Johannesburg: The lack of economic diversification throughout sub-Saharan Africa means that despite South Africa’s pledges to help Nigeria make the automotive sector the West African nation’s flagship industrial target, it may be difficult to do so, experts say. Earlier this month, South African Trade and Industry Minister Rob Davies announced the initiative during a visit here by Nigerian President Goodluck Jonathan. It is a move that is seen as an important milestone in inter-African industrial cooperation. However, Peter Draper, a research fellow at the South African Institute of International Affairs, questioned whether this collaboration would develop into economic integration.
EALA urges leaders to assent to One Stop Border Posts Bill23 May 2013, 12:00 pm
Kampala: The East African Legislative Assembly (EALA) MPs have appealed to regional Heads of State to urgently assent to the long-awaited One-Stop Border Posts Bill that was passed last year in Kigali to facilitate trade and movement of people within the region. Susan Nakawuki, a Ugandan member of EALA, told journalists in Kampala that the Bill would remove bureaucracies at border posts when it becomes law. It would also compel countries to establish and designate one-stop control zones at their border posts, she added.
Fitch: Sub-Saharan Africa has gradual upgrade potential23 May 2013, 12:00 pm
London: Fitch Ratings says in a newly-published report that targeted reforms and policy initiatives could see Sub-Saharan Africa's (SSA) sub-investment grade ratings gradually upgraded, despite per capita income falling well short of peers.
How industrial policy can help Africa meet the challenges of the 21st century23 May 2013, 12:00 pm
It is a great pleasure for me [Joseph E. Stiglitz] to share with you my thoughts about strategies and challenges confronting African development at the fifth Tokyo International Conference on African Development (TICAD). I have had a long-standing engagement with TICAD, having attended the second conference in 1998 as World Bank’s Chief Economist and having addressed the last two TICAD summits in 2003 and 2008. I have been impressed by the substantive and serious discussion of policy issues facing African policymakers at the level of heads of government. This reflects the care that the organizers of TICAD take in developing a considered agenda and background work for the summit meeting.
Meeting the infrastructure challenge: the case for a new development bank23 May 2013, 12:00 pm
Extracts from the presentation, Meeting the infrastructure challenge: the case for a new development bank, prepared by Amar Bhattacharya and Mattia Romani for the G-24 Technical Group Meeting, Washington DC, 21st March 2013.
Namibia's trade with the UK dropped in 201223 May 2013, 12:00 pm
Windhoek: The decentralisation of De Beers' rough-diamond sorting and trading from London to Namibia, under the Namibian Diamond and Trading Company, and Botswana under Diamond Trading Company Botswana, put a dent on the overall trade figures between Namibia and the United Kingdom. Previously, exporting rough Namibian diamonds to the UK for sorting and processing had propped up overall export figures. According to the British High Commission in Namibia, trade between the two countries dropped from an estimated N$6 billion in 2011 to N$4.7 billion in 2012. According to figures provided by the High Commission, imports from the UK to Namibia in 2012 were valued at N$3.7 billion, while exports stood at N$1.1 billion.
National Treasury: budget vote23 May 2013, 12:00 pm
Cape Town: In part, slower growth in South Africa reflects a weak global environment. The International Monetary Fund has downgraded global GDP growth outlook for 2013 to 3.3 per cent from 3.5 per cent previously, although it kept its 2014 estimate unchanged at 4.0 per cent. The IMF sees a three-speed global economy with emerging markets continuing to lead the recovery, and a growing divergence between resilient growth in the US and contraction or sluggish growth in the euro area. While global financial conditions have improved, the outlook remains weak with downside risks emanating from the Eurozone debt crisis, US fiscal policy challenges, and slower growth in major emerging markets, including China, India and Brazil.
Not wise putting all our eggs in EU basket23 May 2013, 12:00 pm
Gaborone: It is undeniable that the EU represents the world's single biggest market and greatest importer of food. It is also a fact that since Independence, the EU has been an invaluable market for our exports, especially beef, minerals and textiles in more recent years. Compared to other markets, the EU offers some of the best prices for these commodities. However, in the context of events in the past three years, it is highly debatable whether Botswana's economy should cling on and pursue the EU market with dogged single-mindedness. These events include the delisting of Botswana beef exports from the EU and associated industry-wide malaise as well as the recent blowback of negotiations for a new Economic Partnership Agreements (EPA).
SATTFP: Dar es Salaam Corridor funding approval23 May 2013, 12:00 pm
Washington: The World Bank's Board of Executive Directors have approved US$213 million to support the Government of Tanzania's efforts to rehabilitate roads and bring HIV/AIDS and road safety services to people along the Dar es Salaam Corridor. "Well-functioning access to the maritime ports of Tanzania and Mozambique is essential for trade movement and economic prosperity, especially for the landlocked countries in the region (Zambia, Malawi and the DRC)," said World Bank Director of Strategy, Operations and Regional Integration in the Africa Region, Colin Bruce.
South Africa keen to enhance trade ties with Pakistan23 May 2013, 12:00 pm
Sialkot: South African high commissioner in Pakistan, Mpendula Kumalo, has pledged to make an all-out effort to remove all the bottlenecks to promote the bilateral trade between Pakistan and South Africa. Talking to the industrialists and exporters during his visit to some leading industrial units in Sialkot, he added that South Africa was keen to enhance the trade and business ties with Pakistan, making investment in tourism sector and setting up several joint ventures in different trade fields.
