.... Read more »

Posted on : Monday , 21st November 2022

Ethiopia Ready to Privatize Industrial Parks

Efforts are underway to transfer the ownership or management of industrial parks across Ethiopia, authorities confirmed. It is a policy departure from the past, whereby the initial plan was to keep industrial parks under the ownership of the government at the time when the parks were constructed. The privatization will be overseen by the Macro Economic Committee, formed by the Prime Minister and the Ministry of Finance, along with the.... Read more »

Posted on : Monday , 21st November 2022

Tanzania, Qatar End Double Taxation Inking Trade and Investment Pact

Tanzania and Qatar have signed a MoU to end double taxation and strengthen trade and investment ties with the United Arab Emirates (UAE). A media statement issued by the State House says the objective of the MoU is to 'enhance trade and investment cooperation and partnership between business communities from Tanzania and Qatar.' To strengthen trade and investment among the countries, the statement specifies several areas of priority,.... Read more »

Posted on : Wednesday , 12th October 2022

Ethiopia Eyes Attracting Turkish, Dubai Business to Free Zone

An official tour to Turkey and Dubai was made by a delegation that included representatives from several institutions and was led by the Deputy CEO of Ethiopia’s Industrial Park Development Corporation (IPDC), Addisu Mamo, and the Head of Transformation and CEO, Fitsum Ketema, according to the information from IPDC. “The teams hosted investment promotion seminars in the UAE and Turkey’s Istanbul Free Trade Zone (DESBAS) to discuss.... Read more »

Posted on : Wednesday , 12th October 2022

Kenya Plans to Become Manufacturing Base For US Companies

Kenya is looking to become a manufacturing hub for American companies that are to relocate or diversify out of China, the Business Daily newspaper reported. Kenya has long sought a free trade agreement with the US. Initial discussions started in August 2018 and in July 2020, the 2 countries formally launched negotiations for a free trade agreement. Industrialisation and Trade Cabinet Secretary Betty Maina said Nairobi will be.... Read more »

Posted on : Friday , 23rd September 2022

Nairobi Ranked 5th in Africa’s Dollar Millionaires

Kenyan capital, Nairobi has been ranked 5th in terms of the number of dollar millionaires in Africa in a report by research firm New World Wealth and Henley & Partners. The latest Henley Global Citizens Report, which tracks private wealth migration trends worldwide, shows Nairobi has 5,000 high net worth individuals (HNWI) with at least dollar 1 million. The report shows South Africa’s business hub Johannesburg has 15,200 dollar.... Read more »

Posted on : Friday , 23rd September 2022