Africa Records US$36 Billion on FDI

Published on 30th October 2007

Africa has recorded a total of Foreign Direct Investment (FDI) valued at $36 billion between 2004-2006, while FDI inflows to developed countries grew by 45 per cent to reach $857 billion in 2006. The global FDI inflows rose for the third consecutive year, amounting to $1.3 trillion due to strong economic growth, high corporate profits and commodity prices according to the "World Investment Report 2007:Transnational Corporations, Extractive Industries and Development" by the United Nations Conference on Trade And Development (UNCTAD).

 

US Navy Ship Departs Spain for Africa

 

A US Navy ship departed Spain for a seven-month deployment to Central and West Africa designed to help nations around the oil-rich Gulf of Guinea beef up maritime security. The amphibious ship USS Fort McHenry will provide training to officials on how to fight crime ranging from unlawful fishing to human and drug trafficking. It will be joined later by another US Navy vessel as part of the Africa Partnership Station Initiative which also involves officials from Britain, France, Germany, Portugal and Spain as well as non-governmental organizations.

 

Mobile Communication Barriers Should be Lowered

 

Barriers to the uptake of mobile communications, such as high consumer taxes levied in African countries have to be lowered or removed to stimulate growth, the GSM Association said at the Connect Africa summit in Rwanda. "Mobile specific taxes are levied in Ghana, Kenya, Tanzania, Uganda and Zambia" GSMA said in statement announcing the mobile industry plans to invest more than $50 billion in sub-Saharan Africa over the next five years. The plan is to provide more than 90% of the population with mobile coverage. Founded in 1987, GSMA is a global trade association representing over 700 GSM mobile phone operators across 218 countries of the world. It also includes more than 200 manufacturers and suppliers support the Association's initiatives as associate members.

 

Time Spent in Clearing Goods to Reduce

 

Time spent clearing goods from Mombasa to Kampala will be reduced ten-fold after the Uganda and Kenya revenue authorities launched a revolutionary data exchange computer system. The electronic-link will also greatly help cut freight costs, which have been caused by delays due to the paper-based clearing system. The Revenue Authorities Digital Data Exchange (RADDEX) is an electronic link that has connected Kenya Revenue Authority (KRA) computers to those of Uganda Revenue Authority (URA). The development is the first cross-border trade innovation of its kind in the East and Central African region.

 

Commonwealth: Secretariat Should Support Members

 

A study into the trade of Commonwealth countries has called upon the Secretariat to continue supporting member countries with trade development as the best way out of poverty. According to the report a number of Commonwealth countries, poor infrastructure, small size and remoteness are hindrances to trade. The work was undertaken in response to the call by Commonwealth Heads of Government for the Secretary-General "to explore innovative approaches to strengthen intra-Commonwealth dialogue, networking, and collaboration on trade and economic issues" The study, The Structure of Commonwealth Trade and the Scope for Deepening Linkages was conducted by Professor Chris Milner from Nottingham University at the request of the Economic Affairs Division of the Commonwealth Secretariat. Presenting the draft findings at Marlborough House on 25 October 2007, Prof Milner said that there exists some unused trade potential within the Commonwealth but that this is concentrated on specific countries and regions.

 

James Shikwati to Attend 3 Events in Germany

 

IREN Kenya Director, Mr. James Shikwati will attend three major events in Germany during the month of November. The first event, a forum dubbed “Pushing Forward into the 21st Century. The World in a State of Flux: Answers from Africa and Germany at the invitation of the German Federal President Dr. Horst Köhler. The second, a Köber-Stiftung Debate between The German State Secretary from the Federal Ministry for Economic Cooperation and Development, Erich Stather and James Shikwati on the subject of “Does Development Aid Support Development?” And the third event; a Liberal Thinkers Conference on “Trade and Development”- which doubles up as a celebration to mark the 60th anniversary of Liberal International.

 

Compiled by Anne Mugoya
Ms. Mugoya is a Researcher with Inter Region Economic Network


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