The Pan-African Economy in Brief: Tuesday, January 14, 2020
Vegetable export receipts rose by 47% between July and November 2019:
Between July and November 2019, Rwanda's fresh vegetable export earnings peaked at 6.9 billion Rwandan francs (about $7.5 million) for an estimated shipment volume of 11,292 tonnes. This is an increase of 47% compared to the same period in 2018, when 8,387 tonnes were exported, bringing in a total of $5.1 million. The National Agricultural Export Development Board (NAEB) announced these statistics on Wednesday, January 8, 2020. According to the NAEB, this increase was helped by the implementation of various government strategies to move from subsistence farming to market agriculture. Rwanda's vegetable destinations during this period included the Democratic Republic of Congo, the United Kingdom, Belgium, the Netherlands, France and the Middle East.
Investments reached $2.46 billion in 2019, according to RDB:
Rwanda recorded investments worth $2.46 billion in 2019, an increase of 22.6% compared to the previous year when investments amounted to $2.01 billion. This is what Clare Akamanzi, Chief Executive Officer of Rwanda Development Board (RDB) said during a press briefing held on Wednesday, January 08, 2020. According to the head of RDB, this increase in investments has been favored by the energy and manufacturing sectors, which accounted for 45% and 30% respectively. Other sectors which attracted significant investments were construction, agriculture, services, including ICT, and mining. Clare Akamanzi also pointed out that joint ventures (local and foreign) contributed to 44% of registered investments while foreign direct investment accounted for 37%. And 19% of investments were recorded by locals.
Kenya will send a delegation to Iran in February to secure its tea exports:
Kenya plans to send a trade mission to Iran in February to secure the supply of black tea to this strategic market, reports Businessdailyafrica. This manoeuvre, the third in 4 years, will enable it to meet with government representatives and members of the Iranian Tea Association. The announcement comes in a context where tensions between Iran and the USA have been hindering tea trade between Kenya and the Persian Gulf country for the past few months. Indeed, in order to organize trade between the partners, traders have to move tea shipments through a third country because of the risk of American reprisals linked to direct transactions with the Islamic Republic.
319 tonnes of expired products seized by the Ministry of Commerce in 2019:
In a well-governed state, the government has a regalian role in protecting citizens from certain social evils. In this role, the protection of consumers against illicit and expired products is crucial because public health is at stake. In 2019, the Burkinabe Ministry of Commerce, Industry and Handicrafts carried out controls and seizures of prohibited products.
Togo has achieved the best African performance in terms of investment promotion in 2019, according to FDI Intelligence:
Togo, which attracted 6.7 times what could be expected given the size of its economy, ranks ahead of Rwanda and Senegal, respectively 2nd and 3rd, reveals FDI Intelligence, the Financial Times' specialised service dedicated to deciphering the globalisation of industry and foreign direct investment (FDI). According to the official portal of the Togolese Republic, from January to November, Togo won 11 new investment projects against only 2 for the whole of 2018, the highest growth in the number of greenfield projects in all African countries. The previous peak was 7 projects, won in 2013.