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Comesaria Newsletter feb09


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February edition of the Monthly COMESA Investment Agency newsletter

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Comesaria Newsletter feb09

  1. 1. EYE ON COMESA ISSUE 11 FEBRUARY 2009 CONTENTS COMESA REGIONAL INVESTMENT AGENCY Page 2 COMESA Investor’s Conference 25th of February, 2009 Latest Headlines Fairmont Towers Hotel, Cairo, Egypt. Page 3 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, Egypt. Page 4-5 latest Headlines 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 Page 6 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 projects. 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 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 communications businesses. 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
  2. 2. FEBRUARY 2009 PAGE 2 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: 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: a cost of about Nakfa 23 million with AVIAREPS inaugurated on January 20th, 2009. Source: 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 Source: 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 region. 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
  3. 3. JANUARY 2009 PAGE 3 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 development. 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 NUMBERS 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. 80 The bank's growth has been as a result 170, 000 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 people”. 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 farmland of 10 people in most developing 2.9 countries having limited or no access to 59 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
  4. 4. JANUARY 2009 PAGE 4 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 performance. 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: 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 Wingate Junction. 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
  5. 5. JANUARY 2009 PAGE 5 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: 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: 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: 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
  6. 6. JANUARY 2009 PAGE 6 QUOTES About us The COMESA regional investment Investors have very short memories. ABOUT US agency is a co-ordinator between Roman Abramovich 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. the region. Robert Kiyosaki EVENTS RIA team COMESA Investment Conference 2009 Heba Salama 25 February 2009 Fairmont Towers, Cairo, Egypt Manager Improving Investor Relations and Service Systems in the COMESA Region Mohamed Aref 26-27 February 2009 Fairmont Towers Hotel, Cairo , Egypt Research Analyst Real Estate Investment World Dina Helal 23-26 March 2009 Pudong Shangri La Shanghai Marketing Officer Arabian Hotel Investors Conference 2009 Karim Higazy 2-4 May 09 Madinat Jumeirah Dubai UAE Media Editor Rising Above Expectations Subscription request subscription through: 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 - December 2008 COMESA RIA DIARY SPONSORS Gold Sponsor Platinum Sponsor Silver Sponsor While every effort is made to provide accurate information, no responsibility is taken for inaccuracies and omissions contained herein. 3, Salah Salem Road, Nasr City, Cairo, Egypt General Authority For Investment BLDG Tel: (+ 202) 240 55 428 Fax: (+202) 240 55 421 COMESA REGIONAL INVESTMENT AGENCY