The African Development Bank (AfDB) has recently released its East Africa Economic Outlook 2021 report, estimating that Tanzania’s GDP will grow by 2.8 per cent in year 2021, and projecting a strong rebound for year 2022 and 2023 with 4.9 per cent and 6.3 per cent economic growth respectively. The report reviews the economic performance of the 13 countries under the AfDB’s East Africa Regional Development and Business Delivery Office:.... Read more »

Posted on : Friday , 19th November 2021

Kenya and Barbados have signed 3 key bilateral agreements for cooperation in aviation, environmental conservation, trade and investment. President Uhuru Kenyatta and Prime Minister Mia Amor Mottley witnessed the signing of an air services agreement, a MoU on the development of the national botanical garden of Barbados, and another one on the establishment of a Joint Committee on Trade and Investment in Bridgetown, Barbados. President.... Read more »

Posted on : Friday , 22nd October 2021

Under the 3-year agreement, Swift Lab Limited, a Kenyan cargo drone company will manufacture and operate drones that can travel up to 70km and carry a payload of up to 4kg. “We want to invest in the production of drones, it is not only our obligation as government to invest in Kenyan technology, but we are also keen on clawing back our market position as the courier and logistics services provider of choice,” said Dan Kagwe, the CEO and.... Read more »

Posted on : Friday , 22nd October 2021

Britam Holdings Plc recorded a net profit of KSh 376.3 Million at the close of the 6 months ended on 30th June 2021 compared to a loss of KSh 1.6 Billion in the 1st half of last year. The Group also posted a pre-tax profit of KSh 647 Million at the end of 30th June 2021 compared to a pre-tax loss of KSh 2.3 Billion in H1, 2020. The Group's investment income was up 35 per cent to KSh 4.9 Million due to improved performance of equities.... Read more »

Posted on : Wednesday , 29th September 2021

NCBA has reported a 77 per cent increase in its half year net profit to KSh4.7 billion compared to KSh2.6 billion posted in the same period in 2020, due to increased lending activity. The bank's total interest income, which is the primary source of revenue, climbed by 9 per cent to KSh22.5 billion at the end of the half-year period from KSh20.7 billion in the same period last year. Total non-interest income grew to KSh10.7 billion in the.... Read more »

Posted on : Wednesday , 29th September 2021

The government has finally floated a tender calling for competent strategic investors to develop the Kurasini Industrial, Trade and Logistics Park project on a standard lease arrangement. "The authority now invites eligible local and international real estate developers or consortia to submit their expression of interest to develop the project," said Export Processing Zone Authority acting director general John Mnali in an advert seen by.... Read more »

Posted on : Friday , 3rd September 2021

Kenya's external trade value hit KSh1.4 trillion in H1 2021, a 24.3 per cent increase from KSh1.094 trillion in H1 2020. The rise in external trade is attributed to a rebound in global and macro-economic conditions as the world re-emerges from COVID-19 related disruptions. Imports into the country rose by 27.7 per cent to hit KSh991.5 billion, while exports rose by 16.3 per cent to hit KSh368.7 billion. Food and beverages accounted for.... Read more »

Posted on : Wednesday , 29th September 2021

An initiative to free up 2 way trade between the Kenya and UK was launched in London on 19th July 2021. This was through the signing of a Memorandum of Understanding (MoU) between the Institute of Export and International Trade and TradeMark East Africa at the Kenya High Commission in London. The Memorandum of Understanding provides a framework for collaboration to implement a digital trade corridor between the Kenya and UK. The.... Read more »

Posted on : Friday , 30th July 2021

THE government of Tanzania is improving the manufacturing sector and trade to boost the economy and make the country develop. German International Development Cooperation (GIZ) has supported a desk study to identify what the manufacturing sector needs to grow and uplift the livelihoods of Tanzanians. GIZ funds this initiative through the Confederation of Tanzania Industries (CTI) Commission. A paper was presented early this month,.... Read more »

Posted on : Friday , 30th July 2021

India and Kenya will explore closer security cooperation, especially in the maritime domain, diversify 2 way trade and set up joint ventures as part of a comprehensive partnership. The agreement was reached following extensive talks External Affairs Minister S Jaishankar had during his 12-14 June visit to the East African country. The visit was significant as it took place ahead of the 4th India-Africa Summit New Delhi plans to host.... Read more »

Posted on : Thursday , 24th June 2021

The Kenya National Chamber of Commerce and Industry (KNCCI), a business trade lobby, plans to promote imports of advanced Chinese machinery in order to boost the country's industrial sector, an official said on 2nd June 2021. Kariuki Theuri, chairman of economic diplomacy committee with KNCCI, told journalists in Nairobi that Kenya heavily depends on foreign manufactured goods. "We will promote imports of modern machinery from China in.... Read more »

Posted on : Thursday , 24th June 2021

China Civil Engineering Construction Corporation has started the construction of a new industrial park in Eastern Ethiopia. The 1st phase of the industrial park will be built on 370 hectares of land near the Dire Dawa. It will feature various clusters and is expected to attract investors into textile, clothing and leather processing sectors. The industrial park will be built close to the Ethiopia-Djibouti standard gauge railway for easy.... Read more »

Posted on : Tuesday , 1st June 2021