EYE ON COMESA ISSUE 11
COMESA REGIONAL INVESTMENT AGENCY
COMESA Investor’s Conference 25th of February, 2009
Fairmont Towers Hotel, Cairo, Egypt.
The COMESA Secretariat in collaboration with the Ministry of Investment in Egypt is organizing
Country of the Month
the second major COMESA Investor Conference on 25th February, 2009 Fairmont Towers, Cairo,
The COMESA Regional Investment Agency (RIA), under the aegis of the COMESA Secretariat, will
spearhead the Conference. Following the success of the COMESA Investors Conference held in
Brussels on 18th -19th November 2008, the conference is expected to draw more than 200
Events, About RIA, Quote of the day
people, including Government officials and Business people from the COMESA region as well as
CEOs of the COMESA Investment Promotion Agencies, representatives, development
organizations, financial institutions and private sector organizations. The objective of the EGYPT
conference is to link up the Egyptian Businessmen with the COMESA IPAs and entice them into
investing and trading to enhance intra COMESA investment within the COMESA Member States.
PPPs in Egypt
The COMESA member states will present investment opportunities in four key sectors: tourism, Source: The Advocate
energy, agriculture and infrastructure.
COMESA RIA NEWS Egypt’s government has taken the
Speakers will include the Minister of Trade and Industry of Malawi, the State Minister of Tourism initiative to introduce Egypt’s PPP
trade and Industry Uganda, the Sudanese Minister of Investment ,the Minister of Commerce, program, which has culminated in the
Trade and Industry in Zambia and Minister of Investment of Egypt. establishment of a PPP Central Unit
within the Ministry of Finance.
The PPP Central Unit is charged with
coordinating the national PPP program
across ministries and public bodies
UGANDA and reports directly to the Minister of
Finance and the Ministerial PPP
Uganda’s promising investment scene Committee on the progress of PPP
In a press statement by UIA Board Chairman, Mr. Patrick Bitature, described the investment
scene in Uganda, last year, as good. The Uganda Investment Authority licensed 349 projects, Investment by UAE in Egypt reach
with a planned investment value of USD 2.4 billion, projected to create 48,374 jobs. USD 2.9 billion
Source: Arab finance.com
This is an improvement from last calendar year, 2007, when Uganda licensed 357 projects, with a
planned investment of USD 2.2 billion. Uganda will not, in the short term, be impacted as heavily The UAE's investments in Egypt were
as the developed economies by the current crisis. As the need for lower costs of operations
worth USD 2.9 billion (Dh10.65bn) at
becomes vital for companies to keep afloat, they will look for cheaper options.
the end of 2008 and Etisalat owned
39.5 % of the total.
The aim, he said, was to make Uganda a well placed location for that. Uganda's economy
continued to grow at 8.9% last financial year, and UIA continues to register great interest in
There were 421 UAE companies in
investment opportunities from our target FDI source countries. The projected 7.4% growth for
2008/9, though lower, is still good, considering the global financial state. The top ten sources of Egypt, including 64 contracting, 44
planned FDI last year, 2008, included; Singapore, Belgium, United Kingdom, India, Kenya, financial, 125 service, 40 agricultural,
Pakistan, Mauritius, China, Finland, and the USA, in declining order.
38 tourism, 87 industrial and 23
Singapore plans to invest in 3 projects with a planned value of USD 465,840,000 projected to
create 920 jobs.
COMESA REGIONAL INVESTMENT AGENCY
Rwanda: Belgium Signs Euro 38 Million The main objective of the ongoing Rwanda's national energy company
Co-Operation Agreement Pact construction of canales and catchments Electrogaz says it will invest USD 80
Source: The new times is to divert rivers to farmlands and to million in power generation and
preserve water so as to create moistures distribution this year, in an attempt to
The Belgian government is set to incase of lack of rain showers. lower tariffs and draw investment.
release Euro 38.12 million (about RWF
30,000, 000, 000) to Rwanda, as part of Kenya: Country's New Airline Comes to Company director John Mirenge said
the two countries' development KIA Boasting Cheapest Fares rapid population growth in recent years,
cooperation frame-work. Source: The Arusha times coupled with long-term under invest-
ment, had left the grid low on reserve
Foreign Affairs Minister Rosemary A Nairobi based new airline has started power and stymied development.
Museminali and Belgian Chargé daily routes between Jomo Kenyatta
d'Affaires, Theofiel Baert, signed five and Kilimanjaro- International Airports. The Rwandan government, he said, had
new cooperation agreements at the The new carrier boasts the cheapest been forced to rent expensive diesel
ministry's premises. fares to date. generators, increasing the cost of
electricity and making the country
Queried, Baert spoke well of the current The Orange marked, Fly-540 made a uncompetitive in the region.
Rwanda-Belgium development co- maiden flight from JKIA to KIA last Friday
operation framework. using an ATR 42 aircraft, one of the eight Later in the year, the utility will split into
planes it owns so far. Fly-540 has a fleet the Rwanda Electricity Corporation and
Eritrea: New Building Complex of Gash of seven French made ATRs passenger Rwanda Water & Sewerage Corporation
-Barka Regional Administration carriers and a Fokker Friendship F27 to allow for better efficiency and focus,
Inaugurated cargo plane. Plans are underway to add he said.
Source: Allafrica.com two larger aircraft, possibly Boeing
planes later this year. Burundi: 'Heart of Africa' Mall Lifts
A building complex of the Gash-Barka Bujumbura City
regional Administration constructed at Air Seychelles extends cooperation Source: Allafrica.com
a cost of about Nakfa 23 million with AVIAREPS
inaugurated on January 20th, 2009. Source: www.boarding.no Following the recent peace initiatives in
Burundi, the investment climate has
Air Seychelles, the national carrier of become more appealing and this has
The building comprises 92 rooms, an
the state Seychelles, extends its seen an increase in investment by local
assembly hall, an information center
cooperation with AVIAREPS to two entrepreneurs.
and engineering center. A solar energy
further markets: the United States and
that could generate 1,600 kilowatt and
Canada. With immediate effect, the In tandem with most urban centers in
provide power to 25 computers have
leading airline & tourism representative East Africa, Bujumbura is also seeing the
already been installed to facilitate
is taking over responsibility for the emergence of a new type of building
activities in the building.
carrier’s marketing and sales activities. complex, the mall. 'Quartier' Asiatic
used to be the quasi-small scale
Eritrea: Catchments and Canals Under
Currently AVIAREPS is contracted for the wholesale zone populated by the
Construction in Dekemhare Sub-Zone
markets of the Czech Republic, 'Qincallerie' or hardware store. It is
Germany, Hungary, Poland, Russia and called 'Quartier Asiatic' because of the
Ukraine. This extended collaboration is proliferation of stores manned mainly
Dekemhare: The construction of catch-
an early response to a growing demand by persons originating mainly from the
ments and canals is underway in Kob-
in North America for flights to the Creole orient, but who have settled for decades
Zibi, Dekemhare sub zone, in an effort
island chain: in 2008, arrivals of in Burundi.
to irrigate over 170,000 hectares of
American visitors in the Seychelles
farmland and to gather satisfactory
increased by six per cent compared with Zambia reduces investment charges for
agricultural yields, according to
2007 (National Statistics Bureau 2008). investors
Engineer Simon Berhane an expert in
Source: APA News
irrigation development branch office of
Air Seychelles offers connections from
the Ministry of Agriculture Southern
major cities worldwide such as Paris, APA-Lusaka (Zambia) The Zambian
London (Heathrow), Frankfurt, Rome, government on Thursday reduced
Milan, Johannesburg and Singapore to charges on investment licences in a bid
Indicating that farmers of the area have
its base airport in Mahé, the largest to make it cheaper for investors to invest
been exerting unremitting strives and
island of the Seychelles. in the country.
have encountered difficulties to divert
rivers for irrigation proposes, Engineer
Commerce Trade and Industry Minister
Rwanda: Electrogaz to invest USD 80
Simon said that the government have
Felix Mutati told journalists in Lusaka on
million in 2009
now employed new machineries thus
Source: Reuters Thursday that the move was with effect
playing a decisive role.
COMESA REGIONAL INVESTMENT AGENCY
from December 2008. Zambia: State to Work On Rural Roads, Mauritius based Landmark Special
Bridges Opportunities Company (LSOC) and
He said the fees for various investments Source: Times of Zambia Landmark Real Estate Fund (LREF) are
licences have been reduced by between picking up around 60% stake in Kolkata-
The Government will work on roads and
23 and 80 percent. based realty company Forum Ventures
bridges to open up rural areas for for close to Rs 100 crore, a person
economic development, President
He said a statutory instrument has involved in the transaction said.
Rupiah Banda has said.
already been issued to legalise the
changes and hoped this would attract Both LSOC and LREF would make
Paramount Chief Chitimukulu's palace
more investors to the country. investments in Forum Ventures through
yesterday, Mr Banda said good roads their Mauritius-based subsidiaries, LSO
Kenya: Bonds to Raise Sh360 Billion and bridges were a prerequisite for Subco and LREF Subco, respectively, the
Source: Daily Nation person said. Forum Project Holding, a
development company owned by the
The Government seeks to raise Sh360 He said that the Government wanted to Forum Group, holds around 37% in the
billion in the next five years through improve bridges and roads to link up Forum Ventures.
infrastructure bonds. various places so that people could
freely move and carry out various Rwanda's platform to create more
The bonds will be issued to help fund development activities without any investment opportunities
projects in the energy, housing, hindrance. Source: The New Times
sewerage and water supply, transport,
rails and road networks among other He said the construction of Kalungu Rwanda's Investment Strategy (RIS)
sectors. Bridge on the Kalungu River, a tributary envisages the increase of total
of the Chambeshi River would enable investments from 22 percent in 2005 to
Recently, the Safaricom IPO raised the people to cross the river and move 30 percent of Gross Domestic Products
Sh226 billion against a target of Sh50 their goods for sale in Kasama from (GDP) by 2020.
billion an over subscription of 532 per Mungwi and other areas.
cent. Rwanda's investment promotion is
Consequently, he said, the project would premised on the need to facilitate the
Sh867 billion. Private funds inflows and trigger other economic activities for the structural transformation of the econ-
remittances from the diaspora totalling benefit of the people in the area. omy toward industry and services,
Sh113.5 billion are also targeted. underpinned by the creation and
Mr Banda also called on traditional sustenance of a knowledge based
Kenya: Equity commits to boost mobile rulers to work closely with the economy.
banking Government to develop the country.
Source: Business Daily The country has created the investment
Mauritian firms to buy 60% in Forum code. This is the creation or acquisition
Backed by a war-chest of at least 2.8 Ventures of new business assets or the
million customers a third of the banked Sources: India Real Estate Monitor expansion, restructuring or rehabilit-
population. Equity Bank on Thursday
made a commitment to double the
920 into the market and provide affordable
number of Kenyans with access to
access to financial services to vast
mobile financial services, a month after
920 Jobs are expected to be created in numbers of poor people.
it launched its mobile banking product.
Uganda due to Singapore investments.
The bank's growth has been as a result
of being innovative to develop products
Rwanda's national energy company
and especially savings products which
The construction of cathments and Electrogaz says it will invest USD 80
meet the needs of the low-income
canals is underway in Kob-Zibi, million in power generation and
Dekemahare sub zone, in an effort to distribution this year, in an attempt to
irrigate over 170,000 hectares of lower tariffs and draw investment.
With statistics estimating that nine out
of 10 people in most developing
countries having limited or no access to
a bank account or basic financial
The UAE's investments in Egypt were
services, M-banking products like
Egyptian telecom giant Orascom worth USD 2.9 billion (Dh10.65bn) at
Safaricom's M-Pesa are providing
Telecom’s new subsidiary Telecel Globe the end of 2008
opportunities to tap
has bought Namibian mobile operator
Cell One in a USD 59 million cash deal.
COMESA REGIONAL INVESTMENT AGENCY
ation of existing business enterprise. Country Of The Month
over 20 percent.
Republic of Djibouti
Similarly, Rwanda's investment It added that Namibia had mobile
promotion involves all activities aimed Surface area: 23,200 Km2
penetration of close to 50 percent at
at encouraging greater infusion of the end of 2008.
investments to fuel growth as well as Capital: Djibouti
enhancing the image of the country as CIH Buys Zambian Bank
an ideal location for investments. The Population: 820,000
Source: Namibia Economist
policies are directed towards expanding
production and value addition in Official language: Arabic
Capricorn Investment Holdings (CIH),
traditional exports; tea, coffee and
t h e p a re nt c o m p a ny o f B a n k
tourism, diversifying of export base, Currency: Djibouti Franc (DJF)
Windhoek, has made inroads into the
focusing on high value, innovative
Zambian financial services sector
products and services, and enhanced GDP at market prices (2007):
institutional competitiveness among USD 0.85 billion
through an acquisition in Cavemont
others. Capital Bank Ltd, also known as
Real GDP growth rate (2008):
Cavemont Bank. In 2006, Capricorn
Investment Strategy (RIS) envisages the 6%
kick-started its bold expansion plans by
increase of total investment from 22
acquiring a substantial shareholding in
percent in 2005 to 30 percent of GDP by FDI inflows (2006):
Cont... COMESA Woos European Investors
2020. This envisaged accelerated USD 108 million
Botswana's Bank Gaborone.
growth will require significant
expansion and deepening of FDI Stock (2006):
Sources within the banking sector say
i nve st m e nt a s we l l a s ex p o r t USD 230 million
CIH's entry into the Zambian market is
widely seen as part of its expansion
Exports of goods and services:
strategy into regional markets, with
Egypt: Orascom Telecom buys USD 340 million (2006)
more acquisitions envisaged for
Namibia's Cell One in USD 59 million
cash deal Imports of goods and services:
Mozambique, Angola and other parts
Source: Reuters USD 1.555 billion (2006)
of Africa. Zambian Stock Exchange-
listed Cavemont Capital Holdings
Egyptian telecom giant Orascom Main export sector: reexports,
Zambia PLC is the holding company
Telecom’s new subsidiary Telecel Globe hides and skins, Coffee and
that is now co-owned by CIH Namibia.
has bought Namibian mobile operator Jewelry
Cell One in a USD 59 million cash deal.
Ethiopia: CRBC launches installation Main destinations of exports:
of 17mln birr road indicator boards
Telecel Globe has bought Cell One as Somalia, Ethiopia, Yemen and
Source: The reporter
part of its strategy of targeting licences United Arab Emirates
and mobile operators in small and
The China Road and Bridge
medium-sized developing countries Main origins of imports: Saudi
Corporation (CRBC) is launching the
with high growth potential. Arabia, India, China and Ethiopia
installation of 350 road indicating and
street naming boards, the first of their
“Cell One is well positioned in the Your Your Partner in Investment
type in the country.
Namibian market to become the key
provider of competitive mobile voice Djibouti National Investment
The Addis Ababa City Road Authority
and data services. Promotion Agency
(AACRA) had in late 2007 offered the
over 17 million birr contract involving
Telecel Globe expects the investment in Tel: (+253) 31 21 02
the production and installation of the
Cell One to have a positive effect on the Fax: (+253) 35 88 37
sign boards to CRBC. It took the
brand, the customers and Namibia as a Address: P.O. Box 1884-
corporation more than a year to
whole,quot; Telecel Globe Chief Executive Rue de Marseille- Djibouti
produce the sign boards, which it has
Kai Uebach said. Website: www.djiboutinvest.dj
been installing since mid-December.
Telecel Globe has already paid USD 32
The corporation will erect the boards
million for Cell One, with the balance
along the 33.3 km long ring-road
due in January 2010.
beginning from Diaspora Square to the
Orascom said Cell One operated a GSM
network with 198,000 active
The installation work is expected to be
subscribers and had a market share of
COMESA REGIONAL INVESTMENT AGENCY
completed in January, according to Forum in Mumbai from February 11-13, Destination of the Year (2008) by the
Fekade Haile, the general manager of 2009. UK's National Outsourcing Association
the Addis Ababa City Roads Authority (NOA) and was recently listed in
(AACRA). The Forum has long been India's Gartner's Top 30 global outsourcing
premier global meeting for the IT-BPO destinations.
Mauritian, Malagasy consortium to industry and this year sees Egypt's
invest USD 250 million in Mozam- Information Technology Development China Railway wins USD805 million
bique’s ethanol sector Agency (ITIDA) as a platinum sponsor. railway contract in Libya
Source: The Zimbabwean daily Source: www.bi-me.com
Egypt will be strongly represented
APA :Port Louis (Mauritius): A cons- through its own country session and will LIBYA. China Railway Construction Corp
ortium of Mauritian and Malagasy have a delegation of both multinational is reported to have won a US$ 805
businessmen is finalising plans to invest and local Egyptian outsourcing million contract to build a new railway in
250 million dollars in a mega -project in companies, including Xceed, Vodafone, Libya.
the production of biofuel. Teleperformance and Raya, on-hand to
demonstrate Egypt's strong position as The 172 kilometre line will take around
A communiqué issued by the Mauritian a global service delivery location and a 54 months to complete. No further
partners in Port Louis on Saturday, said leading partner of India's outsourcing details have been provided.
the consortium, the Mozambique industry.
Principle Energy (MPC) plans to The reports in Chinese business media
produce some 213 million litres of Mr. Amin Khaireldin, Strategic Advisor said that the deal follows a US$2.6
ethanol by 2013. and Board Member of ITIDA, along with billion contract last year to build two
other delegates from ITIDA, will be other rail lines, a 352 kilometre railway
The production will be exported to speaking at the Nasscom Leadership along Libya's Mediterranean coast from
some countries of the region in order to Forum on the emerging importance of Khums to Sirt and an 800 kilometre line
attenuate the energy crisis. Egypt in the global outsourcing market. in the south from Sebha to Misurata.
Mozambique has recently approved a Currently Indian direct investment in The coastal railroad is slated for
quot;Right of Use and Exploitation of Landquot; Egypt totals $800m in more than 200 completion in four years and the
concession which will put 18,000 Egyptian companies and with its southern line should take three years.
hectares of land at the disposal of the relatively large and burgeoning talent
consortium in Dombe, Manica in the pool of IT professionals, the Egyptian Uganda's export value hits USD 2.4
central Mozambique. outsourcing sector has received strong billion, investments hits USD 946
support from its government to develop million
Sugar cane will be cultivated for the the industry further. It is projected that Source: www.newvision.co.ug
production of bio-fuel. the Egyptian outsourcing sector will
generate revenue of more than USD Last year, Uganda exported more goods
The company which expects to produce 1billion by 2010, four times the 2005 and services than the previous one. The
2.5 million tons of sugar cane yearly and revenue. value of exports increased from USD 2
will also set up an electrical power billion in 2006/07, to USD 2.4b in
station to generate 82.2 megawatts of Last year, ITIDA signed a number of 2007/08.
electricity as from 2012. Memorandum of Understandings and
Letter of Intents with Indian bodies and President Yoweri Museveni said coffee
Twenty percent of the production will companies including Nasscom and exports increased from USD 229 million
be used by the company and the rest three of India's top five IT/BPO in 2006/07 to USD 348 million in
will be supplied to the national grid. companies to extend the collaboration 2007/08.
between Egypt and India.
An estimated 2 650 jobs will be created “Partly as a result of this good export
and the consortium will help in Egypt has been making huge strides in performance, the level of Uganda’s
infrastructural development in the the world of outsourcing and according international reserves increased to USD
region. to Yankee Group 'Egypt is by far the 2.7 billion in June 2008. The regional and
Middle Eastern country currently best adverse global developments in
Egypt to strengthen ties with India at positioned to take advantage of the calendar year 2008 have tested the
Nasscom's Leadership Forum 2009 boom in outsourcing. It has a relatively strength of our economy,” Museveni
Source: www.ameinfo.com young population, a multilingual said.
workforce, a large and burgeoning
Egypt, one of the world's fastest talent pool and strong government He noted that investments by foreigners
growing locations for global support for outsourcing.' had increased to USD 946 million in
outsourcing, will be showcasing its ICT 2007/08, from USD 695 million in
industry at Nasscom's India Leadership Egypt was also named the Offshoring 2006/07.
COMESA REGIONAL INVESTMENT AGENCY
QUOTES About us
The COMESA regional investment
Investors have very short memories. ABOUT US
agency is a co-ordinator between
the 19 COMESA Investment
Wide diversification is only required when investors do not understand what they are doing. Promotion Agencies “IPAs”. It aims
Warren Buffett to bring forth all the investment
information and opportunities for
We go to school to learn to work hard for money. I write books and create products that teach
worldwide investors interested in
people how to have money work hard for them.
EVENTS RIA team
COMESA Investment Conference 2009
25 February 2009
Fairmont Towers, Cairo, Egypt Manager
Improving Investor Relations and Service Systems in the COMESA Region
26-27 February 2009
Fairmont Towers Hotel, Cairo , Egypt Research Analyst
Real Estate Investment World
23-26 March 2009
Pudong Shangri La Shanghai Marketing Officer
Arabian Hotel Investors Conference 2009
2-4 May 09
Madinat Jumeirah Dubai UAE Media Editor
Rising Above Expectations
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PERSONAL NOTE FROM RIA STAFF
The COMESA RIA STAFF would like to take this opportunity to
mourn the loss of our dear colleague Malik El Rouby, who held
the accountant position on our team. He passed away
December 29. He leaves behind his wife and two daughters.
Touching all our lives, he was a warm and affectionate presence
that will be cherished by all of us here in the office.
Rest in Peace
Malik El Rouby
May he rest in peace.
August 1975 -
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