17th February 2023 Trade and Financial Services Round Up

February 17, 2023 - Reading Time: 3 minutes - By Brian Otieno


Nairobi plans new zoning policy as exclusivity wanes

Nairobi is considering a new zoning policy, which will reclassify some estates as residential or mixed-use neighbourhoods at a time some suburbs are coming under pressure from a previous reclassification that has hurt their exclusivity.

Speaking during the launch of the status of the built environment report by the Architectural Association of Kenya (AAK), Nairobi County executive committee member for urban planning said zoning had become a big problem facing the county and the real estate sector.

Zoning is allocating different areas of a town or city to specific uses including residential, commercial industrial, recreational, and public.

(Source: Business Daily)


Scrap discriminatory taxes, EAC countries told

THE East African Business Council (EABC) has reiterated the need of EAC member states to eliminate discriminatory taxes with a view of boosting investments. The regional business council argued through a Webinar that persistence of discriminatory taxes is creating a non-level playing field between domestic goods and similar imported goods from the other EAC states.

“I urge the Governments of EAC Partner States to adhere to Article 15:2 of Customs Union Protocol that states “No Partner State shall impose, directly or indirectly, on the products of other Partner States any internal taxation of any kind in excess of that imposed, directly or indirectly, on similar domestic products,” said EABC Chief Executive, John Bosco Kalisa here on Monday evening.

Mr Kalisa urged the governments to remove discriminatory taxes and expedite the harmonization of domestic taxes in the EAC to attract more cross-border and foreign direct investments.

(Source: The Daily News)


Uniform EAC laws will fight tax evasion crimes

Tax Investigation Commissioners are calling for seamless regional laws through which tax investigation can be conducted in the region.

Mr Denis Kugonza, Uganda Revenue Authority (URA) Commissioner Tax Investigation Department said  there is need for collaboration to address the tax and revenue linkages which can not be done by a single country. “There is a need for closer collaboration across the region. As URA alone, we cannot fight the vice of tax evasion but once we are together, we can join the fight,” Mr Kugonza said.

(Source: The Daily Monitor)


$45m milk powder factory to start production in May

Inyange Industries Ltd, Rwanda’s largest agro-processing firm, is setting up a milk powder factory with an estimated $45 million (about Rwf48 billion) investment, in Nyagatare District, Eastern Province, which is expected to start production in May 2023. The development is expected to help transform the country’s dairy sector, according to industry players.

(Source: The New Times)


Ethiopia’s wheat, energy exports promote intra-Africa trade: AU Commissioner Muchanga

Ethiopia’s recent commencement of wheat exportation and energy supply to neighboring countries promote African intra-trade, accelerating the implementation of the African Continental Free Trade Area (AfCFTA), AU Economic Development, Trade, Industry, Mining Commissioner Ambassador Albert Muchanga said.

In an exclusive interview with ENA, Commissioner Muchanga said that Ethiopia has made efforts to ensure food security and increased its wheat production. “Ethiopia was able to attain sufficiency in wheat production by getting credits from the African Development Bank and the increased investment, which is agribusiness …and now they are able to export to the rest of the region; that is intra-African trade. One of the critical questions of Africa is energy; it can be electricity, oil or gas. So for countries that can trade their surplus energy to the rest of Africa is most welcome; that is intra-Africa trade. That is what we want,” he noted.

(Source: ENA)


Fresh Del Monte announces banana partnership in Somalia

Fresh Del Monte Produce Inc., the vertically integrated producers, marketers, and distributors of fresh-cut fruits and vegetables, and Moze Holding Limited, a Talc Investment company, have announced the signing of a Somalia-based, multi-year banana partnership.

The partnership will allow Fresh Del Monte to have operational oversight while training the team on the ground. In return, the global produce distributor will purchase its banana supply directly from Moze, the newly established banana farm.

(Source: Radio Dalsan)


Africa: Cybastion – Leveraging U.S. Expertise to Bolster Cyber Safety in Africa

When President Joe Biden, addressing the U.S.-Africa Leaders Summit in December, thanked major American corporations like Microsoft, General Electric and Visa for announcing some $15 billion in new deals, he included mention of “a diaspora-owned small business” called Cybastion that jointly with Cisco had signed contracts “to protect African countries from cyber threats.”

Headquartered in North Carolina, Cybastion was launched in 2019 with initial projects in Burkina Faso and Benin followed by engagements in Central African Republic, Cote d’Ivoire, Niger and Namibia. The company’s collaboration with Cisco includes cybersecurity export agreements with Niger, Côte d’Ivoire, Burkina Faso, Congo Brazzaville, Benin, and Cameroon totaling $858 million, the company announced.

(Source: AllAfrica)

Spread the love