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Côte d’Ivoire and Kenya named rising stars of global trade

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African economies come first and third in the Standard Chartered Trade20 Index, which identifies the markets with the greatest potential for future trade growth

DUBAI, United Arab Emirates, September 30, 2019 – Côte d’Ivoire is the market that has most rapidly improved its trade growth potential over the past decade, according to new research from Standard Chartered. The Trade20 index, which identifies the 20 rising stars of trade, places African markets Côte d’Ivoire in the top spot, and Kenya at number three.

The Trade20 index determines each market’s trade growth potential by analysing changes within the last decade across a wide range of variables, grouped into three equally-weighted pillars: economic dynamism, trade readiness and export diversity.

The study examines 66 markets around the world. It finds that while existing trade powers like China and India continue to rapidly improve their trade potential, African economies are making particularly strong progress from a relatively low starting point.

Kenya is consolidating its position as the trading hub of East Africa, while Côte d’Ivoire is cementing its position as a West African trading hub. Ghana also performs well in the index, placing just outside the top 10.

The key findings of the Trade20 index for African markets are:

  • Côte d’Ivoire and Kenya have significantly improved their trade readiness, demonstrating that investments in infrastructure and business environment improvements are paying off
  • Côte d’Ivoire and Ghana also fare well for economic dynamism, with Côte d’Ivoire enjoying robust GDP and export growth, and Ghana seeing an influx of FDI

Saif Malik, Regional Co-Head, Global Banking, AME, Standard Chartered, said: Home to some of the world’s fastest-growing economies, Africa has the potential to become a much bigger player on the global trade stage. Already connected with the trading powers in Asia, particularly China, through the Belt & Road Initiative, and with the launch of the African Continental Free Trade Area, we see numerous growth opportunities for trade and investment in the years ahead.

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Additionally, the growing young, digitally-savvy population and an increasing female workforce will aid in the continent’s economic transformation.”  

Trade20 examines 12 metrics across 66 global markets – the major global economies plus the major economies in each region – to reveal the 20 economies that are most rapidly improving their potential for trade growth.

While most traditional trade indices are based on a market’s present performance, the Trade20 index captures changes over time to reveal the markets that have seen the most improvement within the last decade. This enables us to identify the economies where recent positive developments may point to an acceleration in trade growth potential.

View the Trade20 report here (https://bit.ly/2os0wg5).

To view the Trade20 video visit: SC.com/trade20

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Economy

Egypt, PRL sign train engines contracts worth $466.3M

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CAIRO – 16 November 2019: The Egyptian Railway Authority (ERA) signed with PRL (Progress Rail Automotives) a number of contracts worth $466.3 million after a meeting with President Abdel Fatah al-Sisi that took place last week.

The American company will supply 50 train engines over 22 months, carry out long-term maintenance for 41 engines by June 30, and upgrade 50 others within 30 months since the conclusion of the deal. The company will also provide maintenance services and spare parts for those 141 train engines for 15 years. The value of contracts will be secured through soft loans, except for $27 million that will be paid by ERA’s treasury.

In July, ERA endorsed the technical specifications of two passenger railcars to be supplied by Transmashholding in September. Those are part of a contract to supply 1,300 railcars. One of the railcars will be tested in Hungary, so it will be granted the safety certification by the European Railway Agency. The other will be tested in Egypt. Afterwards, the first batch of railcars in the contract will be delivered in accordance with the timeline set by both parties.

The contract states that 650 railcars will be supplied from Hungary, 500 will be delivered by Russia, and 150 will be manufactured by Egypt under the supervision of Transmashholding. An Egyptian locomotive factory will be established as part of a plan to localize the locomotive industry in Egypt and transfer the know-how to workers, technicians, and engineers in the sector. The factory will produce the 150 railcars and also provide maintenance services.

The representatives of ERA and Transmashholding agreed to hold further visits and meetings to study the possibility of cooperation in rail infrastructure, mobile rail, workshops, new lines, and maintenance of existing railcars.

In the same month, an official source told Egypt Today that ERA needs 12 rail test machines to detect and repair defects in railroads revealing that contracts to purchase eight of those are being finalized.

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ERA will receive four rail test machines worth €8.5 million by the end of 2020 supplied by an Austrian company with which a contract was signed a few months ago. The machines will enable the authority to better diagnose defects in the railroads which would increase the safety, and inhibit derailment accidents.

Egypt Today

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Economy

France-Africa Summit secretary general praises Egypt’s experience in infrastructure

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Investment Minister Sahar Nasr meets with Secretary General of France-Africa Summit 2020 Stephanie Rivoal Reminisces- press photo

CAIRO – 8 November 2019: Ambassador Stephanie Rivoal Reminisces, the Secretary General of France-Africa Summit 2020, has hailed Egypt’s experience in the infrastructure field mainly with regard to the the sustainable and smart cities as well as digitization which she said offers investment opportunities to the private sector.

During her meeting with Investment Minister Sahar Nasr, the French diplomat added that France prioritizes consolidating strategic relations with the African countries, topped by Egypt, the current president of the African Union.

The meeting is held on Friday as part of Reminisces’s current visit to Egypt to hold talks with the government on preparations for the anticipated summit, slated for June, 2020. This year’s summit will focus on the sustainable cities.

Several heads of state and government will address the summit and meetings among businessmen from all over the African continents will be held as part of the summit’s activities, Reminisces said.

Also Read: Meet Mariatheresa S. Kadushi, Founder of M-afya, A Mobile App Providing Health Information In Native Languages In Africa

About 1,000 investors representing major, small and medium sized- businesses have been invited to the summit, Reminisces added.

Meanwhile, Nasr asserted Egypt’s keenness on developing cooperation with France at economic, development and investment levels.

She hailed successes achieved through the French investments in Egypt which she said hit 5.2 billion dollars with 160 French companies operating in the country.

Egypt Today

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Economy

Egypt urges World Bank, IMF to support regional integrity in Africa

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CAIRO – 18 October 2019: Minister of Investment and International Cooperation Sahar Nasr called on the World Bank and IMF to boost their support to Egypt in achieving regional integrity and intra-trade in Africa, a press release on Friday read.

Addressing the Intergovernmental Group of 24 on International Monetary Affairs and Development in Washington, Nasr called on the WB and International Monetary Fund to expand investments in the region.

The minister said that Egypt’s vision to face the slowdown in global economic growth and trade tensions is to achieve more economic integration and continue to take the path of reform to make our economies more competitive and attractive for investment, to achieve the aspirations of the world countries in growth and development.

Nasr explained that the Egyptian government has implemented a comprehensive economic and social reform program to promote sustainable growth, alleviate poverty, create good jobs, enable the private sector to promote growth, and provide opportunities for all sectors of society to participate in the economy, especially women and young entrepreneurs.

The Minister added that President Abdel Fattah al-Sisi, as the chairman of the African Union, has set the achievement of regional economic integration as a top priority.

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Nasr also discussed Wednesday with the World Bank the provision of $500 million for the pollution control and solid waste management project in Egypt.

Nasr added in a statement that Egypt is also discussing with the World Bank raising the level of partnership to support the health and education sectors in Egypt.

For his part, World Bank Vice President for the Middle East and North Africa Farid Belhadj affirmed that Egypt is a very important country for the bank’s fields of work.

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“Therefore the World Bank is keen to contribute effectively to the efforts exerted to achieve development in Egypt, especially in the field of infrastructure, in light of the economic and legislative reform that contributed to improving the investment climate in Egypt,”Belhadj explained.

Egypt Today

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