Category: Trading

A partnership agreement was signed between the Tunisian-French Chamber of Commerce and Industry (CCITF) and the French Tech Tunis, following a meeting between the presidents of the two entities. The goal of the agreement is to increase bilateral coordination and ensure a better synergy.

The two officials also agreed to organize joint webinars every two years, the CCITF said on Thursday.

President of the CCITF Khelil Chaibi expressed the Chamber’s commitment to work closely with La French Tech Tunis, particularly by providing support startups, both locally and internationally.

President of the French Tech Tunis Neila Benzina expressed interest in working with the CCITF to ease the integration of European SMEs in Tunisia.

The French Tech Tunis is “a community of actors who share the values of innovation, entrepreneurship, collaboration / mutual aid and seek to promote talented Tunisian youth.”

Source: Agence Tunis Afrique Presse

The issuance of the new Seychellois biometric passport for citizenship acquired under the Economic Investment Programme will be done if the applicant properly complies with all the requirements of the law at the time, said a top government official on Thursday.

The statement was made by Seychelles Vice President Ahmed Afif in a Cabinet press briefing.

Afif told reporters that the government set up a citizenship committee when Seychelles was about to launch the biometric passport as the government wanted the process to be consistent and as per the law.

Seychelles, an archipelago in the western Indian Ocean, introduced the new biometric passport for its citizens in November 2022 and the first one was issued to President Wavel Ramkalawan.

The biometric passport has a microchip with data such as fingerprints, facial recognition, and digital signature elements.

The committee was set up to examine the awards of citizenship under Section 5 of the Citizenship Act 1994, whereby citizenship could be acquired through the Economic Investment Programme, which operated between 1995 and 2009.

“There are many people even if they are citizens, who have never come to Seychelles but they have a Seychellois passport they got through 5(2) that was on the economic investment programme. So we said if any among them came to Seychelles and asked to renew their passport and get a biometric one, let us do the exercise so that we can ensure that there is no fraud or laws broken,” explained Afif.

He said that the committee found that in many cases there were no proper records to prove that the process done was in order.

“The government decided since we could not find out everything in our records, those asking for renewal of their Seychellois passport because the ones they have, have expired, they need to show us proof that everything was done as per the requirement,” said Afif.

“They will have to tell us what investment they made, when made payments […] and if everything is in order, it is our obligation to renew these passports. If not everything is in order and we see that there are discrepancies in the process, we will look for evidence and examine each case for us to be sure whether the passport will be renewed or not,” he added.

In its meeting on Wednesday, the Cabinet of Ministers advised that the award of citizenship should be respected in cases where the applicant had properly complied with all the requirements of the law at the time.

However, any cases of citizenship awarded without the full due process would be subject to further investigation and possibly revoked in accordance with the law.

Source: Seychelles News Agency

Business operators dealing with mobile phones in Nyeri have decried declining sales owing to a serious shortage of the products. So grave is the situation that some dealers have been forced to lay down staff to cut down on costs due to declining sales. A spot check by KNA at leading mobile phone outlets within Nyeri town laid bare the gravity of the matter with most of the operators being forced to revert to selling second-generation of mobile networks (2G) sets. A number of traders who spoke to KNA also complained that most of the handsets they had ordered are arriving with faulty batteries while the functioning ones are very expensive. This has forced sellers to hike prices, a decision that has not gone well with the buyers. ‘We are currently doing very badly as far as mobile phone sales are concerned. I used to make up to Sh40, 000 in sales by midday on a working day when there was a seamless supply of mobile sets. But these days selling a single unit has become practically impossible due to increased cost. The challenge has forced some shops to reduce their workforce to cut down on overhead costs until such a time things will look up again,’ says Caroline Njeri, a mobile phone dealer. Njeri says the most affected brands include Real Me, Tecno Spark, Samsung, and Itel. She also disclosed that the few handsets they are receiving are coming at hiked prices forcing them to charge an additional fee of between Sh1,000 and Sh1,500 per set. The trader is now urging the government to address the issue as a matter of priority to avert a potential collapse of their businesses. ‘Every time we make an order for new sets, it takes quite some time for delivery to be made and they also come with hiked prices. This has now forced us to increase our prices to cushion our business against running into losses. Unfortunately, this has only deteriorated the situation since most buyers are reluctant to dig deeper into their pockets just to purchase a mobile phone, especially during these tough economic times,’ she added. Her sentiments are echoed by Muthoni Mwangi who says they are yet to receive an order they placed due to challenges in supply. She says the problem began sometime in May this year and has adversely impacted on her business since customers can no longer get their favourite mobile phone sets. The shortage has also forced her to increase the prices of almost all smartphone brands in order to ensure her business stays afloat. Ms Mwangi is now appealing to the Government to come to their aid and address taxation rules on imported mobile sets which she says is to blame for the current crisis. ‘This shortage (of smartphones) actually began in May this year and has affected our businesses negatively. For instance, we did place orders for Real Me smartphones some time ago but we are yet to receive any. And even when the stocks arrive, they are always at a higher price meaning we have to adjust the same for our clients. In the end, we are forced to choose between losing our clients and making no profit at all,’ she stated. Another dealer who requested anonymity said the government should now come to the aid of business operators by reducing the amount of taxes being levied on goods. She said the amount of money being charged on imported goods including electronics is way too high and needs review to protect local entrepreneurs. ‘What we are witnessing as far as the current shortage is concerned is directly linked to excessive taxation being imposed on imported electronic goods. The shortage on the other hand has forced us to increase our prices on mobile phones since we are also paying more to our suppliers. Currently, I have been forced to charge between Sh500 and Sh1,000 more on all smartphones and Sh100 and Sh200 more for a 2G set due to changes in their prices. The government should therefore review its taxation on imported electronics including cell phones in a manner that will cushion traders to enable them to make some profit,’ she insisted. There has been a shortage of electronic goods of late in the country with smartphones being the most affected. This comes after importers of consolidated cargo were ordered to pay taxes based on the transaction value, per a new directive issued by the Kenya Revenue Authority (KRA). The directive is a departure from the previous arrangement, where importers declared loose cargo and paid a fixed duty of Sh200 for every kilogram. According to the taxman, the decision to adopt the new tariff, based on transaction value, followed abuse of the initial government directive whose objective was to ease costs for small importers. For instance, some importers had reportedly been shipping high-end mobile devices, declaring them feature phones and in the process denying KRA millions of shillings in unremitted revenue. Official data from the Communications Authority of Kenya (CAK) show that penetration of feature phones or non-smartphones was at 68.1 percent towards the end of December 2022. ‘The number of mobile subscriptions increased from 65.5 million reported last quarter to 65.7 million during the reference period, representing a penetration rate of 133.1 percent,’ said CAK in its latest quarterly report. Kenya had registered approximately 63.9 million mobile connections as of January. The number corresponded to 117.2 percent of the country’s population, indicating the individual use of multiple connections. Since January 2021, Kenya has registered an increase in mobile connections. In May this year, Kenya announced plans to roll out the first consignment of one million locally assembled smartphones within two months at a unit retail price of Sh5,484 in a bid to foster digital access and inclusion. While making the announcement, ICT Cabinet Secretary Eliud Owalo said the affordability of smart devices had been a major hindrance to digital inclusion, hence the need to produce the gadgets locally. Owalo disclosed that the low-cost smartphones were being assembled at the Konza Technopolis in Malili, Machakos County. ‘Based on feasibility studies undertaken, we can locally assemble smartphones at a unit cost of about $40. We’ve partnered with the private sector to ensure in the next two months, we can roll out our first consignment of low-cost smartphones,’ Owalo said during the official launch of the Information Communication and Technology (ICT) week at the Nairobi Safari Park on May 18 this year. ‘We are aware of the crisis of affordability of smart devices as a potential hindrance to the ability of citizens to tap the full potential that this sector presents and we have actively engaged stakeholders in private and manufacturing to produce low-cost smartphones,’ he added.

Source: Kenya News Agency

“Public finances will remain limited for a few years until the financial policy guidelines are revised to make the most of the comparative and competitive advantages of the regions,” Minister of the Economy and Planning, Samir Saied said on Tuesday.

Speaking at the 3rd regional forum to boost investment in the central-western governorates, held in Sbeitla (Kasserine governorate), Saied pointed out that the central-western region (Kasserine, Sidi Bouzid and Kairouan governorates) has several comparative advantages.

He cited ecological, health and cultural tourism as examples, in addition to the comparative advantages of the dairy system, vegetable and grain production, agro-food industries and construction materials.

He added that the aim of the regional forums was to promote investment and identify the advantages of each region.

“Each region has an advantage, even in terms of legislation and procedures. We will sometimes have to adapt to the specific characteristics of these regions, which have not benefited from development and public investment,” he stressed.

The Minister pointed out that the private sector, the engine of growth, has not invested in the inland regions. He stressed the need to discuss with representatives of the private sector, officials and economic operators “to understand the causes of this dissatisfaction”.

We are determined to create attractive value chains for investors in the interior regions, simplify administrative and bureaucratic procedures, review the investment law and intensify support for investors in the early years of their projects in order to improve the investment climate in the interior regions,” Saied pointed out.

“We are committed to working to transform any region with comparative advantages in an activity or area into a national capital in that specific sector.” he added.

The Minister also stressed the need to develop value chains and rely on knowledge, technology and innovation in all sectors, including traditional sectors. He said that the measures that can be taken over a decade have been identified in order to shift towards a knowledge economy.

The Ministry of Economy and Planning, in cooperation with the various stakeholders (public institutions, national organisations and civil society), launched on August 15 series of regional meetings to boost investment in regions, including workshops on drawing on the comparative advantages of each region within the framework of economic systems and on ways to promote investment and industrial and logistical infrastructure, in addition to regional development programmes in the governorates.

The workshops examine mechanisms and programmes for the economic empowerment of disadvantaged groups, as well as financing, incentives and support. The aim is to deepen dialogue and consultation between the various stakeholders on ways to strengthen private investment in the different regions and to use the means and resources available to boost economic activity.

These regional meetings, which will end in December 2023, will culminate in the organisation of an international conference on investment.

Source: Agence Tunis Afrique Presse

President of Cuba Miguel Mario Díaz-Canel Bermúdez expressed Monday interest in strengthening economic, commercial and financial cooperation with Angola, in line with the existing “excellent historical relations”.

Miguel Bermúdez was speaking at the opening of official talks between delegations from both countries, during which he highlighted the fact that Angola is the African nation where collaboration is more “energetic” in different spheres.

In his speech, the President stressed, among other areas, the existing potential in the field of renewable energies and biotechnology.

“We hope jointly take advantage, in the best and most efficient way, of the existing potential to better increase economic, commercial and financial relations”, he said.

He also reiterated his country’s commitment to remain embraced at the increase of economic and social links, as well as cooperation based on mutual interest, making available, this time, the human resources of that country for the development of two peoples.

Cuba appreciates support

On behalf of the Cuban people, the President thanked Angola for “affection and solidarity” demonstrated in recent years by sending donations (for several extraordinary events) as well as calling for lifting of United States embargo against Cuba.

Miguel Mario Díaz-Canel Bermúdez also recognised the Angola’s position in organisations such as the African Union (AU), United Nations (UN) and other multilateral forums, aimed at lifting the unfair measures imposed which also affect the third countries, apart from the Cuban people.

He reiterated Cuba’s will to continue to consolidate the respectful and friendly relationship with the people and Government of Angola.

“My first visit to Luanda as President of Cuba continues the systematic exchange of high-level visits that take place in both nations and contribute to consolidating the bilateral bond that dates back to 1975”, stressing that “Cuba and Angola are united with indestructible bonds of blood, friendship and brotherhood”.

The two countries maintain excellent cooperation ties in areas, such as security, education, health, transport, public works, construction, oil, sports, culture, tourism and agriculture.

The diplomatic relations were established on November 15, 1975, four days after Angola’s independence, and a year later they signed the General Cooperation Agreement, which gave rise to the Bilateral Commission.

Source: Angola Press News Agency (APNA)

The stock market started the week with a positive performance of 0.18% at 8,899.47 points with a trading volume of TND 5.6 million, according to the daily analysis of broker Tunisie Valeurs.

UIB’s stock was the top gainer. The private bank’s shares rose by 6% to TND 27.670, generating transactions worth TND 200,000.

The stock of Amen Bank showed a strong performance during the session. The bank’s shares rose by 3.7% to TND 39.400. During the session, the stock attracted capital of TND 404,000.

ASTREE was the weakest stock of the session. With a transaction volume of TND 90,000, the insurer’s shares fell by 4.2% to TND 45.000.

Euro-Cycles was one of the worst hit stocks. The shares fell by 2.8% to 13.600 TND. The stock saw a turnover of TND 110,000 during the session.

BIAT was the most traded stock of the session. The private bank’s share price fell by -0.32% to TND 93.800, contributing a total of TND 3.3 million to the market.

Source: Agence Tunis Afrique Presse

The country, through the Ministry of Agriculture and Forestry, is preparing diligently to face the free trade challenges of the Southern African Development Community (SADC), whose rotating presidency was assumed Thursday (17 ) by Angola.

According to the minister of Agriculture and Forestry, António de Assis, the Executive is working on creating conditions for the national business community in the agricultural sector to produce on an acceptable scale to supply the region’s market.

The official made these statements Thursday to the press on the sidelines of the visit he pays in the northern Malanje province, which aims to create conditions and assessing the levels of rice production in the Songo region, with emphasis on the municipality of Luquembo.

António de Assis stressed that trade, as one of the main challenges in the integration of SADC countries, Angola will do everything to compete for the region’s economic markets, but he would not elaborate any further.

Angola takes over the leadership of SADC for a one-year term and defined as the motto of its mandate “Human and financial capital: the main factors of sustainable industrialisation in the region”.

In addition to Angola, SADC comprises the Comoros, Democratic Republic of Congo (DRC), Eswatini, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, South Africa

Source: Angola Press News Agency (APNA)