Business
Made – in- Africa Clothings, Beverages, Bags Entering Chinese Market; See how
The African Export-Import Bank (Afreximbank) and Development Reimagined (DR) an international consultants, have been promoting the entry of high-end value-added Made-in-Africa goods from such sectors as fashion, skincare and beverages, into the Chinese market.
In a statement, the bank disclosed that the brands includes Maxhosa and Jessica Jane, two unique and luxury South African fashion brands; Taibo Bacar, Nkanda Yetu and Larry Jay, sustainable fashion brands from Mozambique, Zambia and Ghana respectively; Skin Gourmet, a beautifully branded Ghanaian skincare company; Zaaf – a handcrafted luxury bags and leather brand from Ethiopia.
Others are Monks Gin, a South African gin company; Yenae – a stunning jewelry brand from Ethiopia; and many more.
Mr. Yusuf Daya, Director, AU/AfCFTA Relations and Trade Policy, Afreximbank, said : “We are encouraged about our partnership with Development Reimagined, aimed at enabling access of African brands to global markets.
He said that the vast Chinese consumer market provides immense opportunities for African businesses.
” We urge African entrepreneurs to embrace this challenge, crafting goods that resonate with the market, not only boosting the presence of African products in China but also fostering more jobs, collaborations, and economic growth.
Alongside our partners, we will continue forging global partnerships that support African trade,” he said.
Ms. Hannah Ryder, CEO, DR, said that the Afreximbank-DR partnership marks a significant milestone in promoting trade and economic cooperation between Africa and China.
Noting that the Chinese consumer market, valued at US$6.3 trillion, was projected to experience substantial growth), DR reported that African exports to China amounted to US$117.5 billion in 2022, a remarkable 24-fold increase compared to 2000.
The collaboration with Afreximbank is expected to include follow-up activities over the next six months to cement the sales and partnerships made at the 2023 China-Africa Economic and Trade Expo (CAETE) held recently in Changsha.
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Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
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