Tanzania: Call to Boost Investments in Agriculture

 AGRICULTURAL investment is one of the most important and effective strategies for economic growth and poverty reduction particularly in rural areas where the majority of the poor live.   Gross domestic product (GDP) growth in agriculture has been shown to be at least twice as effective in reducing poverty as growth originating in other sectors.   The Tanzania agriculture sector that employs over 70 per cent of the workforce contributes about 25 per cent to the.... Read more »

Posted on : Wednesday , 14th October 2015

East Africa: 'Most Improved' in Trade, Investment-Friendly Environment

 Uganda is the most improved economy in the East African region in terms of creating a conducive environment for trade and investment, according to the latest Global Competitiveness ranking.   Uganda, which ranked 115 (from 122 last year) of the 144 economies surveyed globally, was followed by Rwanda, whose economy improved from position 62 last year to 58, while Tanzania moved one position to rank 120 globally.   Although Burundi improved to position 136 this year.... Read more »

Posted on : Wednesday , 14th October 2015

Magnis Resources’ Nachu project offers superior expandable graphite

The graphite from ASX-listed junior Magnis Resources’ Nachu graphite project in Tanzania is demonstrating very good crystal properties in the ore and the products derived from it, attaining high specifications in a range of applications. With natural graphite, the quality of the flake in ore is an important determinant in the quality of products generated from it, a quality inherent in Nuchu’s graphite. With the granting of a Special Mining Licence (SML) for the Nachu.... Read more »

Posted on : Wednesday , 14th October 2015

Rwanda: New Energy Saving Stove to Protect Environment

During the just concluded Technical and Vocational Education and Training (TVET) expo at Gikondo in Kigali, many visitors crammed around one stand marvelling at 'magical' stoves.   These were not ordinary stoves as they are powered by only one piece of charcoal, hydrogen, and are connected to electricity or four radio batteries using a phone charger.   "Considering daily feeding needs of a family, school fees, rent and other expenses, the high price of charcoal is.... Read more »

Posted on : Wednesday , 14th October 2015

SPB Finally Awards 300mw Solar Tenders

THE State Procurement Board has finally awarded tenders for solar power projects with a combined output of 300 megawatts to three firms. The long awaited solar projects, each with capacity for 100MW, were awarded to Intratrek Zimbabwe (Gwanda), ZTE Corporation (Insukamini) and Number 17 Metallurgical China (Munyati).   This brings finality to the protracted evaluation of the multi-million dollar solar energy initiatives. Well placed sources told The Herald Business that the.... Read more »

Posted on : Wednesday , 14th October 2015

Ethiopia will boost power generation to 17,000 MW in five years

Implementing its second Growth and Transformation Plan (GTP II) in the coming five years, Ethiopia will endeavor to boost its power generation to at least 17,000 MW, said Ethiopia’s President Mulatu Teshome. Having completed the implementation of its first GTP, the East African country in September launched the second GTP, which the president said is a decisive chapter in the country’s development, designed to realize the first half of its vision to join middle income.... Read more »

Posted on : Wednesday , 14th October 2015

Tanzania President Kikwete inaugurates new Mtwara gas project

Tanzanian President Jakaya Kikwete has officially inaugurated a 535-kilometer Mtwara to Dar es Salaam gas pipeline built with a 1.225-billion-U.S.-dollar concessional loan from the Export-Import Bank of China.   The construction of the gas pipeline that transports natural gas from Tanzania’s southern region of Mtwara to the commercial capital Dar es Salaam started in June 2013 and was undertaken by China Petroleum Technology and Development Corporation (CPTDC), a.... Read more »

Posted on : Wednesday , 14th October 2015

East Africa foreign investments grow by 11 per cent

Foreign Direct investment (FDI) in East Africa grew by 11 percent between 2013 and 2014 buoyed by regional integration, an economic insight reveals. The report released by the Institute of Chartered Accountants in England and Wales (ICAEW) received in Nairobi attributes surge in FDI in the region to efforts for closer regional integration in the East African Community (EAC), which has involved harmonizing investment regulations across the region and reducing red.... Read more »

Posted on : Wednesday , 14th October 2015

East Africans planning to fast track integration of capital markets

The East African Community (EAC) member states are fast tracking the integration of the capital markets in order market the region as a single investment destination, Kenyan officials have confirmed. The Capital Markets Authority (CMA) Acting CEO Paul Muthaura said there is a clear road map for the harmonization of legal frameworks of the five EAC member states.   "The first batch of seven EAC Council of Ministers directives have been adopted currently and will soon be.... Read more »

Posted on : Wednesday , 14th October 2015

Tanzania Moves to Bring Dar es Salaam Port Services Closer to Rwandan Traders

Rwandan traders are set for early Christmas after the Tanzania International Container Terminal (TICTs) announced that it will open a country liaison office in Kigali before the end of the year.   This is in a bid to bring the Dar es Salaam port services closer to traders in Rwanda.   The announcement was made last week, in Kigali, by Paul Wallace, the chief executive of TICTS, a private company that handles 80 per cent of the Dar port traffic.   "We have.... Read more »

Posted on : Tuesday , 13th October 2015

Tanzania: Mahindra to Open Tractor Factory in Zanzibar

Zanzibar — Mahindra company from India is planning to open a tractor assembling plant here, Zanzibar President, Dr Ali Mohamed Shein, revealed here yesterday. Dr Shein said negotiations with the Indian company were currently going on. He also disclosed that his government would also purchase 100 tractors from the company to improve agriculture in the Isles.   "Mahindra is one of the biggest companies globally and its expected branch in Zanzibar would supply tractors.... Read more »

Posted on : Tuesday , 13th October 2015

Chinese Steel Manufacturer Expresses Confidence in Buhari's Govt

The management of HongXing Steel Company, a Chinese steel manufacturing company based in Lagos, has expressed confidence in the President Muhammadu Buhari's government.   Speaking during a factory tour at the company in Lagos at the weekend, the Managing Director of HongXing Steel Company, Mr. Andy Hu, urged Nigerians to support the federal government in its bid to diversify the economy. Hu, pointed out that with the drop in crude oil price, there was an urgent need for the.... Read more »

Posted on : Tuesday , 13th October 2015