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G20 and Japanese investments in Egypt

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Japanese Prime Minister Shinzo Abe receives Egyptian President Abdel Fattah al-Sisi Thursday in Osaka – Press photo

CAIRO – 29 June 2019: The G20 summit hosted in Osaka, Japan, concludes its fourteenth round Saturday, where dozens of world leaders participate in a break-neck schedule of high profile meetings.

Egypt is not a member of the G20; however, President Abdel Fatah al-Sisi is attending the two-day summit in his capacity as the chairman of the African Union. Egypt’s participation in the summit has been underscored for its regional importance, and vision in enhancing development of the African continent.

It is the first time for Japan to host the G20 summit. On the sidelines of the summit, Japanese Prime Minister Shinzo Abe met with President Sisi, where both expressed keenness to enhance bilateral cooperation in various fields specially education, culture, technology, energy, and transportation.

In the below lines, Egypt Today summarizes Japanese investments in Egypt: 

1- Direct Japanese investments in Egypt are estimated at $420 million.
2- Around 106 Japanese companies are operating in Egypt.
3- The value of Japanese investments in Egypt increased during past financial year by 74 percent.
4- Japanese companies work in different fields including: industrial sector, electronics and cars.
5- Japan acquires 13 percent of total Asian investments in Egyptian market.
6- Total volume of trade exchange between both countries increased by 30.5 percent, reaching $1.26 billion.
7- Japan ranks the 31st in the list of states investing in Egypt.

Sisi, Abe meeting on G20 sidelines 

Abe received Egyptian President Sisi Thursday in Osaka, where they held a session of talks in the presence of delegations from the two countries. Sisi arrived in Osaka to attend the 2019 Group of 20 (G20) summit set to be held on June 28-29.

Abe referred to Japan’s contribution in the Grand Egyptian Museum, which is considered a symbol for cultural cooperation between the two countries aiming to support the tourism sector in Egypt. He also affirmed Japan’s keenness to cooperate with Egypt in promoting comprehensive development, within the framework of Egypt’s 2013 strategy for sustainable development.

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For his part, President Sisi affirmed his appreciation of the strong and fruitful relations with Japan, congratulating the Japanese government and people as new Emperor Naruhito officially assumed the Japanese throne in May.

Both leaders further addressed preparations for the seventh Tokyo International Conference for African Development (TICAD) set to be held in August.

“Egypt, by participating in the summit, will be able to provide an important model in education, and a vision on human resources in African and Middle East,” Japanese Ambassador to Egypt Masaki Noke previously said.

On the sidelines of the summit, President Sisi held bilateral talks with several leaders including: Russian President Vladimir Putin, Saudi Crown Prince Mohamed Bin Salman, and Argentine president Mauricio Macri.

Credit: Egypt Today

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PepsiCo to Acquire South Africa’s Pioneer Foods for $1.7 Billion

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Image: IndustryWeek

The beverage and snack giant has agreed to purchase the maker of Weet-Bix breakfast cereal and Ceres fruit juice for roughly $1.7 billion.

PepsiCo (PEP – Get Report)  has agreed to purchase South Africa’s Pioneer Foods Group for $1.8 billion, or 24.4 billion rand. The deal allows PepsiCo to acquire all of the outstanding shares of Pioneer for 110.00 rand in cash per share. According to a press release, that price represents a 56% premium to the 30-day volume weighted average price “prior to the cautionary announcement on July 15, 2019.”

The acquisition is PepsiCo’s first major purchase since it bought carbonated drink maker SodaStream for $3.2 billion in late 2018. The Pioneer Foods Group makes local brands such as Weet-Bix breakfast cereal and Ceres fruit juice.

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“This transaction is all about growth. We are looking to expand our footprint,” Eugene Willemsen, executive vice president, Global Categories and Franchise Management, told Bloomberg Friday.

Willemsen, plans to move from PepsiCo’s New York headquarters to Cape Town to oversee operations there. Expanding even further into sub-Saharan Africa is a near-term possibility for Pepsi, some speculate.

PepsiCo shares were down 0.9% to $131.68 following the announcement on Friday.

 Credit: The Street

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Fenix reaches 500,000 customers in 6 markets, announces new leadership team

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Fenix International, a company of ENGIE, offering Solar Home Systems across Africa has appointed co-founder and current COO Brian Warshawsky to the role of CEO

KAMPALA, Uganda, July 19, 2019 – Brian Warshawsky, co-founder and current COO of Fenix to succeed the current CEO, Lyndsay Handler.

Jit Bhattacharya, CTO and Chris Bagnall, Group Marketing Director, step down from the company with successions plans in place. New CFO appointed and Head of Credit position established alongside new Chief Commercial Officer, Junior Zerebela Kwebiiha within executive team. 

Fenix International https://www.FenixIntl.com/ , a company of ENGIE, offering Solar Home Systems across Africa has appointed co-founder and current COO Brian Warshawsky to the role of CEO to drive the next phase of the company’s ambitious growth plans. Warshawsky is succeeding Lyndsay Handler who has been with the company for 7 years and served as CEO since 2016. Warshawsky is well-placed to lead the company, having previously spent 5 years at Apple as part of the iPod Operations team before co-founding Fenix International in 2009. Having worked as COO with Fenix from inception, Brian has a deep understanding of the business from product design to manufacturing, country operations, distribution and last-mile customer experience.

Ivan Topalov, who previously served as Corporate Finance Director has been promoted to Chief Financial Officer following the departure of the previous CFO, Josh Romisher, in June. The company has also appointed a new Head of Customer Credit, Alison Boess, reporting to the CEO.

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Yoven Moorooven, CEO of ENGIE Africa, said, “Brian is a highly regarded leader with the right mix of skills and experience to lead this new chapter for Fenix as we continue to establish ourselves as the market leader across Africa. With commercial operations in Uganda, Zambia, Ivory Coast, Nigeria, Benin and Mozambique, Fenix is growing from strength to strength. Under Brian’s leadership I’m incredibly excited for the future of our decentralized energy offering in Africa.” 

He continued, “I join everyone at ENGIE and the Fenix team in thanking Lyndsay, Jit and Chris for their many years of dedicated service and commitment to the Fenix Mission. Under their leadership, Fenix transformed millions of lives across the continent and built an inspiring team that is driven to succeed.” 

Brian Warshawsky, newly appointed CEO commented, “While it is difficult to say goodbye to such incredible colleagues and collaborators through so many years, I’m proud to be able to continue their legacy. On behalf of the Fenix team I would like to thank Jit for his technology leadership and the work he did to build Fenix Power, our next generation solar home system platform. I would like to thank Chris for his commercial and marketing leadership as Fenix grew from a few customers in Uganda to 500,000 customers across 6 countries in Africa. And I would like to especially thank Lyndsay for leading Fenix through so many milestones, most recently the ENGIE acquisition and establishing Fenix as the strongest off-grid solar home system company in the industry.”

He added, “Backed by a world class product, a world class team and with the full support of ENGIE, I am excited for what we will do to take our life changing product to customers across the continent. We are now set for an exciting future as we continue our expansion across Africa and achieving universal energy access for all.”

Lyndsay Handler added, “Building Fenix from 2011 to 2017 and accelerating our growth following the acquisition by ENGIE in 2018 has truly been an honour. Together, we have delivered clean, affordable energy to over 500,000 households or 2.5 million people in six countries across Africa. I am especially proud of the way we built a passionate Fenix team based in Africa who are deeply committed to our mission, values, and customers. Looking ahead, I am happy to pass the torch to our co-founder Brian and I am confident that the entire team will put the customer first in all that we do in Fenix’s next chapter. I hope that Fenix will continue to create new products and drive forward innovation so that clean energy is affordable to all at the last mile.”

Credit: Fenix International

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Key economic issues to be addressed at WEF Africa in Cape Town

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CAPE TOWN – The World Economic Forum on Africa to be held in Cape Town will address a number of key issues facing the region’s inclusive development, the organisers said on Thursday.

WEF on Africa will take place in Cape Town, on September 4 – 6, under the theme “Shaping Inclusive Growth and Shared Futures in the Fourth Industrial Revolution”.

The organisers said the meeting will be the first that the Forum has held in sub-Saharan Africa since 2017 when leaders from government, business, and civil society from around the world gathered in Durban, KwaZulu-Natal.

This year’s meeting falls in a year when 20 elections will take place across the region, and nearly 100 days since South African President Cyril Ramaphosa took office. While progress has been made politically in sub-Saharan Africa, economic growth is also expected to accelerate modestly in 2019 from 3.1 percent in 2018 to an average of 3.6 percent in 2019, according to the World Bank.

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According to the organisers, the Forum will address a number of key issues facing the region’s inclusive development, including supporting growth and integration through the African Continental Free Trade Area, creating high-quality employment opportunities and protecting workers in the Fourth Industrial Revolution, and employing drones to address health, infrastructure and other societal needs, among others.

“Africa’s successful development depends on building the right conditions for its new generation of entrepreneurs, innovators and leaders. This means smart, agile institutions; an enabling environment for innovation that includes access to skills and capital; and a determined approach by policy-makers to level the playing field and implement policies that prioritise sustainable, inclusive growth over short-term imperatives,” said Elsie Kanza, head of the regional agenda, Africa, and member of the executive committee at the World Economic Forum.

PHOTO: weforum African News Agency (ANA) 

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