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Eye On Comesa 10
1. EYE ON COMESA ISSUE 10
JANUARY
2009
CONTENTS
COMESA REGIONAL INVESTMENT AGENCY
Page 2
“Opportunities for Doing Business in and Through Mauritius”
Latest Headlines
The COMESA Regional Investment Agency in collaboration with Ministry of Investment in
Page 3
Egypt and GAFI organized a seminar on Mauritius financial services commission under the
Country of the Month
theme “Doing Business in and through Mauritius” on Wednesday 17th of December, 2008 in
Cairo, Egypt.
Page 4-5
latest Headlines
The seminar was held under the auspices of H.E. Dr. Mahmoud Mohieldin, Minister of
Investment, Egypt, in honour of the visit of the Vice Prime Minister, Minister of Finance and
Page 6
Economic Empowerment of the Republic of Mauritius – Dr. The Honourable Rama Sithanen.
Events, About RIA, Quote of the day
The event served as an opportunity for guests to learn more about the benefits of the
Mauritius International Financial Centre which has also served as an informative source of
how Egyptian businesses can benefit from the various opportunities currently prevalent in MALAWI
Mauritius
Malawi: USD 200m plant for Cement
The Seminar began with a brief overview and introduction to the relations between Mauritius Company
and Egypt, the Mauritius International Financial Centre and potential opportunities. Opening Source: AfricaNews
Remarks by H.E Mr. Rshidally Soobadar followed before the Ambassador of Mauritius to
COMESA RIA NEWS
Egypt's presentation. A USD 200 million worth cement
manufacturing plant is set to be
“We hope that you will be enlightened” exclaimed Mr. Soobdar. He continued to explain how
constructed by Malawi's cement
the foreign minister could not make it and that he would hopefully be attending next year.
company, La Farge in the southern
Mr. Soobdar proceeded to explain how there existed a long standing relationship between
Egypt and Mauritius. region district of Balaka. The plant is
expected to be finished within 36
Page 4...
months according to the company's
chairman.
ETHIOPIA
The southern African country's local
Ethiopia starts coffee exchange
Daily Times quoted Kanyuka as saying
Source: BBC News
La Farge would also have a similar
Ethiopia, Africa's largest coffee producer, has started trading the crop on a national commodity plant as its sister company in
exchange. neighbouring Zambia which has
capacity to produce 800,000 tonnes
In a move aimed at both increasing quality and the amount farmers get paid for their beans,
of cement per annum.
coffee is being traded on the Ethiopian Commodity Exchange.
“The extensive and detailed limestone
Replacing the previous, more informal, system of sales through middlemen, farmers will now be
able to get direct access to current market prices. exploration which commenced in
September 2007 was completed in
The exchange has set up a network of warehouses to collect the beans.
October this year after one year of
drilling. The explored areas included
The Ethiopian government, which is backing the move, hopes it will prevent fraud, such as
Chenkumbi in Balaka and Nkopola hills
traders passing off beans from a lesser growing area as being those from a higher quality region.
i n M a n go c h i ,” s a i d Ka ny u ka . .
Although the largest growers and co-operatives will be able to continue to sell directly to the
global coffee firms, everyone else will have to use the electronic exchange.
www.comesaria.org
COMESA REGIONAL INVESTMENT AGENCY
2. JANUARY 2009
PAGE 2
Ethiopia has now became the fourth addressing key African development
Uganda to secure USD 1.5b from
foreign currency generating product of challenges.
China
the country next to the top three
Source: AfricaNews
products Coffee, oilseeds and cereals. According to a paper entitled, “Intra-
Africa trade role of chamber of
The Chinese government has approved
Out of the last year's total of 1.5 billion c o m m e r c e ,” p r e s e n t e d t o t h e
funding of around USD 1.5 billion for
USD export earnings of Ethiopia, coffee conference by Sam Cho from the United
Uganda's vast trade zone plan near Lake
export has the biggest share generating Nations Economic Commission for
Victoria. The plans are for a free trade
500 million USD, followed by oilseeds, Africa, strengthening African chambers
zone of 200 square miles, which would
which generated 221 million USD and of commerce can play key role to
have a major impact on country's
cereals generating 141.6 million USD. p ro m o te i nt ra - A f r i ca t ra d e b y
economy.
enhancing the supply and productive
Chinese money would fund a new port
Africa Chambers of Commerce
and logistics centre, an airport, roads capacity.
meet in Addis Ababa
and telecoms infrastructure, facilities
Source: Africa News
for manufacturing companies and In 2005 Intra-Africa trade has a share of
financial services, an agriculture less than 15% from the total trade,
The African chamber of commerce met
training centre and residential and according to Cho’s paper. The paper
entertainment areas. in Addis Ababa, Ethiopia, to form one indicated that even though intra-Africa
platform that enables them play key trade potential exists, half-hearted
Paradise Investment Company of the roles in promoting trade in Africa. It is commitment to trade liberalization
Chinese had signed an agreement last under the theme quot;private sector-a programs, small economies/market
month with Ugandan partner Kagera venue for Africa's Renaissance.quot; The size, low economies, and infrastructure
Eco-cities, giving it a majority share in meeting was organized by the Ethiopian are mentioned as the major challenges
the management of the zone. Paradise Chamber of commerce and the AU. that hindered the continent from using
Investment has drawn up a five-year
its potential.
plan to develop the area and around 40 The conference, which was the first of
Chinese companies are interested in its kind in bringing together African This project financing will represent a
setting up there business communities, Took place until landmark transaction for EHC as it
November 26, 2008. It focused on the establishes itself as a major player in the
Ethiopia: Company expands oil and gas markets in Egypt.
development and future prospective of
flower farms the African chambers of commerce and
Source: AfricaNews In addition to the Project EHC is also
strives to enhance the role of the private
developing Greenfield Ammonium
sector in transforming the continent
A Dutch Company engaged in flower Nitrate project, The Ammonia project
from aid to trade.
farm development is undertaking reached financial close in 2005 and is
expansion project to double the size of being funded under US Exim and
Opening the conference, Girma Biru,
its existing 250 hectares of land covered commercial debt structure by a
Ethiopia’s Minister of Trade and
with flower in Zway area. Sher Ethiopia, syndicate of international banks and
Industry said: “your gathering will have
started operation in 2005 has now expected to achieve Completion early in
great significance in yielding ideas all
completed 50% of the expansion and 2009.
African governments need for their
plans to cover a total of 450 hectares of
endeavors to combating common
land with flower within one year. Bank steps in with huge boost for
enemies, poverty, ignorance and
Currently, a total of 1,200 hectares of youth polys
disease.”
land in Ethiopia is covered with more
Source: Kenya Business Daily
than 80 flower growers. More than
The organizers of the conference
90,000 jobs have been created in or
Efforts by the Government to improve
believe that a competitive and
around these flower farm companies. It
skills among the youth to levels where
independent Africa, which is free of aid,
is expected that green house coverage
they can be employed by expanding
could only be realized through the
will reach 2,000 hectares in the coming
youth polytechnics has got a big boost.
development of the private sector in the
two to three years.
continent.
The African Development Bank (AfDB),
Ethiopia began exporting flowers in
whose thrust is financing and promoting
The conference is also to strengthen and
2001-02, when income totaled USD
economic development and social
establish a vibrant network among all
159,000. Some 70 percent of the
progress, has agreed to fund the
African chambers of commerce and also
country's flower products are exported
project.
with their counterpart chambers
to the Netherlands while 10-15 percent
is exported to Germany. globally. This will promote the active
The AfDB has committed a Sh 2.8 billion
participation and contribution of
three-year facility to help improve
The rapidly growing flower sector in African chambers of commerce in access, quality and relevance of skills
www.comesaria.org
COMESA REGIONAL INVESTMENT AGENCY
3. JANUARY 2009
PAGE 3
development in the institutions through Uganda, Egypt, Zambia, Zimbabwe and
bursaries, training of trainers and Mauritius), with a total population of
construction of more polytechnics. more than 390 million.
Its main objective is to forge economic
Mauritius to host COMESA Fund
integration in the sub-region through Union of the Comoros
Source: Mauritius News
strengthening investment and economic Country Of The Month
ties among the member states.
Mauritius will host the COMESA
Surface area: 2200 Km2
(Common Market for Eastern and
Capital: Moroni
Southern Africa) Fund that has been
Microfinance Leader Makes Multi- Population (2007): 841,000
established as a vehicle to mobilize
million Dollar Investment in Official language: Comorian, Arabic and
resources, PANA reported here Tuesday.
Microinsurance Companies French
Source: PR newswire Currency: Comorian franc (KMF)
One official from the Foreign Affairs,
GDP at market prices (2006): USD 0.40
Regional Integration and International
ACCION has also announced a USD 3 billion
Trade Ministry told PANA that the
million investment in Leapfrog Real GDP growth rate (2007): 1.24 %
decision to host the fund follows
Investments. FDI inflows (2006): USD 0.6 million
intensive diplomatic negotiations which
FDI Stock (2006): USD 25.5 million
Minister Arvin Boolell had during his
a USD 100 million microinsurance Exports of goods and services (2006):
mission to Lusaka, Zambia, for the
investment fund headquartered in USD 11 million
Council Meeting of the COMESA, on 4-5
Mauritius. The fund, with an expected Imports of goods and services (2006):
December 2008.
close in the first quarter of 2009, will USD 110 million
build and replicate a sustainable model Main export sectors: Vanilla, Cloves and
He described the COMESA Fund as an
fo r d e v e l o p i n g a n d m a r ke t i n g Ylang-ylang
instrument of Aid for Trade that
microinsurance services to the poor, and Main destinations of exports (2006):
addresses productive capacity and
will conduct early pilots in Africa and Netherlands, France, Italy and
infrastructure needs, as well as
Asia. Singapore
adjustment costs associated with
Main origins of imports (2006): France,
integration and economic reforms.
Leapfrog positions itself as the first United Arab Emirates, South Africa and
global investment firm focused Pakistan
The fund has an Adjustment Facility to
exclusively on businesses that meet the Your Partner in Investment
address costs that may arise from
insurance and related financial needs of Ministère des Finances, du Budget, de
implementing regional integration
low-income people in developing l'Economie, du Commerce et des
measures, including trade.
countries. Investissements
''The fund also has an Infrastructure
Moroni, Comoros
Window intended to mobilize resources
Tel: (+269) 730 000
for the construction and maintenance
of infrastructure, and for addressing
some of the limited productive capacity NUMBERS
of its individual member states,'' he
200 5000
said.
A USD 200 million worth cement Cash value of the agriculture awards
The COMESA Fund has been ratified and
manufacturing plant is set to be held in Zimbabwe.
is now in force.
constructed by Malawi’s cement
company, La Farge.
According to him, COMESA has
identified a number of important
1.5 2.8
infrastructure projects that would
greatly enhance development and
The Chinese government has approved Sh 2.8 billion have been commited by
integration once implemented.
funding of around USD 1.5 Billion for the AfDB three year facility to help
Uganda’s vast trade zone plan near Lake improve access, quality and relevance
COMESA was established in 1994 to
Victoria. of skills development in the institutions
replace the 'Preferential Trade Area'.
through bursaries, training of trainers
525 and construction of more polytechnics.
It comprises of 19 countries (Burundi,
Comoros, Democratic Republic of
Ethiopia earned 525 million from Coffee
Congo (DRC), Djibouti, Eritrea, Ethiopia,
exports in the 2007-09 financial year.
Kenya, Libya, Madagascar, Malawi,
Rwanda, Seychelles, Sudan, Swaziland,
www.comesaria.org
COMESA REGIONAL INVESTMENT AGENCY
4. JANUARY 2009
PAGE 4
Oman, Libya Sign USD 500M JV Deal
Source: The Tripoli Post
The Sultanate of Oman and Libya have
signed a USD 500 million deal to
establish a joint investment company to
be based in Tripoli.
The company will invest in economic,
real estate, tourism, industrial, service
and energy projects and will also set up
joint stock companies to undertake
different projects, according to a joint
statement.
The State General Reserve Fund will
represent Oman in the Oman-Libya
Investment Holding Company.
The agreement was signed on behalf of
Cont... COMESA Woos European Investors
the Sultanate by Dr Qasim bin
M o h a m m e d a l S a l h i , O m a n ’s
(cont’d from page 1) Further elaboration on RIA then took
Ambassador to Libya, and Abdulamir
place with Dr. Ziad explaining how RIA
bin Mohammed bin Said, Deputy
“We are writing a new chapter within was invited to join the delegation in
Executive Director of the State’s
the Economy and the financial sector” Singapore and Malaysia.
General Reserve Fund, while Hamid al
His excellency claimed. He proceeded His next point revolved around the
Arabi al Hudhairi, board chairman and
to explain how with global terror and economic crisis, of which he claimed
Director General of the Fund for
our current climate that things were was a “reminder” that we need to
Economic and Social Development,
not easy; “but we have to go ahead” build “bridges”.
signed for the Libyan government.
he added.
The conference concluded with a
Salhi said the signing of the pact was quot;a
Further emphasis on the continuation series of presentations, including: Mr.
clear indicator that Oman-Libya
of Egyptian-Mauritian relations was Milan Meetharbhan, CEO of the
relations are witnessing tangible
then put forth. Financial Services Commission; Mr.
development.quot; He added that an Omani
Raju Jaddoo, Managing Director o the
business team would visit Libya shortly
Mr. Ragab went on to explain how Board of Investment and Mr.
quot;to have a close look at investment
Egypt commends this collaboration Mamdouh Abdel Wahab, Director of
opportunities there.quot;
and that they needed to seize this Investor Relations from the Sawiris
opportunity. Property, tourism, Orascom Group. Mr. Milan proceeded
He called upon Libyan businessmen to
infrastructure, IT, trade and sharing to give an “overview of the Financial
take the opportunity to invest in the
local talents from both ends were all Services Sector” in Mauritius. He
Sultanate which, he stressed, was
listed as great opportunities for explained, through his presentation,
working to diversify sources of its
collaboration between Egypt and how the Sector was composed
income through the establishment of
Mauritius. primarily of Global Business and
mega projects worth billions of dollars,
It was noted that Mauritius can be Financial Services other than Banking.
including a liquefied gas project and
perceived as a “bridge” or “gateway” Mr. Raju Jaddoo proceeded to explain
petroleum-based industries.
to COMESA as well as India. While how Mauritius was a long term
Egypt served as a “gateway” for the investment base. Doing business in
Salhi said Oman's current Five-year Plan
Mena region. Dr. Ziad began his Mauritius was the focal point of the
envisaged the setting up of an
portion of the seminar by explaining presentation. Export of services and
integrated city, with a large spectrum of
what COMESA is. He conveyed the fact market access were also covered. The
services in the wilayat of Al Duqm at a
that COMESA is “an organization that Orascom presentation explained how
cost of USD 7 billion, adding: quot;The
brings in 19 countries” and that it has OD Holding is an established integrated
government, in order to attract foreign
proven to be a player to rely on. “The town developer in Egypt and the
investment, has worked to liberalise the
world is paved with major crises which Middle East, with a proven business
economy and draft laws to reinforce
urge this kind of collaboration” he model aiming to deliver significant
investor confidence.quot;
exclaimed before further adding the growth through the development of
point that RIA in term acts as large untapped land banks. The
COMESA's “investment arm”. seminar ended with a question and
answer session.
www.comesaria.org
COMESA REGIONAL INVESTMENT AGENCY
5. JANUARY 2009
PAGE 5
analysis of a wide range of background
City master plan unveiled to
Zambian government to remove
conditions and technical aspects
investors
bureaucracy
outlined in the existing conditions
Source: The new times-Rwanda
Source: Lusaka times
report.
The Kigali City Council (KCC) has
Finance and National Planning Minister,
The report considered environmental,
unveiled its master plan to the city
Situmbeko Musokotwane said the
land use, infrastructural, cultural, and
investors’ forum to ensure that their
Government would encourage private
socioeconomic factors as well as
investments in line with it. The master
sector participation by removing
economic and demographic
plan is a roadmap for the expansion of
bureaucracy and making it easy for
p ro j e c t i o n s , o p p o r t u n i t i e s a n d
Kigali city in the next 50 years.
people to start doing business.
constraints for the urban development.
According to Aisa Kirabo Kacyira, the
Private Sector Development
The plan also outlines the designs,
KCC Mayor, the unveiling of the plan is
Association (PSDA) chairperson, Yusuf
strategies and actions that will guide
also intended to speed-up the
Dodia urged the Government to avoid
Kigali planners and citizens into future
implementation of the city master plan.
borrowing from banks next year so as
more detailed district plans and
This was during the Kigali Investors’
not to create more pressure on the
implementation.
Forum (KIF) meeting on Tuesday, at the
financial sector.
Prime Holding.
Mr Dodia said the Citizens Economic
The plan contains renewable five year
Empowerment Commission (CEEC) and
detailed physical plans that will serve as
KIF brings together heads of private
the Development Bank of Zambia (DBZ)
benchmarks for the city planners
businesses and parastatals, security
should be merged so that they could
depending on the infrastructure and
organs, development partner
assist Zambians in starting up
type of activity to be set up.
institutions, districts and government
businesses.
institutions to discuss challenges and
Since its approval by cabinet, the plan
opportunities around the city.
Intel extends its World Ahead
has been unveiled to different
Initiatives in Egypt stakeholders including the youth and
The plan’s presentation highlighted
Source: AME info university studies.
investment opportunities in and around
Plans for new USD 40m five-star hotel
the city. Some of the opportunities
Marking a first for Africa and the Arab unveiled
include hotels, shopping malls, and
world, Intel Corporation Chairman Craig
recreation centres. Some of the places
Barrett announced that Intel
N ew F i ve S ta r H o te l B e i n g
in Kigali have already been designed for
motherboards, a key component for
some specific economic activities Constructed
computers, will be assembled in Egypt
according to the plan. Source: The new times Rwanda
for shipment across Africa
For example, the proposed Nakumatt New Century Development Limited, a
He also opened a research lab for
complex and Kigali Convention Centre in Hong Kong registered company
developing micro-electronics and for
Kimihurura, are some of the yesterday unveiled a plan for a Five Star
teaching new generations of engineers
infrastructures supported by the new Hotel they will construct in the heart of
and designers.
plan. Against this background, Kacyira Kigali City.
called upon investors to take-up the
The arrangement with a local hardware
opportunities and make the dream The Hotel, which will be located at the
manufacturer is part of Intel's ongoing
reality. current Jali Club and the Headquarters
effort to advance Egypt's technological,
of both Rwanda Television and
industrial and economic development.
“Lets your plans align with the city plans Nyarugenge District premises, will be
The Egyptian government gave the plan
as we also work together in constructed at a cost of USD 40m
its full support in an agreement signed
implementing it,” she lamented. The (approx. Frw22bn).
today between Intel, Boraq for
city plan also provides centres for
Electronics and Industries and Egypt's
administration, residential areas, “The construction begins in January
Information Technology Industry
technology and other centres. next year and will take two years for the
development Authority (ITIDA).
hotel to be fully finished,” said Billy Y.T
Faustin Mbundu, the Private Sector Cheung, the Chief Executive Officer of
Boraq for Electronics and Industries is
Federation (PSF) Vice Chairman, said African Star Limited, a subsidiary of New
the first company in Africa to assemble
that it is our responsibility to raise funds Century Development.
Intel motherboards. Shipping is
and take-up the investment
expected to begin in the second quarter
opportunities. According to Cheung, the hotel, which
of 2009, with initial distribution
will have over 200 luxury rooms, is the
intended for Africa.
“We should also merge our plans with first investment the company, which
those the city,” he said. The conceptual mainly deals in real estate development,
master plan is based on research and is sinking on the African continent.
www.comesaria.org
COMESA REGIONAL INVESTMENT AGENCY
6. JANUARY 2009
PAGE 7
QUOTES About us
The COMESA regional investment
A business has to be involving, it has to be fun, and it has to exercise your creative instincts. ABOUT US
agency is a co-ordinator between
Richard Branson
the 19 COMESA Investment
Ridiculous yachts and private planes and big limousines won’t make people enjoy life more, Promotion Agencies “IPAs”. It aims
and it sends out terrible messages to the people who work for them. It would be so much better to bring forth all the investment
if that money was spent in Africa – and it’s about getting a balance.
information and opportunities for
Richard Branson
worldwide investors interested in
the region.
EVENTS RIA team
5th Annual Clean Tech Investor Summit
Heba Salama
Jan 21-22 2009
Manager
Renaissance Esmeralda Resort and Spa
hsalama@comesaria.org
At Indian Wells, Palm Spring, CA.
Mohamed Aref
Cleantechsummit.com Research Analyst
maref@comesaria.org
Cathy@IBFconferences.com
Dina Helal
COMESA Investment Conference 2009
25 February Marketing Officer
dhelal@comesaria.org
Fairmount Towers, Cairo, Egypt
Karim Higazy
events@comesaria.org
Media Editor
khigazy@comesaria.org
Real Estate Investment World
23-26 March 2009
Malik El Rouby
Pudong Shangri La Shanghai Accountant
malik@comesaria.org
Yeelim.tan@terrapinn.com
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