by TheLuxe Africa™ | Jun 3, 2019 | Business, Economy
[vc_row][vc_column][vc_column_text]While US-China trade tensions continue to escalate, Africa is quietly putting together a free trade agreement that spans the continent. The Africa Continental Free Trade Agreement (AfCFTA) came into force on Thursday after clearing a key procedural hurdle and being ratified by the parliaments of 24 countries.
The commissioner of Trade and Industry for the African Union, Albert Muchanga, confirmed in a tweet that the agreement is now in force and that a unified market would be launched July 7.
So far, 52 countries have signed the agreement. Nigeria, Africa’s largest economy, has so far refused saying it needs to consult with domestic economic stakeholders before making a decision.
President Muhammadu Buhari is now reviewing an impact assessment report that will determine whether or not Africa’s most populous nation will join its counterparts in signing the agreement.
When fully implemented, the trade deal will create a single market for goods and services by removing existing trade barriers across Africa. The agreement is expected to boost regional trade by reducing tariffs and allowing companies to expand and enter new markets.
Analysts remain worried, however, about a lengthy implementation process.
Africa has a multitude of regional and national actors with sharply divergent interests on trade. Many legal details are still being finalized, and experts warn that enforcing the agreement will be a challenge.
By Aisha Salaudeen
Source: https://www.cnn.com/2019/05/30/business/afcfta-african-trade-agreement/index.html[/vc_column_text][/vc_column][/vc_row]
by TheLuxe Africa™ | Jun 3, 2019 | Economy, Travel
Mauritius — Nairobi has been named Africa’s Leading Business Travel Destination as the Kenyatta International Convention Centre (KICC) scooped a top award as Africa’s Leading Meetings & Conference destination at this year’s 26th Annual World Travel Award (WTA).
“We are honoured to receive these awards. The awards truly attest to the fact that Nairobi and KICC offers the best MICE experience in the region,” said KICC Chief Executive Officer, Nana Gecaga, who was in Mauritius to receive the accolades.
“To win such a prestigious international award is a huge boost and motivation for Tourism sector. This award goes out to all of us in the Meetings industry who work tirelessly to ensure that we are at the top of our game,” said Gecaga who expressed her gratitude to everyone who voted for Kenyan brands in the various categories.
KICC beat various nominees in the category including Cairo Convention Centre in Egypt, Cape Town Convention Centre in South Africa, Durban Convention Centre in South Africa, Kigali Convention Centre in Rwanda, Palais Des Congress Marrakech in Morocco, and Sandton Convention Centre in South Africa.
This is the first time KICC has participated in the awards, and took the award from Durban who have held it for the last nine years.
The award will spearhead Kenya’s marketing campaigns positioning the destination as attractive for Meetings, Incentives Travel, Conferences and Exhibitions even as the country is embarking on increasing Its Conventions and conference facilities.
This is the second time Nairobi has been named Africa’s Leading Meetings and Conference Destination having taken the award in 2016. The city beat other top African destinations including Durban, Cape Town and Kigali to win Africa’s Leading Business Travel Destination.
KICC, the parastatal mandated to market Kenya’s conference tourism globally has over the years worked greatly towards ensuring that Kenya retains its position as the most preferred destination for Business events in Africa.
Kenya has recently raised its profile owing to the high-end international conferences it has hosted in the recent past, thereby making its bid to host more international conferences much easier.
Kenya’s conference tourism is still going a notch higher with a number of conference bids the country is placing to host.
The Africa & Indian Ocean Gala ceremony, where the awards were presented, was held on 1st June 2019 in Mauritius.
WTA was established in 1993 to acknowledged, reward and celebrate excellence across all sectors of the tourism industry.
By: AllAfrica
Source: https://allafrica.com/stories/201906030014.html
by TheLuxe Africa™ | Jun 3, 2019 | Economy
The boss of Coach and Kate Spade’s parent company expects Africa, not China, to be the focus of his children’s careers over the next 20 to 40 years.
“I tell my own children that whereas China, in my career has been the center of my focus … you only have to look at the pure demographics and the numbers in the youth and birth rates for at least my 19- and 18-year-olds to think about Africa as probably what they’re going to be focused on for the next 20 to 40 years,” said Tapestry CEO Victor Luis at the Bernstein Strategic Decisions Conference this week.
“I hope, at least, that’s what I’ve told them,” he added.
Africa’s population is projected to grow by more than 40% to 1.7 billion between now and 2030, according to the Africa Growth Initiative at The Brookings Institution. More than 60% of Africans are less than 25-years-old, and sub-Saharan Africa’s under-25 population is forecast to grow by more than 500 million to make up a third of the global youth population by 2050, the non-profit wrote in its latest Foresight Africa report.
Annual spending by African consumers and businesses is on track to soar by two-thirds to $6.7 trillion between 2015 and 2030, according to the report. Six of the world’s 10 fastest-growing economies last year were in Africa, and there will be nearly 90 African cities with at least one million inhabitants by 2030.
While Africa looks set to take off, China is showing signs of slowing down. Births in the Asian nation slumped to their lowest level in almost a half-century last year, according to the National Bureau of Statistics(NBS). Its working-age population has fallen for seven consecutive years, according to Caixin Global, and could shrink by almost a quarter by 2050. Its economy grew 6.6% in 2018, according to the NBS, its slowest annual expansion in almost 30 years.
Mushrooming numbers of young, affluent, African urbanites could be the next generation of buyers of Coach clutches, Kate Spade backpacks and other luxury goods. However, they might hold off on splurging until their immediate needs are met. Many contend with shortages of goods and services, inadequate infrastructure, a dearth of well-paid jobs, and substantial poverty, according to the Foresight Africa report.
Still, Africa’s demographic and economic trends give it a good chance of becoming a luxury hotspot and playing an important role in Tapestry’s business, not to mention the careers of Luis’ teenagers.
“Goodness, if we ever get Africa growing, I get excited,” said Luis at the conference.
By: Theron Mohamed
Source: https://markets.businessinsider.com/news/stocks/coach-kate-spade-ceo-gets-excited-about-africa-growth-prospects-2019-5-1028246605
