Sunday, November 24African Digital Business Magazine

Tag: trade

Piracy in the Gulf of Guinea: Vulnerable Trade Routes
African News, Main

Piracy in the Gulf of Guinea: Vulnerable Trade Routes

In 2020, 95% of all kidnappings at seas took place in the Gulf of Guinea. There, pirates, equipped with firearms, frequently enter ships, capture the crew, and steal cargo. Pirates are becoming more and more advanced in their tactics and the majority of attacks are carried out in hopes of getting ransom. Piracy creates problems for ships that on a daily basis travel through the Gulf to transport oil and other petroleum products. How the attacks are organised Most kidnappings happen within 60 nautical miles from the shore. Oil tankers are particularly at risk of being attacked as they carry petroleum products that many pirates hope to steal and later resell. Pirates approach a large ship, and, after taking control over it, move cargo from it onto multiple smaller vessels. They also take the...
Africa needs Pragmatic Free Market policies to attract capital into Gas markets
Energy

Africa needs Pragmatic Free Market policies to attract capital into Gas markets

Speaking at the International Petroleum (IP) Week on February 25, 2021, I commended Nigeria for its efforts in driving gas monetization, but we have to be clear that our industry and hardworking people remain frustrated by the delays and inability to pass and sign the Petroleum Industry Bill. There needs to be that fierce sense of urgency of now especially in the era of the energy transition. The Petroleum Industry Bill (PIB) needs to be passed as it allows energy companies to turn their attention to producing energy that drives our economies. It will allow politicians to focus on other pressing matters like the African Continental Free Trade Area (AfCTA) and security issues. Africa is well-placed to become a key global supplier of LNG. Mozambique, Nigeria, Equatorial Guinea, Senegal, and ...
The top 5 reasons why investing in Ireland makes sense for African businesses
Business, Main, South Africa News

The top 5 reasons why investing in Ireland makes sense for African businesses

By Daireann Gibson, Managing Partner at Gibson & Associates Solicitors Ireland is becoming an increasingly popular destination for individuals from across Africa who are looking to move abroad. South Africa in particular has seen 3,000 immigrants choose Ireland as their new home, and for investors in particular, Ireland provides a wealth of opportunities. The relationship between Ireland and the continent of Africa has long presented a lot of potential with regard to business. Plans are currently in action to increase the value of a two-way trade deal between Ireland and Africa, which is projected to be worth at least €5 billion by 2025. Trade in goods and services between Ireland and Africa increased by 29% between 2010 and 2017, from €3.4 billion to €4.4 billion. In addition, Irish e...
Events, Startups

Calling African Innovators: Solutions for Sustainable Living and Economic Development in Africa Sought

Appliance giant Defy to aid in the advancement of projects that ensure the sustainability of trade, natural resources, and life in Africa From 5 - 7 March 2021, leading manufacturer of home appliances, Defy, will be hosting the Hack The Normal online hackathon with the aim of exploring how technology can be leveraged for sustainable living and economic development in Africa. Supported by Defy sister company, Beko, hackathon participants will have the opportunity to develop new products, services, and business models with commercialisation potential to address one of the following challenge areas: Financial Solutions: With Africa rapidly becoming a key player in the global economy, the continent must prepare itself for a surge of commercial activity with all the supporting services nece...
Main

AfCFTA is Now Operational: What to Expect in the First Few Months

by Pomy Ketema, Counsel, Baker McKenzie, New York The African Continental Free Trade Area (AfCFTA) is one of the largest trading blocs in the world with the majority of African countries now operating under its preferential trade framework. Trading under AfCFTA commenced on January 1, 2021 under a liberalized trade regime that would gradually lead to an integrated continental market with tariffs phased out on 97% of tariff lines within 10 to 13 years. AfCFTA covers both goods and services, and provides a platform for individual countries or regional economic communities (RECs), as applicable, to engage in intra-African trade, through offers of tariff concessions and service commitments with reciprocal most-favored-nation treatment. There is already a degree of liberalized trade and integra...
Deal making slows across Africa but post-pandemic opportunities look interesting
Ethiopia News, Ghana News, Kenya News, Main, Mauritius News, Mozambique News, Nigeria News, South Africa News

Deal making slows across Africa but post-pandemic opportunities look interesting

Deal making activity in sub-Saharan Africa (SSA) dropped in the second half of 2020 (H2 2020), when compared to the second half of 2019 (H2 2019) and year-on-year, deals were also down in both volume and value compared to 2019. As the continent gears up for post-pandemic recovery in 2021, the opportunities presented by free trade across the continent, foreign investment opportunities due to new partnerships and trade relationships, as well as the post-pandemic focus on technology, healthcare and renewable energy, will be key factors in attracting valuable mergers and acquisition (M&A) activity to the region. Further, South Africa’s deal volume and value both dropped in 2020, with the industrials and healthcare sector attracting the biggest investments. Ghana stood out as a country that...
Egypt News, Ghana News, Kenya News, Main, Mauritius News, Nigeria News, South Africa News

African dealmaking decreases, the Africa’s Free Trade Agreement expected to boost recovery

Dealmaking activity in sub-Saharan Africa (SSA) dropped in the second half of 2020 (H2 2020), when compared to the second half of 2019 (H2 2019) and year-on-year, deals were also down in both volume and value when compared to 2019. According to Baker McKenzie’s analysis of Refinitiv data, M&A transactions dropped in SSA in H2 2020, down 4% compared to H2 2019 with 329 deals in the period. Deal value fell by 17% to USD8.9 billion in the second half of 2020, compared to the same period in 2019. For the full year 2020, transactions dropped by 8%, with 625 deals in 2020, and deal value dropped by 33%, with deals valued at USD17.4 billion in total for 2020. However, as Africa gears up for its post-pandemic recovery, it appears that the opportunities presented by the recent launch of fr...
Five Tech Megatrends that can Transform African economies in 2021 and beyond
African News, Agriculture, Fintech, Main, Medicine

Five Tech Megatrends that can Transform African economies in 2021 and beyond

The world has been experiencing massive digital disruption with the relentless rollout and adoption of disruptive and innovative technologies. Embracing digital disruption is daunting, since it is extremely unsettling with the rapid change brought about within societies and the severe impact on unskilled labor. Even if the African continent will not be spared by digital disruption, Africa cannot afford to be left out of these global technology (Tech) trends. If technology is wisely implemented, developing African countries are able to hop on the digital bandwagon to rapidly undergo a digital revolution that can boost their respective economies. While disruptive technologies like artificial intelligence, additive manufacturing, augmented and virtual reality, and others are becoming more and...
Organic wholesaler doubles output with AutoStore empowered by Swisslog
Tech

Organic wholesaler doubles output with AutoStore empowered by Swisslog

The leading wholesaler in the Swiss organic market, Bio Partner, has doubled its output following the implementation of innovative robotic logistics from Swisslog at its facility in Aargau, Switzerland. Bio Partner supplies business customers in the organic specialist trade as well as the rest of the retail and food industry from its location in Seon. As a result of the merger with Somona GmbH, the warehouse reached its performance and capacity limits, and the wholesaler turned to a local partner with a global footprint to deliver an automated storage system. The 12,200m2 warehouse handles 10,000+ products, a process now optimized thanks to the high-performance AutoStore storage solution, delivered by global warehouse automation specialist, Swisslog, a member of the KUKA group. "Companies...
The US approach to Africa under Biden
Main

The US approach to Africa under Biden

By Virusha Subban, Partner specialising in Customs and Trade at Baker McKenzie in Johannesburg The United States (US) President Elect Joe Biden and his new administration are expected to take a multilateral approach to foreign policy, easing tensions and increasing engagement with allies. Trade issues are also expected to be a top priority for the Biden administration and under Biden, US engagement with African countries will likely focus on strengthening relationships in a strategic, co-operative way. Biden is also likely to continue with successful bipartisan programmes implemented by his predecessors, as well as encourage US trade and investment in the continent. This bodes well for US-Africa trade and the US position as a key trading partnership for African countries. During his electi...