In this article, we highlight some of the key recent developments investors should be aware of across various sectors in East Africa including information on the progress at the hydropower station in Tanzania, investment opportunities in Rwanda and Kenya, expansion in the banking sector in Ethiopia and much more.
Key recent developments in East Africa:
Dam construction commences at the Julius Nyerere hydropower station
In a bid to further its industrialisation agenda, Tanzania has taken an important step in the ongoing construction of the Julius Nyerere hydropower station. On 18th November, Prime Minister Kassim Majaliwa launched the construction works of the dam section of the project. It is planned that the power plant will have an installed capacity of 2,115 megawatts upon its completion in June 2022.
On a separate note, while addressing the parliament earlier this month, President Magufuli reiterated the fact that Tanzania is taking key steps to ensure an improved business environment. The President mentioned that key reforms are being undertaken in the regulatory sectors in line with the Blueprint for Regulatory Reforms to Improve the Business Environment published in May 2018.
As a result of this, we have seen positive steps being taken such as the digitalisation of the application system at the Tanzanian Companies House which has resulted in a relatively improved turnaround times in business registration and obtaining general business licences.
Tanzania and Malawi to strengthen business ties
Following the visit to Tanzania by the Malawian President, the Tanzanian business community through the Tanzania Private Sector Foundation (TPSF) is considering exploring the untapped business and investment opportunities in Malawi.
It has been reported that the annual volume of trade between these two countries is US$81 million. In view of this, TPSF believes that Malawi presents potential investment opportunities in areas such as commercial agriculture, manufacturing and mining.
In their respective speeches, President Magufuli and President Chakwera indicated that they have agreed to strengthen bilateral cooperation in areas such as trade, transport, communication and energy. Uganda Investment opportunities in Uganda At the 2020 Development Policy and Investment promotion retreat, the Uganda Investment Authority (UIA) revealed its new strategic plan of increasing domestic investments to US$1 billion from the current US$328.7 million by 2025.In view of this, the UIA has launched an online platform to facilitate business registration, land title verification, online investment licensing, application for environment impact assessment and online payment. The UIA also […]