Africa Briefs
UAE invests in port in Angola
The Angolan government and Dubai Ports (DP) World, a United Arab Emirates (UAE) company, on Monday signed a contract of US$190 million to modernise the multipurpose terminal of the Port of Luanda.
DP World will invest the money during the next 20 years, the company's chairman and chief executive, Sultan Ahmed bin Sulayem, said at the end of an audience with Angolan president João Lourenço.
The UAE's global port operator intends to leverage the activity at the Port of Luanda and use the connections worldwide to bring more investments to Angola, said the chairman.
The contract signed will transform the port into a gateway for the country and the region of large investments in technology, automation and digital platforms.
Angola and the UAE have cooperation in a wide range of sectors, including oil and gas, mining, trade and investment, energy, defence, transportation, agriculture, fishing, banking, telecommunications and finance. – Nampa/Xinhua
Kenya eyes African market
Kenya's manufacturers are seeking to expand their sales across the African market in order to boost revenues, an industry lobby said on Tuesday.
Mucai Kunyiha, chairman of Kenya Association of Manufacturers (KAM), told a virtual trade forum that the traditional markets in the East African Community (EAC) bloc have been declining in the past ten years due to stiff competition from international players.
"We see the African continent as an avenue to revive the industrial sector through the use of the African Continental Free Trade Area (AfCFTA)," Kunyiha said during a webinar on the implementation of the agreement.
On Jan. 1, the continent began trading under the new liberalised regime.
Kunyiha said that Kenya cannot grow its manufacturing base without reliance on export markets. – Nampa/Xinhua
Uganda's trade deficit widens
Uganda's trade deficit in November increased to US$294.48 million from US$251.12 million registered in the previous month.
The increase was mainly due to a higher import bill, the finance ministry said.
Compared with November 2019, the trade deficit widened by US$111.27 million. – Nampa/Xinhua
The Angolan government and Dubai Ports (DP) World, a United Arab Emirates (UAE) company, on Monday signed a contract of US$190 million to modernise the multipurpose terminal of the Port of Luanda.
DP World will invest the money during the next 20 years, the company's chairman and chief executive, Sultan Ahmed bin Sulayem, said at the end of an audience with Angolan president João Lourenço.
The UAE's global port operator intends to leverage the activity at the Port of Luanda and use the connections worldwide to bring more investments to Angola, said the chairman.
The contract signed will transform the port into a gateway for the country and the region of large investments in technology, automation and digital platforms.
Angola and the UAE have cooperation in a wide range of sectors, including oil and gas, mining, trade and investment, energy, defence, transportation, agriculture, fishing, banking, telecommunications and finance. – Nampa/Xinhua
Kenya eyes African market
Kenya's manufacturers are seeking to expand their sales across the African market in order to boost revenues, an industry lobby said on Tuesday.
Mucai Kunyiha, chairman of Kenya Association of Manufacturers (KAM), told a virtual trade forum that the traditional markets in the East African Community (EAC) bloc have been declining in the past ten years due to stiff competition from international players.
"We see the African continent as an avenue to revive the industrial sector through the use of the African Continental Free Trade Area (AfCFTA)," Kunyiha said during a webinar on the implementation of the agreement.
On Jan. 1, the continent began trading under the new liberalised regime.
Kunyiha said that Kenya cannot grow its manufacturing base without reliance on export markets. – Nampa/Xinhua
Uganda's trade deficit widens
Uganda's trade deficit in November increased to US$294.48 million from US$251.12 million registered in the previous month.
The increase was mainly due to a higher import bill, the finance ministry said.
Compared with November 2019, the trade deficit widened by US$111.27 million. – Nampa/Xinhua
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