fbpx
Connect with us
//pagead2.googlesyndication.com/pagead/js/adsbygoogle.js (adsbygoogle = window.adsbygoogle || []).push({});

Business and Development

British Investments in Egypt Hit 46 Billion Pounds

Published

on

British and Egyptian Flags

British and Egyptian Flags

Britain continues to massively invest in Egypt, with current figures indicating that the investments are worth over 46 billion pounds.  These impressive figures notwithstanding, Egypt Investment Minister is pushing for further boosting of economic cooperation between the two countries. The United Kingdom is keen on backing Egypt’s investments on human capital—especially on medical care and education.

The 46 billion pounds is an impressive improvement from 2018’s valuation of British investments in Egypt. According to Egypt’s Chamber of Commerce, British investments in Egypt reached $5.6 billion in 2018—as of May 16, 2018. The continued investments are therefore indicative of the good trade relations between the UK and Egypt. The investments span in the areas of finance, tourism, construction, services, industry, information technology, telecommunications, and agriculture.

Britain Trade Relations with Egypt

Britain and Egypt continue to maintain strategic relations in trade. Several consultative discussions between representatives of the two countries have beared fruits. In 2018, Egypt’s Minister of Industry and Foreign trade had talks with British Trade Envoy to Egypt.

The meeting between Amr Nassar and Jeffrey Donaldson was held to review the future of economic relations between Egypt and Britain. The discussion also featured post-Brexit trade relations between the two countries. A year after the talks, progress is being made on British investments in Egypt. The current 46 billion pound investments make Britain the biggest foreign trade partner to Egypt.

Egypt’s Economy

The increased investments by the UK in Egypt have the overall effect of boosting Egypt’s economy. This is a positive trend towards recovery after the effects of the Arab spring in 2011. Most economic activities in Egypt take place in the Nile Valley. The country’s tourism industry has also rebounded. According to the 2019 Index of Economic Freedom, trade freedom has increased to 71.8.  This freedom has created a conducive environment for both local and foreign investors.

2018 projections indicated that Egypt’s economy was to grow by 5.2 percent–in the fiscal year 2018-2019. The positive projections were based on the country’s economic reforms. The reforms were part of the conditions for a $12 billion loan from the IMF. Egypt has made progress on IMF’s austerity plans, and the initiatives have boosted the country’s economy. The country’s GDP grew by 5.3 percent in 2018. Egypt’s economy relies on tourism, agriculture, petroleum imports, natural gas, and media.

With Britain’s Brexit still not in effect, it’s important to evaluate the UK’s new trade partners post-Brexit. So far, Egypt continues to be a strong ally in Africa.

Facebook Comments

Advertisement //pagead2.googlesyndication.com/pagead/js/adsbygoogle.js (adsbygoogle = window.adsbygoogle || []).push({});
Click to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business and Development

Tanzania Electric Train Commence Trial In July

Published

on

Tanzania electric train

Tanzania is reaching for another economic milestone. The government announced that it was it will be testing its maiden self-funded electric train. The train which will run at 160 km/h will be one of Africa’s fastest high-speed trains. The train will also provide a cheaper means of transport to the citizens.

Further details show that the phase running from Dar es Salaam to Morogoro which has 6 in between stations and stretches 300 kilometers will commence operation in December. The trial trains in phase one will be three passenger trains. However, these trains will conduct daily round trips covering the two cities. Each passenger train will be making a minimum of 9 trips per day.

Difference between Tanzania electric train and regular train

The speed train will make use of concrete sleepers. This allows the railway network to carry as much as 35 tonnes of load per axle and increase its durability. Consequently, the rails should be able to last up to 40 years before any major repairs. However, the train bridge can last up to 100 years.

Speaking at the historic launch of the flash butt welding of the Standard Gauge Railway (SGR) at Soga, outside Dar es Salaam in Coastal region, Eng. Issac Kamwele, the Minister for Works, Transport and Communications said the trial of the speedy electric train will happen in July. However, the trial will only cover a section of the SGR. In comparison to other country’s SGR, Tanzania’s will be fasters. Kenya and South Africa’s SGR can only reach a speed of 120 km/h

The impact this project will have on the economy

Tanzania government is making great strides to boost the economy of the nation. Recently, the government proposed plans to build cable cars for Mount Kilimanjaro. This is projected to double the current 50,000 annual tourists. However, not many think it is a good idea. A few groups think it will lead to the loss of thousands of jobs.

ALSO READ: Tanzanian Government Considering Cable Car For Mount Kilimanjaro And Here Is How People Reacted

The $1.9 billion (Tshs 4.3 trillion) project has already created over 26,000 job opportunities. However, the government is optimistic that the second and subsequent phases will create more opportunities once fully functional.  The first railway lines in Tanganyika (previously German East Africa) were built after Zanzibar’s first tramway. The Ethio-Djibouti SGR project is currently the longest and first trans-boundary electric railway in Africa.

Facebook Comments

Continue Reading

Business and Development

Tanzanian Government Considering Cable Car For Mount Kilimanjaro And Here Is How People Reacted

Published

on

In a bid to boost the number of tourists visiting the East African nation, the Tanzanian government is considering putting cable car on Mount Kilimanjaro. Consequently, the government is currently in talks with a Western and Chinese company to actualize this project. Mount Kilimanjaro holds the record as Africa’s tallest mountain.

https://t.co/HWfAVMoM83

According to the deputy minister for tourism, Constantine Kanyasu, the current 50,000 tourists that climb Mount Kilimanjaro could double with a cable car. This is because children and the physically challenged will have a chance to climb the mountain too. However, the Tanzania National Parks Authority (TANAPA) is carrying out a feasibility study on the possible routes. In a report on Reuters, Kanyasu said,

“We are still doing a feasibility study to see if this project works. There are two companies, one from China and another from a Western country that have shown interest. This won’t be the first time in the world, cable cars are there in Sweden, Italy, [and] the Himalayas.”

Impact of tourism to Tanzania’s economy

Tourism is Tanzania’s major source of foreign exchange earnings. Tanzania witnessed a 7.13% increase in tourism in 2018, particularly those visiting Mount Kilimanjaro. Consequently, Tanzania earned $2.43 billion in 2018. This is a boost from the country’s $2.19 billion earning in 2017. Mount Kilimanjaro is nearly 5,000 meters high and has three volcanic cones. Other tourist attractions in Tanzania are wildlife safaris and beaches.

The Tanzanian government is still reviewing business plans, profits and potential investors. There are lots of options for the routes and the length is yet to be finalized. The tourism mister said the government will also be looking at cost and engineering issues as well as environmental impact assessment.

Not everyone is happy with the idea of Mount Kilimanjaro cable car

Not everyone is in support of the idea of having a cable car on Mount Kilimanjaro. Spearheading the anti-cable car idea is the Tanzania Porters’ Organization. Guide groups and porters who accompany tourists up the mountain fear that the building of a cable car will reduce the number of climbers. There are nearly 20,000 porters working between Meru and Mount Kilimanjaro. Throwing more light to the harm this innovation would cause was the head of Tanzania Porters’ Organization, Lioshiye Mollel. Mollel said,

“One visitor from the U.S. can have a maximum of 15 people behind him, of which 13 are porters, cook and a guide. All these jobs will be affected by a cable car. We are of the view that the mountain should be left as it is.”

On Twitter, @AndyTraenkner said, “I’ve been fortunate to summit that amazing mountain twice, so far. Scarring its natural beauty with a cable car is a crime”

Facebook Comments

Continue Reading

Business and Development

Kuwait Based NAS Expands It’s Pledged $50 Million Africa Operation Into Mozambique

Published

on

GLS-NAS Managers

GLS-NAS Managers

The National Aviation Services (NAS), an aviation services provider based in Kuwait, has added Mozambique to its network. This is part of the company’s initiatives to expand in emerging markets. Starting from July 2019, NAS will start offering cargo and ground handling services in Liberia and Mozambique. NAS together with its local JV partner, GLS, has already started building a cargo terminal in Monrovia, Liberia.

NAS Investments in Africa

The addition of Mozambique and Liberia to its network shows NAS’ commitment in its investments in Africa. The company has stated that it plans to invest 44 million Euros—an equivalent of US$50m—in Africa. The $50m investment in Africa will span a period of three years.  Mozambique is the first on the list of beneficiaries of these investments.

NAS’ activities in Mozambique will include import and export cargo handling. Furthermore, the company will offer storage for shipments passenger and engineering services. Additional services include aircraft maintenance and ramp handling. These services are not restricted to Mozambique’s capital at Maputo Mavalane International. The services will be provided at all airports in Mozambique.

Employment

The new investment will also incorporate investments in human capital. With the increasing demand for air transport in the region, there is a need to recruit more local employees in the sector. NAS has stated that it will recruit and train local employees to ensure secure and quality services. The company estimates that it will hire 1,000 Mozambicans to join their global operations.

Cargo Terminal in Monrovia

Meanwhile, NAS has already broke ground to build a cargo terminal in Liberia. The company has partnered with Global Logistics Services Inc. to build the cargo terminal at Roberts International Airport. The two companies will build a 2,700 square meter cargo terminal. The name of the project is Roberts Air Cargo Center–RACC.

The center will support export supply in Liberia, as well as improve cargo operations to meet international standards. Previous forecasts had indicated that there is a demand for around 3,500 square meters in air freight. Construction of the cargo terminal is set to be completed by April 2020.

According to Peter Malcom King, chairman of GLS-NAS, RACC will be the first of its kind in Liberia. The center will provide the much-needed infrastructure to improve trade barriers, boost Liberia’s position as the hub in the region, and enhance air cargo supply. The freight terminal will feature temperature controlled storage, dangerous goods storage, racking for storage, five loading docks, mail area, and a vault. The Liberia Airport Authority will also develop a separate freighter stand.

Facebook Comments

Continue Reading
Advertisement
Advertisement

Popular Posts