close

Investment

AfricaEconomyInvestmentNews

Uganda: Youth call for tax waivers, prioritize measures for economic transformation

Youths from across the country have urged the government to waive taxes on youth enterprises that have been earmarked to benefit from the Parish Development Model (PDM).

The youths made this call during a plenary meeting of the Fifth National Youth Parliament where they observed that the PDM  design as it currently appears may not benefit them if they are to compete with other established enterprises.

“I am a farmer but you find the taxes on inputs are the same for us as the other established farmers. We would request that taxes are reduced for the youth,” said Jackline Namutebi from the central region.

Demos Pariyo Agamba from West Nile said many youth enterprises had collapsed because of high taxes which he said were discouraging. ”Do you know how many youth projects have died? We need a fair tax policy to protect youth enterprises,” said Agamba.

This country has youth leaders at all levels but when you go to the committees of PDM in different parishes there is deliberate efforts to sideline youth leaders

He appealed for tax holidays on youth projects to participate in PDM.

The Fifth National Youth Parliament was held on Friday, 05 August 2022.

The youth adopted passed a motion urging the government to prioritize measures for the economic transformation of young people through PDM.

The young people were concerned that they were not consulted on PDM, while some claimed that in some parishes there were no youth representatives on PDM committees.
“This country has youth leaders at all levels but when you go to the committees of PDM in different parishes there is deliberate efforts to sideline youth leaders from decision making,” said Prisca Akello, youth representative, Kitgum district.

The youth were also concerned that the money allocated to them in PDM was insufficient when other government youth livelihood programs have been phased out in favor of PDM.
“Even the 30 percent for the youth is not 30 percent of PDM money but a fraction of money meant for PDM groups,” said Vicky Namugabe from Sironko.

The Youth Parliament resolved that government either provides 30 percent of the total PDM budget to the youth or provides Shs100 billion as annual capitalization of the Youth Livelihood Fund.

The setting also passed a motion where youth urged the government to prioritize measures to mitigate the effects of climate change.

 

*VOA

read more
Africa

Cameroon Govt. woos disapora investors for development

Cameroon’s President Paul Biya has for the first time sent a delegation to Europe to try to encourage well-off Cameroonians living there to invest back home. But members of Cameroon’s diaspora say undemocratic practices and corruption in Biya’s government put off investors.

Government officials say a delegation led by Youth Affairs and Civic Education Minister Mounouna Foutsou was dispatched to Germany this week to ask Cameroonians there to invest in their country of origin.

Foutsou said his wish is for all Cameroonians in the diaspora to put aside their differences and help develop Cameroon.

“The head of state reiterated his call to the Cameroonian diaspora to come and build Cameroon. We seize this opportunity to come and exchange with the whole Cameroonian diaspora here in Europe so that we can present the different opportunities offered by the president of the republic and his government so that the Cameroonian diaspora can come back and participate in the development of the nation,” said Foutsou.

Foutsou said the government will offer tax exemptions of up to 40 percent for diaspora investments in Cameroon, and loans of up to $10,000 with no interest rates for diaspora youths who return to invest in agriculture and livestock.

Kennedy Tumenta is a Cameroonian investor who lives in Germany. He said many in the diaspora find it hard to trust promises made by their government.

He said corruption, high taxes and a lack of confidence in President Biya, who has been in power for 40 years, scare investors.

“Freedom is restricted and they are afraid to move around in Cameroon and do their businesses and speak freely. Most diasporans believe that there is widespread corruption when it concerns opening businesses in the country or the Northwest-Southwest crisis is not being taken into consideration seriously by the government in place. It makes them frustrated and the only way to express this frustration is either to withdraw their investments in the country or attacking the head of state,” said Tumenta.

Separatists have been fighting to carve out an independent English-speaking state in mainly French-speaking Cameroon, since 2016. The U.N. says 3,300 people have died in the fighting.

Some disgruntled Cameroonians in the diaspora have become hostile to the government, and at least seven Cameroonian embassies have been attacked or ransacked since January 2020.

Felix Mbayu is a top official with Cameroon’s Ministry of External Relations. He said Cameroonians taking part in such protests are hurting the country’s image.

“Those who left Cameroon unhappy and have not been able to make it there are those who would speak ill of Cameroon. Those who left Cameroon to better their lot in life and have made it there are those who come back to invest in Cameroon. That is why you see medical doctors who have built hospitals, built clinics, who bring back home medical supplies. You don’t see them in the idle marches abroad. In fact, when you talk ill of your own home, you tarnish your own image,” said Mbayu.

An estimated five million Cameroonians live abroad. The government says the largest diaspora population is in Nigeria where about two million live.

There are also high concentrations in Belgium, France, Germany, the United Kingdom and the United States.

read more
AfricaCoverInterviewsInvestment

Unveiling Africa’s Talents, Creating Sustainable Future Livelihoods !!!

 

Amine Djouahra

Canon’s MIRAISHA  Program Leads the Charge

…..As 5,950 Youth in 10 African Countries benefit

Interview Story: Mohammed Abu, ADM, Accra.

Last year Africa’s  youth was said to have  constituted   40 percent  of the continent’s   population  far outstripping the global average of  26 percent .Some experts  have raised concerns  that  job creation as it relates to the youth  doesn’t  commensurate with  the ever rising youthful  population.

Canon Africa on its part, sees this as a great opportunity and prefers addressing the youth of the continent as “Africa Talents”. It appreciate them as a vital  component of  the continent’s  human resources  potential  that needs to be judiciously nurtured and supported to play a useful role towards  changing the African narrative.

Giving prime attention to Canon’s  African  customers constitutes an important component of its strategy in the African market. Canon ensures they are fully equipped with all the knowledge and skills as that enables them to handle Canon’s equipment with maximum efficiency on the continent’s imagery landscape.

Canon also greatly values its users and other non-customer members of the wider African communities including slams. Job creation that gives special attention to the youth forms an important component of the company’s Corporate, Social, Responsibility (CSR).

As it’s contribution towards vocational education in Africa, Canon’s photography and videography curriculum has benefited both professionals and amateurs photographers and videographers on the continent.

Canon’s affirmative action plan for unlocking African talents and creating sustainable future livelihoods is driven by it’s MIRAISHA PROGRAMME which embodies Canon’s corporate philosophy, “KYOSEI”, meaning, living and working together for the common good.

The name of the programme is a blend of Japanese and African (Swahili) language as it was initially started in Kenya, East Africa region .A strategic partnership with the Kenyan Film Corporation (KFC) ensured maximum impact.

The programme was gradually extended to the Northern and West African sub- regions. Nigeria is reputed as a spectacular case where people without previous educational backgrounds  thanks to MIRAISHA, were not only able to acquire mastery in photography, but  moreso,are today running their own business most successfully, earning income and making a living.

Creation of sustainable future livelihoods is at the heart of the programme. Thus, it is aimed at supporting the establishment of jobs in key African markets, facilitate local sustainability,to use Canon’s core imaging skills and in the process, generate community brand awareness and business links with key stakeholders in the region.

The Canon programme supports the youth to develop livelihood in professional photography, videography and professional print, film making as well as facilitating local sustainability.

This is done through running Canon lead workshops, symposiums and other training activities while collaborating with different local organizations, associations, festivals, events and nongovernmental organizations.

Re-affirming Canon’s  commitment through the Miraisha programme,the company  has been developing young talents through various educational workshops encompassing inspirational, practical and theoretical sessions intended to provide emerging young artists the skills and training needed to gain knowledge in their field while harnessing new talents and giving young students hands-on access to canon equipment.

This will support and improve the knowledge, skills and industry understandings   in country to build capacity and grow the vibrant creative sector overall while empowering locals to take the lead and push the visual imagery industry further forward.

A train the trainer programme was implemented across Africa as part of Miraisha-It invests in training local trainers in country to be able to teach, share knowledge and skill sets with fellow photographers /filmmakers and the next generation.

Over the past seven years, MIRAISHA STUDENTS have participated in the programme and received photography training on a variety of different genres from fashion to street to sports and storytelling and much more.Canon values Africa’s youth as its future customers and leaders and as such they are Africa’s future of which the company is poised to be part of.

As of October, last year, ten African countries in the Eastern, Northern and West African sub-regions were covered with 5950+ participants trained up till date. Participants who received   paid commission were 550+, participants whose works was exhibited or published were 350+, while 18 local professionals are even Canon trained.

These were disclosed by Amine Djouahra, Director of Sales and Marketing, Canon Central and North Africa(CCNA) during an exclusive interview with ADM, Ghana.

On what sets Canon  apart  from others ,he said, his company believes  in constant interaction  between its customers  and users since  that generates useful  feedback .This,he noted puts Canon  in a better position  to bring  its decades long international experience on pertinent  issues  as they  crop up .Thus, at the end of the day, solutions are proffered  and that  could be adopted  to suit into the local African situation  to best serve  the needs of its customers and users..This, he noted, was more prudent than just simply shipping goods to African customers.

Canon he said, believes partnership should be long lasting and mutually beneficial to both sides and it should also be able to stand the test of time. That is, during good times as well as during trial moments. Mr.Amine intimated that Canon was able to demonstrate this during the covid-19 pandemic.

Canon greatly values fostering mutually beneficial collaborations with local institutions including photography associations as both sides learn from each other’s experiences that also ensure better business understanding between the two sides.

Canon believes that in order to serve its African customers better, it has to be close to them and as such, Canon has established offices in 6 African countries with more than 80 African employees who represent fifteen(15) African nationalities. Canon values on-going interaction between it and its African customers and partners.

On what Canon is doing towards marketing the investment opportunities offered by Africa, he said, Africa is young and has a lot of development moving forward.Canon is therefore poised to be part of this future. Thus, Africa occupies top priority in Canon’s future plans.

Aside  Canon’s  substantial investments  across  the continent, as a leading imagery brand, Canon, Mr. Amine said, has been fostering collaborative partnerships and sponsoring the production of local content that showcases what Africa has to offer and which he said,is viewed through films, carried by the  media and shared on social media.

Africa’s rich cultural heritage in terms of story telling, festivals, music,fashion among others, he observed, offers a great opportunity. This he said,if it were well packaged  and showcased  on the international scene,that  could be exported to generate substantial revenue to support the development funding of the continent.

 

read more
Africa

Africa is the Place to Invest, says US Congressman Gregory Meeks

United States Congressman Gregory Meeks has warned that the United States will only be part of the future if it invests in Africa now.

The congressman from New York and Chairman of the US House Foreign Affairs Committee was speaking during a visit to the African Development Bank Group on Saturday, as he and a team of congressional colleagues concluded a tour of three West African countries. African Development Bank Group President Dr. Akinwumi A. Adesina and several senior Bank officials welcomed the group to the Bank’s headquarters in Abidjan.

“If the United States is not investing in Africa today – especially when we look at the size of Africa’s youth population, which is larger than America’s entire population– then we are not going to be a part of the future,” Meeks said. He added: “My singular focus had been to make sure Africa moves “from the back to the front. There’s a lot of work to do. Governments can’t do it alone. The African Development Bank will play a big role. When Prosper Africa[1] needs guidance, I will point them to the African Development Bank.”

Meeks was accompanied by Congressman Ami Bera of California, Congresswoman Ilhan Omar of Minnesota, Congresswoman Joyce Beatty of Ohio, Congressman G.K. Butterfield of North Carolina, Congresswoman Brenda Lawrence of Michigan, and Congressman Troy Carter of Louisiana.

The group had visited Sierra Leone and Liberia before their arrival in Côte d’Ivoire. Members said they were inspired by the immense opportunities the African continent offers American investors.

Adesina thanked the United States for its continued support, including support for the Bank’s general capital increase in 2019, which saw its capital base rise from $93 billion to $208 billion. Adesina said the United States, the second-largest shareholder of the Bank, was “working with the right institution.” “We are African, we understand the needs of Africa, and we are driving change in Africa,” he said.

Adesina and the visiting members of Congress agreed on the need for closer cooperation between the African Development Bank and US investors. Adesina said the Bank would open an office in Washington, D.C., once Board approval was secured. He explained that the office would provide guidance about how to structure substantive US private sector investment in Africa. “We’d like to see a lot more US direct investment in infrastructure,” Adesina said. “We look forward to working with the United States Trade and Development Agency and others on this.”

Adesina said African economies were rebounding, but the continent faced mounting commercial debt, the adverse impacts of climate change, lack of opportunities for youth, and poor access to Covid-19 vaccines.

The African Development Bank is leading calls for the reallocation of $100 billion in International Monetary Fund special drawing rights (SDRs) to African countries. It is advocating that these funds be channeled through the Bank as a prescribed holder of SDRs, and as an institution which has a AAA credit rating. “SDRs offer African countries a tremendous opportunity to deal with debt,” the Bank chief said.

Adesina asked for the United States’ support in tackling climate change. He explained that the Bank was investing heavily in climate adaptation and was working closely with US Special Presidential Envoy for Climate John Kerry and US Treasury Secretary Janet Yellen on climate finance.

In April 2021, the African Development Bank, together with the Global Center on Adaptation, launched the Africa Adaptation Acceleration Program to mobilize $25 billion to support climate adaptation on the African continent.

Africa’s youth featured prominently in the discussion. The visiting delegation learned that the African Development Bank is supporting entrepreneurship and skills development, especially digital skills, and has been working to develop youth entrepreneurship investment banks, which will support the businesses of young people.

We are African, we understand the needs of Africa, and we are driving change in Africa

On health, an equally important subject given the realities of the last two years especially, the Bank president explained that as part of its plans for quality health care infrastructure, the institution would invest $3 billion in building Africa’s pharmaceutical industries and vaccine manufacturing capacities.

Adesina also looked ahead to the 16th replenishment of the African Development Fund, the African Development Bank Group’s concessional lending arm. He is promoting reform of the Fund to enable it to leverage its equity and tap into capital markets in support of Africa’s low-income countries.

The  US Congressional members and the Bank’s senior leadership  shared consensus on the transformative roles of women.  According to Adesina, the Bank, through its Affirmative Finance Action for Women initiative, would disburse $500 million to women businesses across the continent.

Delegation members expressed strong support for the African Development Bank’s priorities and  appreciation of its development impact.

According to Congressman Butterfield, a constant refrain during the Africa visit was: “Congressman, we appreciate your aid but what we really want is trade and investment.”

Congresswoman Omar underscored the need for partnerships. She said: “We know Africa is resource-rich. Resources can only be well utilized if they are developed. Africa needs partners to prosper.”

Congressman Bera stressed the need to address Africa’s governance issues and the importance of keeping revenue from its resources within African countries.

Discussions also covered the role of the African diaspora and the need to stem the brain drain of African professionals from the continent.

Accompanying the African Development Bank president at the meeting were several senior officials of the institution, notably Senior Vice President Swazi Bajabulile Tshabalala, Vice President for Power, Energy, Climate Change and Green Growth Kevin Kariuki, Vice President for Agriculture, Human and Social Development Beth Dunford, Acting Chief Economist and Vice President for Economic Governance and Knowledge Management Kevin Urama. Others were Acting Vice President for Regional Development, Integration and Business Delivery Yacine Fal, Acting Vice President for Finance and Chief Financial Officer Hassatou N’Sele, and Acting Director-General, Office of the Bank President Alex Mubiru.

Joining virtually were the Bank’s Vice President for Private Sector, Infrastructure, and Industrialization Solomon Quaynor, and Senior Director of the Africa Investment Forum, Chinelo Anohu. The Africa Investment Forum, Africa’s premier investment platform, has played a key role recently in driving closer ties between the Bank and the US investment community as well as with certain business-related arms of the US government like the United States Trade and Development Agency.

In late 2021, the Africa Investment Forum signed a memorandum of understanding with the US Trade and Development Agency to support high-quality infrastructure solutions for Sub-Saharan Africa.

Prosper Africa is an initiative of the Biden administration that brings together tools from across the US government to provide businesses and investors with market insights, deal support, financing, and solutions to strengthen business climates.

read more
Events

Head of the Catholic Church in Africa concludes official visit to Expo 2020 Dubai

The Head of the Catholic Church in Africa (www.Vatican.va), His Eminence Cardinal Philippe Ouédraogo, concluded his three-day official visit to Expo 2020 Dubai.

As President of the Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) (www.SECAM.org), HE Cardinal Philippe Ouédraogo is the highest-ranking member of the Roman Catholic Church in Africa.

At Expo 2020 Dubai, Cardinal Ouédraogo visited the African Union Pavilion and the pavilions of South Africa, Burkina Faso and Senegal. He also visited the Holy See Pavilion.

At Expo 2020 Dubai, Cardinal Ouédraogo visited the African Union Pavilion and the pavilions of South Africa, Burkina Faso and Senegal

The following is a statement from His Eminence Cardinal Philippe Ouédraogo, President of the Symposium of Episcopal Conferences of Africa and Madagascar (SECAM):

From Left to Right: His Eminence Cardinal Philippe Ouédraogo, President of the Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) and Head of the Catholic Church in Africa, and Dr Malik Diop, Commissioner General of the Senegal Pavilion at Expo 2020 Dubai, during the official visit of His Eminence Cardinal Philippe Ouédraogo of the pavilion of Senegal at Expo 2020 Dubai on Thursday, February 24, 2022

“Wherever Christians go, their pastors must be there too. It is therefore a duty and an honor for us pastors of the Church of Jesus Christ to visit Expo Dubai, where the theme: “Connecting Minds, Building the Future” is perfectly in line with the reflections of the synodal process (https://bit.ly/3BNNqvg)  initiated by Pope Francis for the universal church.

At this gathering in Dubai, we had nothing to sell or buy. It was a meeting of giving and receiving, of dialogue and brotherhood. It is therefore with enthusiasm, gratitude and hope that we have undertaken this journey to Dubai as a pilgrimage.

This visit was filled with enriching encounters, and allowed us to thank and encourage the African Union Commission for all its efforts to heal and protect the image and the imagination of Africa. A wounded and sick image of a bruised continent, where some multinationals come to exploit the resources and wealth, often to the detriment of the people who languish under the weight of misery…

Even if the Catholic Church works for eternal happiness, we often find ourselves at the front line, facing and trying to combat many social challenges, such as: education, health, environmental protection, fundamental human rights, commitment to the poorest, reconciliation, justice, peace…

May the Blessed Virgin Mary Our Lady of Africa and Saint Joseph protector of the universal Church intercede for the Church Family of God in Africa and Madagascar, and for the whole world that God loves.”

read more
Africa

President Kenyatta welcomes UAE’s plan to establish an Innovation and Entrepreneurship Centre in Kenya

President Uhuru Kenyatta has welcomed an announcement by the United Arab Emirates (UAE) to establish an innovation and entrepreneurship centre in Kenya.

The announcement is part of the outcomes of President Kenyatta’s bilateral talks with His Highness Sheikh Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces in Abu Dhabi, UAE.

Following the talks held during the President’s working visit to the UAE, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces has directed the Khalifa Fund for Enterprise Development to establish an innovation and entrepreneurship centre in Kenya.

This collaboration between the UAE and Kenya will see the two respective nations implement Khalifa Fund’s successful model to the new innovation and entrepreneurism centre

“Under the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, Khalifa Fund for Enterprise Development has announced its plan to establish an innovation and entrepreneurship centre in the Republic of Kenya,” a news release by the official Emirates News Agency indicated.

The innovation and entrepreneurship centre will focus on launching programmes, workshops and initiatives geared towards providing aspiring and established Kenyan entrepreneurs with guidance on how they can inject innovation into their entrepreneurial endeavours to boost the national economy.

According to the Khalifa Fund and the Abu Dhabi Department of Economic Development Chairman Mohammed Ali Al Shorafa Al Hammadi, the directive of His Highness Sheikh Mohamed bin Zayed Al Nahyan to establish a centre for innovation and tech-focused entrepreneurism in Kenya comes as part of the UAE’s ongoing commitment to contribute towards empowering talented innovators and entrepreneurs around the world.

“With centres such as these, we provide entrepreneurs with resources, support and guidance to contribute to their local and global economy, bringing about positive economic implications and security,” Al Hammadi said.

He added: “This collaboration between the UAE and Kenya will see the two respective nations implement Khalifa Fund’s successful model to the new innovation and entrepreneurism centre with the aim of reflecting the same levels of achievement in Kenya as has been experienced in the UAE.”

Al Hammadi said the Khalifa Fund, which was recently recognised as the best-in-the-world by the Global Monitoring Index, is committed to enhancing and elevating Kenya in a similar fashion to assist in creating job opportunities for Kenyans.

read more
CoverEconomyEventsInvestmentWorld

AIM Dubai-2022

PRESS RELEASE                                                                                                   

The Annual Investment Meeting Opens Up New Horizons for Global Economic Growth on March 29th, 2022


Dubai – February 10, 2022, The Annual Investment Meeting will make history once again from 29 to 31 March 2022 at the Dubai Exhibition Center, EXPO 2020, Dubai, in a new edition that aspires to empower the recovery of global economic growth.

Held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the United Arab Emirates, Ruler of Dubai, the global investment event is held under the theme of “Investments in Sustainable Innovation for a Thriving Future”.

“AIM’s forthcoming edition, AIM 2022, will focus mainly on endorsing and boosting investments towards sustainability and innovation through the conference’s 6 pillars: FOREIGN DIRECT INVESTMENT FDI, SMALL AND MEDIUM ENTERPRISES SMEs, FOREIGN PORTFOLIO INVESTMENT FPI, STARTUPS, FUTURE CITIES, and the 50 PROJECTS INITIATIVE, said Mr. Dawood Al Shezawi, President of the Annual Investment Meeting.

The FDI Pillar will enable participants to discover new investment opportunities in the global market, thereby, increasing FDI, while promoting economic growth.

The SMEs Pillar will recognize enterprises’ contributions to the global economy and empower them – emphasizing the need to create conducive environments that empower UAE’s entrepreneurs, allowing them to possess the necessary competency to achieve growth and progress.

The Foreign Portfolio Investors FPI Pillar will enable investors to diversify their portfolios, establish contacts with local organizations, and gain access to investment flows.

The Startups Pillar will help investors find new investment opportunities while helping entrepreneurs acquire venture capital and seed funding for their startups.

The Future Cities Pillar will rally up the governments and investors’ support to maximize the potential of innovation, technologies, and smart city solutions, while also recognizing smart city solutions providers from across the globe for their outstanding projects that are aligned to achieve increased operational efficiency & productivity, sustainability, and economic growth.

The 50 Projects Initiatives Pillar focuses on supporting the UAE’s ‘Projects of the 50’ initiative that covers numerous key sectors including Economy, Entrepreneurship, Advanced Skills, Digital Economy, Space, and Advanced Technologies. The 50 projects represent a series of long-term development and economic initiatives designed to accelerate the UAE’s development and establish the nation as a hub for talent and investment.

The AIM 2022 comprises a broad array of features and activities that give real value to all participants and stakeholders of the conference, including AIM Pre-conference Workshop & Seminar, AIM 2022 Conference, AIM 2022 Exhibition, AIM 2022 Innovation Showcase, Startup Hackathon,  Startup Live Pitching Sessions, Site Visits, B2B, G2B, & G2G Meetings, Exclusive Breakfast, High-level Networking Lunch, Gala Dinner, AIM Global 2022 Investment Awards, AIM 2022 Startup Pitch Competition, and AIM 2022 Future City Awards, among other features.

With the Annual Investment Meeting’s 6 Pillars providing value to all the event’s participants, therefore, attending AIM is imperative for all stakeholders of the global investment landscape.

https://aimcongress.com

angie.mahran@strategic.ae

–End–

Editor’s Note: Published unedited

 

 

 

 

 

angie.mahran@strategic.ae

 

–End–

 

 

 

 

read more
AfricaBusinessInvestment

Kenya Is Safe And Open For Business, President Kenyatta Assures Investors

President Uhuru Kenyatta has assured global investors that Kenya is open and safe for business.

Speaking when he launched celebrations to mark the Kenya National Day at the Expo 2020 Dubai, President Kenyatta said his administration has put in place a legal framework for investment that provides adequate investor protection in line with most international standards including safeguards for property rights.

He added that Kenya enjoys political and economic stability, a fully liberalized economy, a large domestic consumer market, a youthful, skilled and productive labour force as well as a modern infrastructure network.

“These attributes have made Kenya the location of choice for multinational companies and a leading destination for foreign direct investment in the region,” the Head of State said as he kicked off activities to showcase Kenya’s rich cultural and economic diversity at the global exposition.

A total of 192 countries are participating in the six-month world exposition in Dubai, with every country allocated a national day of honour.

At the same time, President Kenyatta reiterated that Kenya is keen to build new trade relationships with the Gulf Cooperation Council states and other countries participating in the expo.

These attributes have made Kenya the location of choice for multinational companies and a leading destination for foreign direct investment in the region

“We seek to harness the opportunities offered by this expo to build new business partnerships, attract new investments and bring tourists to Kenya to enjoy our world-renowned attractions,” the President said.

Noting the goals Kenya’s Vision 2030 which include transforming Kenya into a newly industrializing middle-income country by the year 2030, the President said trade, investment and strong partnerships with the private sector are key in realising the vision.

He expressed confidence that as the largest economy and business hub with sufficient capacities in trade facilitation and logistics to service over eleven hinterland countries in the Eastern and Central Africa region, Kenya is in a strong position to expand its trade and economic horizon for the benefit of its people.

“It is against this background and in the spirit of Vision 2030, that we are here, to promote business-to-business partnerships and establish linkages between private and public sector institutions,” President Kenyatta.

In his speech at the Kenya flag-hoisting ceremony, UAE Minister of Tolerance and Coexistence His Highness Sheikh Nahyan bin Mubarak Al Nahyan who is also the and Commissioner General of the Expo 2020 Dubai said Kenya and the UAE enjoy boast of a strong relationship based on shared values and vision since its establishment in the early 1980s.

“We are pleased to be among Kenya’s top trading partners globally,” Sheikh Al Nahyan said, terming President Kenyatta’s presence at the exposition as a reflection of the strengthen of the close ties between the two countries.

The UAE Minister welcomed ongoing discussions to establish a new framework for cooperation in a wide range of areas of priority to the two countries including food production, infrastructure, digitization and renewable energy.

Sheikh Al Nahyan commended Kenya’s pavilion at the expo, saying under the theme “feel the energy of Kenya” the pavilion provides an opportunity for the world to discover Kenya’s economic potential and gives an insight into key sectors such as agriculture, innovation and tourism.

Later at an interview at the Expo 2020 Dubai grounds, President Kenyatta expounded on the available opportunities for global investors in Kenya ranging from agriculture, green energy and manufacturing.

read more
AfricaCoverEconomyInvestment

Afro-Arab relations gets major boost during Expo 2020 Dubai

Mr.Nkinzo and H.E.,Mr.Fahad

UAE-DRC Economic Diplomacy Deepens

…….As they sign MOU, to prosper together

 Story: Mohammed Abu, ADM, Accra.

On the sidelines of the  on-going Expo 2020 Dubai event in Dubai, UAE, the country and the Democratic Republic of Congo (DRC) has recently  signed a Memorandum of Understanding that seeks to promote the expansion of trade and investment between them.

The DRC’s National Investments Promotion Agency of the DRC (ANAPI), Director General, Mr. Anthony Nkinzo Kamole, signed for his institution whiles the Dubai Investment Development Agency (Dubai FDI)’s Chief Executive Officer, His Excellency Mr. Fahad Al Gergawi also penciled for his institution establishing the legal framework for collaboration between their two institutions.

This agreement establishes the principles and the basis of an increased technical and commercial cooperation between ANAPI and Dubai FDI, and aims especially at the reinforcement of the economic links of business between the DRC and the United Arab Emirates, notably at the level of the private sector of both countries.

“The two countries enjoy a growing bilateral relationship, which is a foundation for promoting business and investment opportunities, in line with the country’s economic growth strategy. The agreement will enable greater collaboration and set the stage for successful business endeavors. It will support private and public sector participation in enhancing trade flows and investments. We can learn from each other by sharing information on best practice, which is necessary to accelerate the pace of global post-pandemic recovery,” said His Excellency Fahad Al Gergawi, Chief Executive Officer of the Dubai Investment Development Agency (Dubai FDI), an agency of Dubai Economy.

The Director General of ANAPI, Mr. Anthony Nkinzo Kamole, on his part, reaffirmed the willingness of his institution to move forward quickly with his Emirati counterpart on concrete projects in various sectors of the economy such as mining, hydrocarbons, infrastructure, energy, tourism, digital, and particularly in the definition of a food security policy for the DRC, taking advantage of the proven expertise of the United Arab Emirates in this area.

ANAPI and Dubai FDI, committed to, among others, encourage, promote and facilitate investment and development cooperation between their business communities in the mutual interest of both parties and in accordance to the laws and regulations of each respective country; exchange economic information, statistics, trade databases, publications, as well as laws and regulations governing economic and trade activities for their respective business communities; and  jointly, participate in the organization of events, exhibitions and business road shows.

The signing of the MOU comes on the back of a recent short official visit of the President of the DRC Republic, His Excellency Mr. Félix A. Tshisekedi to the United Arab Emirates.

During the visit, several bilateral cooperation agreements were signed between the two countries. These agreements most notably were, the non-double taxation, the customs cooperation, the promotion and the protection of investments and the creation of a joint Commission Democratic Republic of Congo – United Arab Emirates.

An agreement between the Emaar Company and the Congolese Ministries of Urbanism and Housing and Land Affairs was also signed by the sectoral Ministers.

The Emirati Company Masdar and the Congolese Ministry of Electricity and Hydraulic Resources had also concluded a Memorandum of Understanding, as well as the Dubai Chamber and the Federation of Enterprises of Congo (FEC).

In addition to the various MOUs, the United Arab Emirates has committed to invest US$1 billion in the DRC and has made a direct donation of thirty tactical armored vehicles for the fighting troops of the Armed Forces of the Democratic Republic of Congo.

Future prospects

ANAPI and Dubai FDI plan to consult regularly, working together on policy, advocacy, and business development efforts. By working more closely together, the two organizations hope to strengthen the growing trade and investment relationship between the DRC and the UAE by creating an ongoing dialogue between Emirati and Congolese economic operators. This interaction will also enable UAE companies to support the DRC’s economic diversification program through skills development and technology transfer.

Dubai FDI, part of the Dubai Economic Development Department, is the government agency responsible for promoting foreign investment in the emirate of Dubai, managing its investment environment, and overseeing policy development to promote Dubai as an investment destination. It provides essential information and invaluable support to foreign companies wishing to invest in Dubai’s thriving economy and benefit from its global strategic importance.

ANAPI, on the other hand, is a public institution of a technical nature, under the supervision of the Ministry of Planning. It has four fundamental missions: to promote the image of the DRC; to promote specific investment opportunities; to advocate for the improvement of the business climate; and to provide administrative support to investors who decide to establish or expand their economic activities in the DRC. These promotional activities affect all sectors of the national economy.

 

 

 

read more
Business

IFC Partners Liquid Intelligent Technologies to Boost Africa’s Digital Infrastructure

To support universal and affordable broadband access in Africa, IFC has partnered with Liquid Intelligent Technologies to expand data center capacity and the rollout of fiber-optic cable on the continent.

The partnership with Liquid Intelligent Technologies, Africa’s leading independent fiber and digital services provider, aims to increase digital connectivity and inclusion in Africa and to support the region’s growing digital ecosystem.

IFC’s equity and debt investments in Liquid Intelligent Technologies, which to date total approximately $250 million, will support the company to grow its hyper-scale data center capacity in Egypt, Kenya, Nigeria, and South Africa through its subsidiary, Africa Data Centres. As Africa’s population grows and is increasingly urbanized, data consumption is expected to grow strongly, and with this comes the need for secure local data hosting.

The investments will also support Liquid Intelligent Technologies in the continued rollout of its fiber broadband network, which today covers more than 100,000 kilometers of sub-Saharan Africa. The continued build-out of its network will help to connect businesses and individuals to the Internet across the continent and position Liquid intelligent Technologies to be at the forefront of Africa’s digital transformation with the provision of complementary digital services.

The investments in our data centers and fiber broadband network will directly support our growth plans over the coming years

“We are very pleased that IFC continues to support Liquid. The investments in our data centers and fiber broadband network will directly support our growth plans over the coming years by encouraging the adoption of new services such as Cloud and other digital services, services that are critical in driving sustainable development across Africa,” said Strive Masiyiwa, Liquid Intelligent Technologies Executive Chairman and Founder.

“Digital technologies are rapidly transforming how people, businesses, and governments communicate, transact, and access information and services. By working with Liquid Intelligent Technologies, we can help expand access to infrastructure and digital services that power Africa’s digital economy, creating new opportunities for growth and jobs. This is an essential element for Africa’s economic transformation and building back better,” said Makhtar Diop, IFC’s Managing Director.

Digital infrastructure is the backbone of the digital economy, but sub-Saharan Africa needs around $100 billion in investment to achieve universal, affordable, and high-quality broadband access by 2030, according to the Broadband Commission on Sustainable Development (https://bit.ly/3H3XUJ5). To achieve universal broadband access, the continent needs at least 250,000 kilometers of new fiber (https://bit.ly/3H3Y2Iz).

IFC’s digital strategy in Africa is aimed at enabling ubiquitous, reliable, and affordable connectivity. This includes investing in the growth of independent tower operators, data centers, and broadband, as well as support to mobile operators primarily in fragile and conflict situations (FCS) and low-Income International Development Association countries (LIC-IDA).

IFC’s latest investment in Liquid follows its investment in the company in February 2021 through Liquid’s bond placement on Euronext Dublin, Ireland’s main stock exchange. The issuance raised $620 million.

read more