September 8, 2009

JK Opens FBME Bank A town Branch

President Jakaya Mrisho Kikwete officially opens the FBMEBank branch in Arusha town this morning. Flanking the president holding thetape on the right the bank’s chairman Mr.Ayoub Saab.


Tanzania exports to Kenya on rise
DAR, TANZANIA - Tanzanian exports to Kenya have registered 17% increase in value, narrowing the trade balance gap between the two countries. Kenyan High Commission to Tanzania, Mr. Mutindo Mutiso said Tanzanian revenue from exports to Kenya has grown to US$95.8 million (KShs7.3 billion) in 2008 compared to $86.6 million (KShs6.6 billion) in 2007. He said this was a 17% increment.
In 2006 Tanzania's exports to Kenya revenue stood at $59.1 million (KShs4.5 billion); in 2005 it stood at $36.8 million (KShs 2.8 billion) and in 2004 at only $26.3 million (KShs2 billion). "The volume of exports from Tanzania to Kenya rose by 17% in 2008 while Kenya's export into Tanzania rose by 27% during the same period," said Mr. Mutiso.
Ambassador Mutiso added that Kenya's exports into Tanzania in 2008 were valued at KShs29.3 billion which is up from KShs22.3 billion in 2007. The value of exports from Kenya into Tanzania in 2006 stood at KShs18.3 billion.
Mutiso added that the fast rising of Tanzania's exports to Kenya will work to narrow the trade balance gap between the two countries due to the increasing of cross-border trade and investments.
The move signifies that Tanzanian products have the competence to cater for the Kenyan market and trade between the two countries is expanding. The major exports from Tanzania to Kenya include raw cotton and seed cakes, hides and skins, live animals, timber and timber products, fish and fish fillets. Other major exports are milk, cereals (mainly beans and maize) fruits, onions, tyres, detergents, gemstones, groundnuts and power transformers.
Kenyan exports to Tanzania include fuels and oils, beverages and spirits, soap and other washing preparations, paper and paperboard, machinery and mechanical appliances, Other major exports from Kenya to Tanzania are motor vehicles, iron and steel and articles thereof, rubber and articles thereof, milled products, financial and banking services, and human and technical skills. High Commissioner Mutiso said another important aspect of the bilateral relations is with respect to Tanzania being major receipt of foreign direct investment (FDI) from Kenya with an overall investment portfolio of $ 2,087 million.
The multi-million dollar investment portfolio came from 346 investors as at December 2008 making Kenya the second largest injector of FDI into Tanzania after the United Kingdom. "Currently, there is more than 346 Kenyan companies operating in Tanzania which have cumulatively created over 45,737 jobs," said Mutiso. These investments are spread out in various sectors ranging from manufacturing, tourism, services, financial institutions, agriculture, construction, transport, petroleum and mining, natural resources, human resources and telecommunication.
Tanzania Investment Centre (TIC) Director of Investments Promotion, Mr. Raymond Mbilinya said recently most investments from Kenya have targeted the industrial and construction sectors.
source: EABW

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