Image source: Financial Post
Canadian billonaire mining investor Robert Friedland is on the verge of sealing an agreement to take over Nimba iron ore deposit in Guinea, according to reports.
Although a final agreement is yet t be reached, advanced talks are ongoing between,BHP group, Newmont and Areva, the owners of the iron mine; who are yet to succeeded at exploiting the site.
Guinea has some of the world’s richest iron ore deposits such as the Simandou mine.
But the heavy investments cost for the exploration of the mineral, including construction of railway lines as means for export, causes potential investers to develop cold feet.
Such has been the case of Rio Tinto group, Vale SA and the billionaire Beny Steinmetz, who failed to reach a conclusive deal with the government on the Simandou iron mine project.
Should the leader of the High Power Exploration (HPX) company ,ever succeed at reaching an agreement, exporting the mineral out of Guinea will be his most daunting challenge.
Guinea remains bedeviled by the high cost of building a railway to export minerals out of the country, while a much shorter route through Liberia is also an option.
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CALL FOR INTEREST TO ATTEND - Deadline April 25th
This exhibition is aimed at presenting latest products of Iranian companies working in the production of medical equipment and supplies, dental equipment and consumer products, pharmaceutical products and machinery, laboratory equipment and more.
The Embassy of Islamic Republic of Iran has offered to cover all accommodation costs and internal transportation for up to 10 PACCI delegation. Those of you interested to attend this exhibition, or would like to nominate a member of your chamber engaged in health sector, please do so by April 25th 2019. Please note that the offers are available on a first come first served basis per country.
Cette exposition vise à présenter les derniers produits des sociétés Iraniennes qui travaillent sur la production des équipements et produits médicaux et leurs ravitaillements, sur les matériels dentaires et produits de consommations, sur les produits pharmaceutiques et machines, équipement de laboratoire et autres.
L’Ambassade de la République Islamique d’Iran a offert de prendre en charge tous les frais de transport ainsi que tout transport interne pour un maximum de 10 délégations de PACCI. Si vous êtes intéressés à participer à cette exposition ou voudrez nommer un membre de votre chambre qui est engagé dans le domaine de la santé, veuillez répondre à cet appel avant le 25 Avril 2019. Veuillez noter aussi que ces offres sont disponibles sur la base du premier arrivé, premier servi par pays
A word from the Executive Director of PACCI
- Mr. Kebour Ghenna
I am pleased to inform you that the African Trade Fund (AfTRA) of the African Development Bank funding for improving the Trade facilitation activities in Eastern Africa, focusing on the Ethio-Djibouti corridor has been approved for the next steps and implementation.
After the presentation made to the Technical committee of the AfTRA and incorporating comments and guidance from the committee as well as the AfTRA secretariat the project is now ready for implementation with PACCI and IGAD.
The next immediate step will be to organize a project launch with PACCI and IGAD focal persons where AfDB relevant staff will make presentations on the implementation procedures, follow up as well as monitoring procedures including the working relationship between the steering committee members.
The launching dates and venue will be announced shortly.
I would also like to thank the African Development Bank Group, notably Dr. Tilahun Temesgen from the Eastern Africa Regional Centre (RDGE), for its superb inputs and contributions to this proposal. We will look forward to working with RDGE in implementing this important project and the potentially high-impact components. With Regards,
Corporate Council on Africa and the U.S. Mission to the African Union hosted the U.S.-Africa Trade and Investment Forum on the sidelines of the African Union (AU) Summit in Addis Ababa on February 11-12, 2019. The Forum is designed to be a high-level event geared towards supporting private sector engagement on the AfCFTA and driving greater U.S.-Africa trade, investment, and business engagement.
The Forum – linked to the AU and the broader African continental and global trade agenda – will complement the AU Summit by engaging the private sector – both African and U.S. – and will fill an important void. Currently, the AU runs an African Continental Free Trade Business Forum for African companies, and the EU has held six EU-African Business Forums. Africa is an important economic partner of the United States, yet there is no continent-wide event with American businesses and the AU, despite the leading role that American companies play as major investors in Africa's fastest-growing economies and sectors
The Forum aimed to:
- Provide a platform for a public and private sector dialogue among U.S. and African government officials and private sector leaders
- Expand opportunities for partnerships between businesses from the United States and Africa through meeting facilitation
- Create an avenue for U.S. and African businesses to engage on and support the implementation of the AfCFTA
- Explore the future of U.S.-Africa trade and investment relationship,the final years of AGOA, the implications of the new U.S.-Africa strategy and the potential impact of the proposed free trade agreements (FTAs).
- Support and facilitate CCA members' interests on the continent
Briefing journalists, U.S Ambassador to the African Union, Mary Beth Leonard, recalled the long history of trade ties between the United States and Africa and expressed the desire to further deepen them.
She added that the African Continental Free Trade Agreement has become a reality and is a real game changer for the way that international and U.S business looks this continent by creating more opportunity to both.
President and CEO of Corporate Council on Africa, Florizelle Liser, said on “we have a stake in supporting African regional integration in creating larger market and businesses that allow them to take advantage of economies of scale and to draw Africa into regional and global value chains.”
A lot is happening here in Ethiopia and the export range products to the US market is an example to what Africa can do and is doing across the continent, she added.
AU Trade and Industry Commissioner, Albert Muchanga said work is underway to develop regional value and supply chains as well as creating more stable and predictable policy framework to guide business decision and strategies on investing and trading in Africa.
He pointed out that work is advancing on liberalization of trade in goods and services as well as establishment of a payment and settlement platform that will give operational content to the agreement coming into force.
“Through the African Continental Free Trade Area, we are offering large economies of scale and scope to the private sector,” he said, adding that the content trade liberalization and continental integration gives the incentives to invest in larger scale and longer period.
Some forty-nine countries have signed the African Continental Free Trade Agreement, and 18 of the 22 needed to bring it into force have already ratified it.
VIDEOS on https://www.facebook.com/OfficialPACCI/
The leadership of the Pan African Chamber of Commerce and Industry (PACCI) elected Youssouf Moussa Dawaleh, last Friday as its new president, replacing Nana Dr. Appiagyei Dankawoso I from Ghana, whose tenure expired. Friday’s successful election was hard fought with four Chamber of Commerce leaders vying for the presidency.
Those elected as members of the Executive Council include Engineer Melaku Ezezew (Ethiopia), Farman Toure (Cote d”Ivoire), Dr. Appiagyei Dankawoso I, Olivier Bastienne (Seychelles), Prince Adetokunbo Kayode (Nigeria), Jean Ibombot (Congo), Mohamed Drissi (Morocco).
A statement issued late Friday night by the PACCI Executive Director, Kebour Ghenna, said the new leadership took over immediately after announcing the election results.
Mr. Kebour said as per the Executive Council mandate, and in keeping with the By-laws of the PACCI, the 2019/2021 Executive Council will serve from February 1, 2019 to January 31 2021.
PACCI works closely with regional and continental organizations, such as the AUC to act as an effective intermediary between business and trade experts and international and UN trade organizations. PACCI and the Chamber network are active in promoting a range of key business related policy initiatives and in developing concrete activities and projects related to those policies.