tralac Daily News
Uganda - South Africa Investment Summit opens next week in South Africa (Monitor)
The Ugandan business community has been flagged off in preparation for the South Africa Trade Investment and Tourism summit, scheduled at the Gallagher Convention Center, Midrand, South Africa, from February 27th to 28th.
Organised jointly by the Government of Uganda and the Republic of South Africa, under the theme "Boosting Trade and Investment Relations Between South Africa and Uganda", the summit will provide a platform for the business community and government agencies to identify existing and emerging business and investment opportunities of mutual benefit.
The purpose is to bring buyers and sellers from both countries along with investors in the value chain of the key export products from Uganda, together.
Uganda has a target of US$6 billion in non-oil exports between 2023 and 2028, to stave off growing unemployment, restore sustained growth in key sectors of the economy post Covid-19 and increase value addition in agriculture along with more manufacturing in country.
Tanzania: 2023 Article IV Consultation (IMF)
The authorities’ reform program aims at strengthening the economic recovery, preserving macroeconomic stability, and supporting structural reforms toward sustainable and inclusive growth.
Key policy actions of the reform program focus on strengthening fiscal space to allow for much needed social spending and high-yield public investment, advancing structural reforms to create an enabling environment for investment and job creation, and modernizing monetary policy and financial supervision to safeguard macro-financial stability and promote financial deepening.
IMF Executive Board concludes 2022 Article IV Consultation with Angola (IMF)
Angola’s economy continued to recover from the COVID-19 pandemic in 2022, supported by higher oil prices, improved oil production, and resilient non-oil activity. Non-oil growth was broad-based despite a challenging external environment. Growth is estimated at 3.5 percent for 2023. Headline inflation declined significantly to 13.8 percent y/y at end-December 2022, driven by lower global food prices, a stronger kwanza, and previous efforts by the central bank to tighten monetary policy.
Uganda’s export earnings increased by 10.7 percent – Finance (Monitor)
Uganda exported merchandise worth $371.81 million in December 2022, indicating an increase of 10.7 percent from $335.77 million registered the month before, helping the government to raise funds to cater for the needs of citizens.
The Ministry of Finance, Planning and Economic Development said in the performance of the economy monthly report of January 2023 released on February 21 that the growth was attributed to increased receipts for maize and mineral products, among others.
The Ministry of Finance said during the month of December 2022, maize exports increased from $4.34 million in November 2022 to $20.48 million in December 2022. The rise was partly due to the onset of the maize harvesting season as well as the heightened demand for Uganda’s maize by the neighboring countries.
Kenya Ports Authority moves cargo handling services to e-portal (The East African)
The Kenya Ports Authority (KPA) has moved its cargo handling services to the government portal e-Citizen to comply with the current administration’s target of going paperless in its transactions. Various port users have applauded the KPA for adopting technology and going paperless in its transaction by going live on the e-Citizen platform starting Tuesday this week.
Uganda still Kenya’s top regional tourism source market, report says (The East African)
Uganda has for another year running retained its spot as Kenya’s biggest tourism source market in the region according to new data released by tourism authorities in Nairobi.
This data is contained in the new Kenya’s tourism sector performance report for 2022 released Wednesday at the Fairmont Norfolk Hotel in Nairobi by the country’s Tourism Cabinet Secretary Peninah Malonza.
The report noted that Uganda contributed 12 percent of total arrivals to Kenya in 2022, coming only second to the United States which took the top overall spot with a 16 percent contribution.
European Union signs $27m funding to boost Kenya’s exports (The East African)
The European Union on Tuesday signed a $27 million funding for TradeMark Africa to facilitate a five-year programme that will boost Kenya’s exports and support the government in creating a conducive business environment. The signing that took place during the EU-Kenya Business Forum was witnessed by Kenya’s President William Ruto, the EU Ambassador to Kenya Henriette Geiger and Trade Cabinet Secretary Moses Kuria, among other dignitaries.
The facility, named Business Environment and Export Enhancement Programme (Beeep) will be implemented in partnership with the government of Kenya. Beeep will complement the goal of the Integrated National Export Development and Promotion Strategy (INEDPS) that seeks to grow agricultural exports by an average of 25 percent annually.
The overarching goal is to close the persistent negative balance of trade through export growth, factor productivity and stimulate economic development and job creation, in a sustainable and inclusive manner. “As matters stand now, the EU is the largest destination for Kenya’s exports accounting for about Ksh170 billion ($1.3 billion) in 2021, said Ruto when he officially opened the two-day EU-Kenya business forum, which brings together 500 business people – 250 from Kenya and 250 from the European Union.
Morocco is Africa’s 3rd Most Attractive Country for Tourism, 4th for Trade (Morocco World News)
Spanish consulting firm Bloom Consulting has ranked Morocco as one the best places for investors and tourists interested in Africa, with the firm ranking the North African kingdom as the continent’s third most attractive destination for tourism and the fourth best country for trade on the African continent.
Bloom Consulting has published its 2022-2023 Country Brand Rankings for tourism and trade, featuring a total of 80 countries worldwide. The tourism ranking examines the participating countries’ economic performance, digital appeal, online performance and presence, as well as the Country Brand Strategy (CBS).
Kenya, Uganda start talks to create one-stop border post in bandit-prone area (The Independent Uganda)
Kenya and Uganda have initiated talks for the opening of a One-Stop Border Post in Lokiriama in northwest Kenya to boost trade and open up the far-flung area, the Interior Ministry said Monday evening. Kenya’s Interior Principal Secretary Raymond Omollo said the border post would enhance movement and trade between the two nations and investments in the cross-border road network and improved security and surveillance.
“Kenya is also keen on reviewing and revising the agreement signed with Uganda in support of the cross-border program for sustainable peace and development to align with its new priorities and emerging issues,” Omollo said in a statement issued in Nairobi, the capital of Kenya.
Close to 90% of Non-Tariff Barriers reported in the Tripartite region have been resolved (COMESA)
Overall, 716 out of 796 (88.9%) of NTBs registered in the online reporting system implemented by the three regional economic communities (RECs), COMESA, East African Community and the Southern Africa Development Community have been resolved. Only 80 NTBs remain unresolved.
The main NTBs include restrictive licensing, permitting, and other requirements applied at the border. Barriers behind the border, such as unwarranted technical barriers to trade and sanitary and phytosanitary measures are equally prevalent.
The tripartite NTBs Online and SMS Reporting, Monitoring and Eliminating system www.tradebarriers.org has been operational since 2010 and has remained an effective tool in the resolution of cross-border trade challenges. It was established to support market integration by implementing a harmonized NTBs elimination programme in COMESA, EAC and SADC tripartite region.
Feature: Africa’s natural resources and illicit trade (The Zimbabwe Independent)
Africa’s natural resource wealth necessitates concerted efforts to combat illicit resource trade. Natural resources abound in Africa, including arable land, oil, natural gas, minerals and wildlife. The continent contains a significant amount of the world’s natural resources, both renewable and non-renewable. According to the United Nations Environment Programme, Africa contains 30% of the world’s mineral reserves, 8% of natural gas reserves and 12% of oil reserves.
The continent as a whole stand to benefit greatly from banding together and utilising its abundant natural resources to fund development and achieve greater prosperity.
It must, however, ensure that future resource development and exploitation are goal-oriented, climate resilient and sustainable.
African Development Bank holds first industrial and trade business opportunity forum in Egypt (AfDB)
The African Development Bank, in collaboration with the Egyptian Commercial Services (ECS) department of the Egyptian Ministry of Industry and Trade, has ended its first Industrial and Trade Business Opportunity Seminar (IT-BOS) dedicated to establishing business relationships with Egyptian manufacturers and exporters.
Dr. Abdu Mukhtar, African Development Bank Director of Industrial and Trade Department, delivered the opening address on behalf of Solomon Quaynor, Vice President of Private Sector, Infrastructure, and Industrialization.
He highlighted the purpose of the seminar: “to establish solid business relations and explore collaboration opportunities with the Egyptian industrial business community for growth in the domestic market and to deepen Egyptian regional integration in Africa.”
“African investments in Africa are below acceptable levels, Africa has endless business opportunities that are often unknown to businesses in neighboring countries – a cardinal sin in this information technology age. We should develop a common manual of doing business to facilitate intra-Africa trade we should proactively address the sources of high cost of doing intra-Africa business,” underscored Ambassador, Mohamed El-Badry, Assistant to the Minister for African Affairs.
AfCFTA International labour standards deficit must be addressed (IndustriALL)
Trade unions want standards that include the decent work agenda: creation of decent jobs, respect of fundamental rights at work, social dialogue, and social protection. They were clear that they want the decent work agenda and international standards on labour migration to be incorporated as clauses in the protocols when the agreement is up for review.
he Africa Union, has declared 2023 as the “Year of the AfCFTA” with a focus on implementation of the agreement in tourism, transport, communication, financial, and other services. However, unions also want the trade agreement to help facilitate the transition from informal to formal economies, and to contribute to economic development, regional integration, and the industrialization of the continent. Further, they want the agreement to promote youth and women employment to reverse their marginalization and exclusion from economic activities.
Regional integration is key to food and energy security, says US envoy (Arab News)
In an effort to encourage and support regional cooperation in efforts to combat climate change and improve food and energy security, the US is working with Oman, the UAE and India to develop projects that benefit the region and the wider international community, a leading American official said on Thursday.
Speaking during a briefing at the end of official visits to the UAE and Oman, Jose W. Fernandez, the US under secretary of state for economic growth, energy and the environment, said he had discussed projects related to food security, clean energy and space with government officials and business leaders from both countries.
Members’ discussion on e-commerce work programme highlights need to bridge digital divide (WTO)
India presented its proposal on the role of digital public infrastructure in promoting e-commerce. The proposal outlines issues limiting access to and adoption of digital technologies. The proposal notes that a digital public infrastructure underpins digital transactions and enables more inclusive service delivery and innovation across public and private sectors. The proposal further outlines features that are important to obtain an ideal infrastructure.
WTO note finds global trade resilient following one year of war in Ukraine (WTO)
The note titled “One year of war in Ukraine: Assessing the impact on global trade and development” estimates that trade growth in 2022 was above the WTO trade forecast of 3% issued in April and substantially higher than its estimates for more pessimistic scenarios for the year. The stability of global trade was also evident in global supply chains, confirmed by the 4% year-on-year growth of trade in intermediate goods in the second quarter of 2022.
“Global trade has held up well in the face of the war in Ukraine. Despite the devastation we have seen one year on, trade flows remained open. We have not seen the worst predictions foreseen at the onset of the war. Sharply higher food prices and supply shortages have not materialized thanks to the
World warming at rate well above what Paris Agreement requires, Anglo CEO warns (Engineering News)
The world is on a trajectory to reach 2.7 °C of warming above pre-industrial levels, which is quite a long way mathematically from the 1.5 °C that is required by the Paris Agreement. This was pointed out by Anglo American CEO Duncan Wanblad, quoting independent sources such as Climate Action Tracker.
“It was a tough year with extreme weather… there are disruptions that we’re seeing more frequently in extreme weather events,” said Wanblad, following the release of the London- and Johannesburg-listed company’s second-highest set of 2022 financial results following its record performance
Remarks by World Bank Group President David Malpass at the G20 Finance and Central Bank Governors’ Meeting – Session 1: International Financial Architecture (World Bank)
The developing world is facing a giant shortage of capital, energy, and growth potential. With interest rates rising and currency depreciation pushing prices up, the risk of financial stress is particularly acute among emerging and developing economies, especially those with large current account deficits and reliance on foreign capital inflows. Some face a full-blown financial crisis.
Global activity is expected to remain below its pre-pandemic trend for the foreseeable future, and the years between 2020 and 2024 are set to be the weakest five years for global growth since at least 1960 due to the multiple crises.
A key issue in the evolution is the financing of global public goods. This is already an important focus, and our financing for GPGs has expanded dramatically. It more than tripled over the past decade, and doubled during my presidency, reaching over $100 billion in the three-year period FY20-22, with over half of this amount in climate finance. Our upcoming report on the Enablers of Inclusive Cities, a G20 request for the Infrastructure G20 agenda, will review policy instruments for urban resilience and sustainability.