“Global investors are seizing a new round of opportunities arising from the development of new quality productive forces,” Wang Jinxia, deputy director of the Qianhai Authority, told China Economic Roundtable, an all-media talk platform hosted by Xinhua News Agency.
First introduced in 2023, new quality productive forces refer to advanced productivity freed from the traditional economic growth mode and productivity development paths. It features high-tech, high efficiency and high quality.
Official data shows that Qianhai, situated in the southern metropolis of Shenzhen, Guangdong Province, is now home to over 10,000 foreign-invested firms.
Wang noted that as China remains the world’s largest market, the development of new quality productive forces continues to generate market demand, attracting a growing number of global investors.
The development of new quality productive forces enables global investors to play a greater role in the latest round of technological revolution and globalization, Wang said.
Looking ahead, Wang added that Qianhai would work to elevate its institutional opening up, and cooperation and innovation efforts to higher levels.
“We are poised to transform Qianhai into a powerhouse driving China’s high-quality development by accumulating global resources, advancing innovation, and pursuing coordinated growth,” he said.
China’s State Council released a development plan in 2010, aiming to build Qianhai into a demonstration zone for modern service industry innovation and cooperation between Guangdong and Hong Kong.
Years into its development, Qianhai is now renowned for its roles as an airport and seaport hub, a venue for conventions and exhibitions, and as a provider of modern services.
Nvidia’s shares rose by 3.5 per cent to $135.58 on Tuesday as the demand for chips for artificial intelligence (AI) software continues to increase.
The share price now values the company at $3.34 trillion against Microsoft’s 3.32 trillion, with the price having nearly doubled since the start of 2024. Eight years ago, the stock was worth less than 1 percent of its current value.
Nvidia’s new gains come just days after the company overtook Apple to become the world’s second most valuable company, while Apple and Microsoft’s shares dropped by 1.1 percent and 0.45 percent respectively.
Nvidia, whose graphics processing units (GPUs) are integral to the development of AI, supplies tech giants such as Microsoft, Meta and Google.
The company was founded on April 5, 1993, by Jensen Huang, Chris Malachowsky, and Curtis Priem, with a vision to bring 3D graphics to the gaming and multimedia markets.
In the 2000s, Huang, the company’s CEO, led the company in the development of GPUs for use in applications besides gaming, positioning it to benefit from the emergence of AI.
With the stunning rise of the company’s market value, Huang has become the 11th richest person in the world. The CEO’s net worth has increased by more than $4 billion to $119 billion.
In an interview with the Financial Times, RwandAir Chief Executive Officer (CEO) Yvonne Makolo expressed optimism that the talks, which have been ongoing for about five years, would soon yield the desired results.
“It’s been going on for a while; we have been discussing it for almost five years. So, now, we’re really at the tail-end of it,” Makolo told the British daily.
Senior executives close to the negotiations intimated to the publication that the agreement could be executed as early as next month – July.
The deal is expected to help RwandAir expand its operations, including increasing the number of aircraft and destinations, as well as enhancing the skills of its employees.
It will also help Qatar Airways increase the number of flights it operates in Africa.
“We access over 70 points on their network, and they access a number of points, especially in central Africa, where they don’t have a presence,” Makolo added.
Officials say the deal between RwandAir and the Qatar-based airline was partly delayed by the COVID-19 pandemic and by Qatar hosting the FIFA World Cup.
{{Codeshare deal
}}
But the two airlines have been working together since late 2021 when they signed a codeshare agreement aimed at offering travelers more choice, enhanced service, and greater connectivity to more than 65 destinations across Africa and the rest of the world.
As part of the agreement, the state-owned carrier launched non-stop flights between Kigali and Doha.
“This codeshare agreement will give our customers significantly more choice and flexibility, allowing RwandAir to strengthen its global presence and build on its strong and loyal African customer base. As we continue to grow out of the pandemic, this partnership represents yet another extremely important step on our recovery runway, and we hope to deliver more commitments like this to our customers in the very near future,” Makolo stated while welcoming the partnership in October 2021.
In a separate agreement reached in 2019, Qatar Airways agreed to take a 60 percent stake in Bugesera International Airport in Kigali, being built at a cost of $1.3 billion.
Makolo says the new airport, expected to be operational in 2027 and have an initial capacity for eight million passengers, would turn Kigali into “a major transit hub” on the continent.
RwandAir flies this route three times a week, on Tuesdays, Thursdays, and Saturdays. The return flights from Paris to Kigali depart Paris at 3:30 pm and arrive in Kigali at 6:00 am the next day.
During the launch of the first flight to Paris in June 2023, Yvonne Makolo, the CEO of RwandAir, highlighted the importance of this new milestone for the company and for the relations between France and Rwanda.
She stated, “This new route is of great importance to RwandAir and to Rwanda, as it connects Rwanda to the rest of Africa and to France. It is a long-term project that we have worked on in collaboration with various partners.”
Makolo also indicated that this route constitutes an excellent market, efficiently connecting Africa and Europe, with Kigali as the central hub.
This destination complements the other routes already operated by RwandAir, thus offering travelers from Paris the opportunity to continue their journey to other African countries via Kigali.
RwandAir does not just transport passengers; it plays a crucial role in connecting people, families, and various activities.
Passengers also benefit from the tourism opportunities offered by Kigali, thus contributing to the local economy through the purchase of products and services.
On May 28, 2024, IGIHE reporter Karirima Ngarambe met with passengers on board the RwandAir flight on this route to evaluate the evolution of this service a year after its launch.
The passengers, predominantly Africans, expressed their pride in traveling with RwandAir, highlighting the quality of service and the cleanliness of the aircraft, comparable to other airlines.
A Rwandan passenger stated, “This is the fruit of good governance; boarding the Rwandan airline’s plane, it feels like being at home. When I arrive in Paris from America, I take RwandAir, and I feel like I’m already in Rwanda as soon as I board and greet the people in Kinyarwanda.”
RwandAir uses modern and spacious aircraft, ensuring optimal comfort for all passengers, regardless of their travel class.
The multilingual staff, proficient in English, French, and Kinyarwanda, provide quality service to all passengers.
Three factors encourage travelers to choose this route: the excellent services of RwandAir, the time saved on stopovers, and the possibility of resting in a hotel offered by RwandAir if necessary. For example, a flight from Paris to Kigali can quickly continue to Cotonou, Benin, avoiding long waits (a maximum of 45 minutes for the stopover).
RwandAir flights are in high demand, with load factors consistently between 85% and 100%. Since operating with only 12 aircraft in 2017, RwandAir transported 765,000 passengers. In 2024, with an expanded fleet of 14 planes, they anticipate carrying around 1.1 million passengers.
The company continues to expand its operations, serving more than 28 destinations in Africa, the Middle East, Europe, and Asia.
In 2021, an agreement with Qatar Airways added 65 Arab destinations to its network, with direct flights from Kigali to Doha.
In addition to passengers, RwandAir also focuses on cargo. In late 2022, it acquired a Boeing B737-800SF freighter, capable of transporting at least 23,904 tons, thus meeting the growing demand for freight transportation.
In the coming years, with the completion of the Bugesera International Airport, RwandAir plans to multiply its flights by five. This airport is expected to accommodate 8.2 million passengers and 150,000 tons of cargo per year in its first phase, with its capacity doubling in the long term.
The retail price for gasoline decreases by RWF 101, to retail at RWF 1,663 per litre for the next two months, while diesel will retail at RWF 1,652, down from RWF 1,684.
The new pump prices will take effect at 9:00 pm on Wednesday.
{{Global market dynamics
}}
“These adjustments are based on recent fluctuations in international petroleum product prices,” RURA Director General Rugigana Evariste explained.
New fuel pump prices for the next two months, effective from 05 June 2024, at 9:00PM. pic.twitter.com/jlTHENxOro
Before the last review in April, which saw the retail price of fuel revised upwards, gasoline was priced at RWF 1,637 per litre, and diesel at RWF 1,632 per litre.
Brent crude oil averaged $90 per barrel in April with the conflict between Ukraine and Russia exacerbating the oil market’s instability.
The price of Brent oil per barrel has been fluctuating ever since to retail at $77.1 on Tuesday, May 4, 2024. Further, the price of West Texas Intermediate (WTI) Crude Oil plummeted by 1.5 per cent to retail at $73, down from the $77.3 on Monday.
Last month, the price of Brent oil was around $85 per barrel, while WTI oil prices hit $81 in May.
The three-day expo, which ran from May 29 to 31, attracted a large pool of investors, exhibitors, and visitors from more than 130 countries across the globe. As the curtains came down on the event, one could not help but notice that it was a resounding success, not only due to the prominent figures and influential leaders but also thanks to the tireless commitment of a small, dedicated staff.
This group, consisting of logisticians, technicians, security agents, and maintenance personnel, worked tirelessly to ensure that every aspect of the event ran smoothly.
IGIHE’s Christelle Butoyi spoke with some of them. They shared their day-to-day experiences.
A major event like this requires a lot of effort. For Elharti Abdel Hamid, an official catering provider, normally the day starts very early for setup.
“We get up at 5 a.m. to start work at 7 a.m.,” he said.
There are many challenges, particularly satisfying people with different temperaments, according to Abdel Hamid.
Badr, a cleaner, also opened up about his routine. According to him, his team starts work from 8 a.m to 8 p.m. They begin their routine by cleaning the premises before people enter. It is certainly a tiresome job, but he doesn’t feel it because his colleagues are like family to him.
Hiba Moustanjidi, an agent at Armonia Facilities, is usually in charge of the Media Lounge and is tasked with checking badges for access to the venue. She told IGIHE that before starting work, the team begins the day with a briefing to ensure there are no complaints.
“Gitex is always number one in Morocco, so we try to manage and meet the challenges as best we can,” she emphasised.
Another staff member, Rokaya Abdelmoujoud, plays an important role in handling VIPs, especially welcoming them and escorting them to their seats.
“On my first day, I escorted the Prime Minister of Guinea. I accompanied her for an AI visit, then to her seat,” said Rokaya, noting that “it’s a crucial task.”
IGIHE learnt that most of Rokaya’s colleagues are students who are happy to have side gigs after school. However, the biggest challenge of her job is dealing with people who use disrespectful language.
In achieving its goal of promoting innovation and fostering tech collaborations on the continent, Gitex Africa 2024 could not have succeeded without the invaluable involvement of these behind-the-scenes workers.
Their dedication and professionalism enabled a seamless event, demonstrating that behind every great success, there is a devoted team ready to go to any length to achieve excellence.
This edition of Gitex Africa not only highlighted African technological advancements but also underscored the importance of each individual contributing to the realisation of these grand ambitions.
The entry program is designed to empower African start-ups for cross-border growth.
“This program offers a unique opportunity for startups to navigate diverse ecosystems, form strategic partnerships, and scale their businesses across the continent,” the organisation announced.
To be eligible for selection, interested start-ups must be registered in an African country, with at least one of the founders being an African. The start-ups should also be at the scale-up stage.
Successful applicants will enjoy several benefits. They will be among 10 startups to pitch in front of key ecosystem players and potential investors. Additionally, they will receive travel arrangements, participate in ecosystem tours, and engage in one-on-one meetings with potential customers, collaborators, and investors.
The startups will benefit from six months of post-trip support to strengthen the connections made during ecosystem tours, including advisory services on the target market. They will also experience tailored ecosystem tours in one of the focus countries: Nigeria, Kenya, Rwanda, or Namibia.
Moreover, they will have access to Market Opportunity Packs (MOP), which provide insights into the countries they will visit and have the opportunity to showcase their products to a curated audience of collaborators, investors, and potential customers.
Interested applicants have until June 30, 2024, to apply. The selection exercise is slated for July 2024.
Pitch sessions will begin in August, ecosystem tours in October, and post-ecosystem tour support will take place between November and April 2025.
Interested startups can apply to join the program using the link: [http://bit.ly/LetsBuildAfrica
->http://bit.ly/LetsBuildAfrica]
The three-day event provides a platform for African startups and businesses to showcase their ideas and products to a worldwide audience, attracting investors seeking promising tech ventures in Africa.
Speaking to IGIHE, Nigerian investor Uchenna Ugbor termed his experience at the second edition of Gitex Africa as “very good”.
The founder of Ark Technologies Group attended the first edition of Gitex Africa, which made its debut on the continent in Morocco on May 31, 2023. He stated that he was able to invest in several projects and looks forward to a similar experience this year.
“I can’t count the number of stands I have visited. This is my second time. I was here last year and it’s not a disappointment at all. By and large, the event is very good, it has a lot to offer. I have quite a number of suppliers that are here. I have come all the way from Nigeria. Last year I met a couple of guys that I invested in their projects,” Ugbor stated.
According to Ugbor, the African continent has made great strides in innovation, and such efforts deserve applause.
“Given where we are coming from as Africans, I would [African startups] are impressive,” he commented. “The [business] is sustainable because 20 or 30 years ago, we weren’t at this stage, and we cannot compare ourselves with Europeans. It has to be a special case for people like Africans, who are a bit late entrants.”
Isaac Odongo, the CEO of Organic Route, was also upbeat about his experience in Morocco, where his company is showcasing their hybrid technology used to extend the shelf life of dried fruits and vegetables such as bananas.
Extolling the benefits of technology in the 21st century, Odongo said, “We also use tech to reach our customers and manage our finances.”
Liberia’s Minister for Posts and Telecommunications, Sekou Kromah, affirmed that such events offer fertile ground for policymakers to network and make better decisions in their roles.
“I am very happy to be here. It’s very exciting. This event normally helps us as policymakers to network and make sound decisions in terms of telecommunications and ICT,” the minister explained.
MOHE BioTech (Suisse), a company involved in the development of rapid diagnostic tests and an application that allows for quick health assessments and data collection in remote areas, told IGIHE that they had received “some pretty good feedback” from the participants.
“We created a platform that allows its users to know their health status whenever, wherever they are, anytime, while you just have the platform. If you are feeling sick, basically, instead of going all the way to the doctor to be diagnosed, you can do it yourself,” Marc Okambawa, the company’s marketing executive, said.
Okambawa added that their rapid test device can detect up to 12 diseases at a time, and thereafter the results are picked up by a medical practitioner who reaches out to the patient for further medical action.
Also present at the Morocco expo is Africa Smart Health, a company that offers a centralized platform for patients and doctors to keep their medical data. The platform can be accessed from any part of the world.
A user simply sets up a profile, enters all their medical conditions such as allergies, and shares them with their preferred medical professional to write a prescription. For doctors, there is a profile dubbed digital PA where they can manage all appointments and use AI to write medical reports very quickly using prefilled keywords.
The company works with local authorities to get relevant approvals for managing data such as doctor’s records. They also ask for consent from users during registration.
The two companies entered the new partnership on Thursday, May 30, during the Gitex Africa 2024 tech expo, which is ongoing in Marrakesh, Morocco.
The partnership with Microsoft will complement Zindi’s practical skilling with courses and certifications in AI, data science, and data analysis, Celina Lee, co-founder and CEO of Zindi, told IGIHE at the forum.
“With this partnership, we’ll be upskilling 10,000 people across Africa in data and AI skills,” Lee stated.
Microsoft Africa President, Lillian Barnard, expressed her enthusiasm for the partnership, saying the company’s goal is to ensure that AI is developed and used in ways that benefit all Africans.
“Bridging the digital skills gap in Africa is vital to the future success of that endeavour. By partnering with Zindi, we aim to revolutionise AI skills on the continent, providing cutting-edge AI training and certifications to thousands of developers and future data engineers, preparing the future workers of the world,” Barnard said.
Zindi is Africa’s largest platform for data scientists and AI and machine learning developers.
According to CEO Lee, more than 70,000 people have registered on the platform, mostly young people.
“About half of them are students, all learning data science and AI skills,” the CEO revealed.
Through the platform, data scientists participate in machine learning and data science competitions to win prizes and enhance their reputations, access real-world problems to develop their skills, and explore opportunities posted by Zindi partners. On the other hand, the platform helps companies find top talent to solve their problems.
“We run competitions where companies can put up datasets and problems, and then the community of data scientists, thousands of them, try to build solutions for these real business problems. This means that businesses get access to incredible talent.
“For the young people on the platform, it means they are building real skills that the market demands. For us, we see ourselves as a professional network where data scientists can build up their profiles and skills. More than a professional network, they can showcase what they’re capable of and connect with job opportunities,” the CEO explained.
Spiro was named alongside giant car manufacturers Toyota and BMW in the coveted list unveiled on Thursday, May 30, 2024.
Other renowned firms on the list include Microsoft, Google, Rappi, Huawei, Amazon, Airbus, Tata Group, OpenAI, Pfizer, and Bank of America.
Kenya’s asset financing platform M-Kopa and Food4Education, which supplies subsidized nutritious meals to primary school children, also made the list.
The Time 100 Most Influential Companies list celebrates businesses making extraordinary contributions in their fields, shaping the future of industries and society.
{{Spiro}}
Founded in 2019, Spiro launched in Togo and Benin in 2022, followed by Kenya, Rwanda, Uganda, and Africa’s most populous country, Nigeria, last year.
In Uganda, the e-bike and battery swapping provider has partnered with the government to replace its emission-heavy moto taxi fleet, known as boda-bodas, with electric two-wheelers.
Spiro bets on commuters’ needs in populous African cities to double its fleet of 14,000 electric bikes by the end of 2024.
Commenting on the Time’s recognition, Kaushik Burman, CEO of Spiro, said, “This recognition for Spiro in the Time 100 list is humbling and will catalyze our efforts to demonstrate our ability to innovate and deploy affordable mobility to customers, thereby fostering financial inclusion and empowering the lives of our customers and communities.”
Anish Jain, Group CEO of Equitane, Spiro’s holding company, added, “This accolade underscores the innovative work we are doing in Africa and beyond. We are committed to expanding our services and infrastructure to support the growing demand for sustainable transportation options.”
