Monday, June 23, 2025
No menu items!
type here...
Home Blog Page 2

Eni Announces Oil Discovery in the Orange Basin of Namibia

ADMIN WBJAC
-
0
Eni Announces Oil Discovery in the Orange Basin of Namibia

Eni Announces Oil Discovery in the Orange Basin of Namibia

Rhino Resources and Eni recently confirmed oil discovery, together with petroleum exploration platforms, after using a drillship provided by Noble Corporation. This is a promising discovery that strengthens Namibia to become a new frontier, with the first oil production set for 2029-2030. Rhino Resources holds 42.5% of the working interest in the area.

Co-venturers such as Azule Energy, which operates a joint venture between BP and Eni, also hold 42.5% of the stake. Korress Investments and NAMCOR have 10% and 5% respectively, leading to collective success.

The Initial Testing and Discovery

The Caprocorus 1-x exploration well is found on Block 2914A, in the Orange Basin which is just offshore of Namibia. The well was spudded using the Noble Venturer drillship on the 17th of February and reached its final depth on the 2nd of April. At that point, the drill reached the Lower Cretaceous target, where it found 38m of net pay.

Upon inspection, the oil reservoir showed proper petrophysical properties. No water contact was observed upon review. Sidewall cores and hydrocarbon samples were collected using high-tech wireline operations in an attempt to gather more data.

Aside from the wireline exploration, the discovery team conducted a production test over the reservoir. It was found that the surface had an excess flow rate of 11,000 stb/d while positioned on a 40/64” choke.

The oil discovered was light, rated at an average of 37° API. Upon testing, it showed limited associated gas, with no hydrogen sulphide in its formulation and less than 2% CO2 within the oil.

Laboratory studies are still underway, with experts conducting studies on the samples they collected. For now, the well will be plugged and temporarily abandoned. The venturers will also release the rig until further notice.

The Trump Administration Fast-Tracks Permitting for Important US Mining Project

ADMIN WBJAC
-
0
The Trump Administration Fast-Tracks Permitting for Important US Mining Project

The Trump Administration Fast-Tracks Permitting for Important US Mining Projects

The Trump Administration is making more efforts to improve the United States’ domestic production of critical minerals in an attempt to reduce reliance on foreign supplies. This happens in a bid to challenge China, which dominated this field.

On April 18, the White House announced in response to a March 20 executive order from the President. The statement focuses on efforts to boost the country’s mineral reserves.

The White House’s Announcements

According to the White House, it will fast-track permitting for 10 mining projects across the States. This will expand the vast mineral reserves of the United States as part of President Donald Trump’s push to stop relying on the foreign supply chain.

The projects will include lithium, gold, coal, potash, and copper. They were offered FAST-41 status, which is a 2015 federal initiative meant to streamline approvals of essential infrastructure.

Despite the FAST-41 status, there will not be environmental regulation exemptions. Instead, this move prevents bureaucratic delays. Developments on these projects will be made by participants like Albemarle, Rio Tinto, Hecla Mining, Perpetua Resources, and Warrior Met Coal.

According to the White House, more projects will be added to the plan. The first 10 appear on a U.S. federal platform where people can track their progress publicly. Thus, the Trump administration aims to make permitting faster while improving transparency.

“This transparency leads to greater accountability, ensuring a more efficient process,” said the White House.

What Do the Participants Say?

Some of the project participants already gave their opinions on the new developments. They are more than happy to take part in this expansion.

Manisha Patel, the acting executive director at the permitting council, is excited about the advantages the permitting dashboard will bring to essential infrastructure projects.

“We look forward to showcasing the many benefits the federal permitting dashboard can bring to critical infrastructure projects as part of President Trump’s executive order on increasing American mineral production,” Patel said.

Vicky Peacey, the general manager of Resolution Copper, also spoke about the importance of developing domestic copper resources.

“There is growing recognition of the urgent need to develop domestic sources of copper and other critical materials to support the nation’s energy security and industrial base,” she said. Peacey also said that they are committed to playing an important role in helping to deliver the materials.

Perpetua Resources also admitted to being honoured by this selection. According to Perpetua, this choice “validates the urgency and importance” of their project for the economic and national security of America.

Albermarle also said it is eager to engage with the administration even more in its attempts to boost the lithium supply chain of the United States. Meanwhile, Warrior and Standard Lithium weren’t available to comment immediately.

Recently, President Donald Trump ordered a probe into possible new tariffs on imports of US critical minerals. This led to huge disputes with global partners in the trading sector. The administration is trying to pressure China, its main industry competitor.

Dubai Is Getting a $5 Billion Man-Made Moon

ADMIN WBJAC
-
0
Dubai Is Getting a $5 Billion Man-Made Moon

Dubai Is Getting a $5 Billion Man-Made Moon

Reaching the moon is a dream that many people have. But while going on a trip into space to reach the real moon is not as easy as we’d like, people who visit Dubai might be able to get closer to it in a different way.

A Canadian entrepreneur came up with a proposal to create a man-made moon on top of a 30-meter building in Dubai. The moon replica would be 274 meters (900 feet) high and glow at night.

This endeavour might attract more people to an already popular destination. The moon will be more than just something beautiful to look at. It will include a nightclub, wellness centre, space tourism, and more.

How Dubai Changed Since 2009

Back in 2009, Dubai was affected by the financial crisis. Because of this, two man-made archipelagos, respectively Palm Jumeirah and Palm Jebel Ali, remained unfinished. As a result, Abu Dhabi had to provide Dubai with a bailout of $20 billion.

Nowadays, Dubai is at a different level. 15 years later, it is a thriving destination. Rents are going up, while residential sales are growing in numbers.

“Dubai is in a completely different world compared to 2009,” said the Allsopp & Allsopp CEO, Lewis Allsopp. Launched products are “selling out on the spot.”

The Moon Project – What Will It Provide?

The man-made moon project, which is simply called MOON, is a proposal by Michael Henderson. On top of looking stunning and completely shifting the skyscraper-filled skyline of Dubai, it will also become a type of real moon that billionaire space tourists from our world can visit.

The project is worth $5 billion and will see the moon’s replica sit on top of a 30-meter or 100-foot building.

This moon will have an arena able to hold 10,000 people, a 4,000-room hotel, a destination resort, and more. It might even include a casino, although gambling is on shaky ground in the UAE.

According to Christopher Davidson, the writer of “From Sheikhs to Sultanism”, the MOON could fit well into the “legitimacy formula of Dubai’s ruling elite”.

“They can be seen as a non-democratic elite but nonetheless believe strongly in science and progress — and that’s ultimately very legitimizing and a megaproject like this would seem to tick all of those boxes,” Christopher Davidson said.

Brightness Issues with Neighbors

While the idea of an artificial moon in Dubai sounds amazing, not everyone might be thrilled about it. Since the MOON will be illuminated either full, half, or crescent, people who live nearby might find it too bright.

For instance, in London, there were plans to make another MSG sphere. People protested due to the light pollution, which led to the plans being disrupted.

Henderson argues that pleasing everyone is difficult and mentions that some individuals might need dark curtains.

After this project, Moon World Resorts hopes to license three more Moon Resorts in other parts of the world. These include Asia, Europe, and North America.

Seco Marine’s Ugandan-Built ‘M.V. Mpungu’ RoPax Ferry Begins Operations on Lake Victoria

ADMIN WBJAC
-
0
Seco Marine’s Ugandan-Built ‘M.V. Mpungu’ RoPax Ferry Begins Operations on Lake Victoria

Seco Marine’s Ugandan-Built ‘M.V. Mpungu’ RoPax Ferry Begins Operations on Lake Victoria

World Business Journal talks to Mohanlal Pillai, Project Director at Seco Marine, about the launch of the M.V. Mpungu, a 96-meter ROPAX ferry built at their shipbuilding yard in Entebbe, Uganda. This vessel demonstrates the potential of Uganda’s emerging maritime industry and aims to enhance regional connectivity and trade by linking Uganda’s Port Bell with Tanzania’s Mwanza port, reducing travel time from 3–4 days to just 18 hours.

Has the M.V. Mpungu roll-on/roll-off freight vessel officially started its operations from Port Bell to Mwanza, Tanzania?

The M.V. Mpungu was handed over in November 2024 after receiving the necessary certificates from Bureau Veritas for construction and the International Register of Shipping for safety and compliance on behalf of the Uganda Maritime Authority.

East Africa Marine Transport conducted trial runs between Mwanza and Port Bell for 2 months. The official launch took place on 30th January 2025 at Port Bell. The client is now reviewing the economic performance to decide on the construction of a second vessel, as per the initial feasibility study.

The plan involves operating 2 vessels for daily service, with 3 cargo trips per week, meeting strong client interest. Discussions are also ongoing about building a variety of vessels for different cargo needs.

Photo credit: Seco Marine

Has the shipbuilding facility in Entebbe opened up other opportunities in the equipment rental space?

We have specialized, high-value equipment at the yard and are mobilizing some of it, like modular barges and cranes, to Lake Albert for projects in the oil and gas industry.

The equipment investment in this yard is around $4–5M, and we offer specialized equipment that isn’t readily available elsewhere in the country. We’ve secured a contract to construct a platform for fresh water intake from Lake Albert for a cooling system, which involves creating a platform on the lake. We are also performing ship piling to build a small jetty.

We are confident in the opportunities within the oil and gas sector and are in advanced discussions for new, high-value work in this area.

What are the key lessons learned from this project?

One key lesson is the importance of advanced planning and ensuring that all necessary materials are available for the project. Initially, we were concerned about manpower, but we quickly overcame this issue. I’ve been impressed by how rapidly Ugandan workers develop skills. They learn fast and excel when respected and encouraged. I’ve worked globally, but the loyalty of Ugandan workers stands out among the best I’ve ever encountered.

Uganda’s Ambitious Tenfold Growth Economic Vision: Harmonizing Fiscal Discipline with Economic Growth

ADMIN WBJAC
-
0
Uganda’s Ambitious Tenfold Growth Economic Vision: Harmonizing Fiscal Discipline with Economic Growth

Uganda’s Ambitious Tenfold Growth Economic Vision: Harmonizing Fiscal Discipline with Economic Growth

World Business Journal talks to Ramathan Ggoobi, the Permanent Secretary and Secretary to the Treasury at the Ministry of Finance, Planning, and Economic Development, about Uganda’s ambitious economic growth goals. The nation aims to expand its economy tenfold by 2040. Starting in the 2025/2026 financial year, Uganda will implement a new fiscal consolidation strategy focused on budget reprioritization and increased fiscal discipline. These measures are intended to reduce reliance on external borrowing and nurture a self-reliant and resilient economic landscape.

What are the key elements of the Tenfold Growth Strategy aimed at elevating the economy from $50 bn to $500 bn by 2040?

We have based our strategy for achieving tenfold economic growth on four key areas.

In agro-industrialization, our goal is to enhance the agricultural value chain by addressing low productivity, insufficient value addition, and limited market access. By focusing on these areas, we aim to generate approximately $50 bn by 2040.

For the tourism sector, our objective is to increase visitor numbers, extend the duration of their stays, and elevate their spending levels. We will focus on enhancing branding and marketing initiatives to strengthen our country’s appeal while also investing in infrastructure upgrades at key tourist locations to support sustainable growth. This will generate an additional $50 bn in revenue over the next 15 years.

The third focus area is mineral-based industrialization through local processing. Our government has banned the export of raw minerals to encourage in-country beneficiation. Uganda boasts abundant mineral resources, including gold and lithium, and is advancing in the oil and gas sector with plans for initial oil production and a refinery.  To achieve our goals over the next 15 years, aiming for over $110 bn in revenue, we seek investors for capital and technology. Our priority is to partner with those who can provide expertise to enhance our mineral processing capabilities.

The fourth area of focus will be STI and ICT, which is vital for driving digital transformation, innovation, and research. We plan to build on our existing work in developing the pathogen economy, automobiles with Kiira Motors, and pharmaceuticals including vaccines.

Supporting scientists more actively will help us strengthen the knowledge economy. We plan to raise R&D funding to 2-2.5% of GDP, anticipating that this will catalyze innovation, enhance productivity, and stimulate a growth multiplier effect across industries.

These are some of the key actions we plan to undertake.

What impact will the Rationalisation of Government Agencies and Public Expenditure (Rapex) program have on reducing bureaucracy and increasing savings?

The Rapex program aims to streamline government operations by gradually rationalizing agencies, ministries, and departments, minimizing resistance and maintaining a focus on critical areas. With backing from the President and Cabinet, and despite mixed parliamentary support, the program seeks to eliminate duplications and simplify processes, ultimately saving the government at least 1 trillion shillings annually. The private sector will also gain from more efficient interactions with fewer government entities, further reducing bureaucracy.

How do you plan to achieve a 98% reduction in external borrowing and a 20% cut in government spending?

Starting in the 2025/2026 financial year, we are implementing a fiscal consolidation strategy to refine our budget priorities. By repurposing funds from outdated priorities to new ones, we’ve avoided duplicating past budget allocations.

We’ve saved over UGX 1.7 trillion by rationalizing expenses on travel, workshops, and frequent purchases such as cars and office furniture, allowing us to fund priorities without borrowing. For the past three years, instead of introducing disruptive new taxes, we’ve focused on improving tax compliance and administration efficiency.

Prioritizing fiscal discipline minimizes the necessity for borrowing. For instance, last year we turned down a $414 million loan with an 8.4% interest rate, choosing to reduce expenditures instead. This decision illustrates how focusing on fiscal restraint can be both effective and non-disruptive.

How are you leveraging green financing and green bonds to stimulate economic growth?

Our climate financing unit is successfully mobilizing green funding by ensuring most of our infrastructure and agricultural projects meet green financing criteria, including the Standard Gauge Railway. We are collaborating with the World Bank on climate-smart agriculture projects and developing special-purpose vehicles to introduce new financing models like Sukuk and Panda bonds. While exploring green bonds, we aim to attract new investors rather than simply shifting from traditional bonds without genuine benefits. We’re also considering infrastructure and diaspora bonds to diversify our public investment financing model.

EHang Conducts First Pilotless eVTOL Urban Flight in Europe, Taking Place in Benidorm, Spain

ADMIN WBJAC
-
0
EHang Conducts First Pilotless eVTOL Urban Flight in Europe, Taking Place in Benidorm, Spain

EHang Conducts First Pilotless eVTOL Urban Flight in Europe, Taking Place in Benidorm, Spain

Chinese air taxi manufacturer EHang released a new low-altitude-flight safety research lab in Spain not too long ago. This happened only a few days after the first urban flight was completed by a pilotless air taxi in Spain. EHang established a joint venture with JAC Motors, with the main goal of providing money for building a production facility that will make eVTOL aircraft.

The new facility will be in Hefei, Anhui, China. It will integrate standardization, automation, and advanced technology in order to create smart, pilotless electric vertical takeoff and landing aircraft. JAC Motors is known for its large-scale vehicle manufacturing activity in China, so this partnership with EHang is surely expected to lead to something great.

Establishing a New Laboratory

EHang joined a new partnership with the University of Guangzhou and the University of Zaragoza to create the Joint Laboratory for Low-Altitude Flight Safety.

The purpose of this laboratory is to do deeper research into UAM safety, integration, and regulation. Thus, autonomous air transport in European cities will be closer to becoming a reality. The lab wants to become a center for innovation and international academic exchange.

Zaragoza City Hall hosted the ceremony. Senior officials such as Natalia Chueca, the Mayor of Zaragoza, and Yonghang Guo, the Guangzhou Municipal Committee Secretary, were present at the event.

Victoria Jing Xiang, the Chief Operating Officer for Latin America and Europe, spoke about how much of an honor it is to collaborate with the universities. “We are honoured to collaborate with the University of Guangzhou and the University of Zaragoza. Together, we will explore cutting-edge technologies and innovative models in low-altitude flight safety, setting a benchmark for the global development of UAM,” she said.

This new laboratory was established not long after a complete urban flight in Benidorm was performed by the pilotless EH216-S air taxi.

New Hefei Facility

As part of a partnership with Guoxian Holdings and JAC Motors, EHang will launch a new construction compound in Hefei. This will allow for more eVTOL manufacturing processes. When it finally becomes operational, the new facility will promote key aircraft component standardization while meeting unified industry standards. This gives the low-altitude economy the potential to develop.

This is not the first achievement of EHang in Hefei. Back in October 2023, the firm also signed a strategic cooperation agreement with the municipal government. This allowed them to establish two Urban Air Mobility eVTOL operation centers. Moreover, EHang got a flight license for an uncrewed passenger drone.

EHang’s European Flight

EHang managed to conduct a pilotless flight in Benidorm not long ago. This event involved 12 drones that took care of tasks such as cargo transport and surveillance. The demonstration made the aircraft fly through the urban air corridor. It was the first time European environments ever saw a pilotless aircraft operated under EASA.

The low-altitude industry in Europe and beyond will see some massive improvements in the future as EHang keeps expanding.

EU and India Agree to Finalize Free-Trade Pact

ADMIN WBJAC
-
0
EU and India Agree to Finalize Free-Trade Pact

EU and India Agree to Finalize Free-Trade Pact

India and the European Union are doing their best to finalize a free trade agreement by the end of 2025. According to Ursula von der Leyen, this could be the largest deal of this kind on a global level.

This deal finalization would mark the end of negotiations that took place over the course of several years. After the approval of the agreement, it will be easier than ever for businesses to exchange services and goods. The commitment is being pushed forward amid rising geopolitical tensions with China and the United States.

The Trading Relationship Between India and the EU

Currently, India’s largest trading partner is the European Union. In 2023, 12.2% of the entire Indian trade amounted to goods traded with the EU, consisting of €124 billion in total. Services trades also reached €60 billion in that same year.

India is the EU’s 9th largest trading partner. Meanwhile, China and the U.S. only account for 10.5% and 10.8% of the entire Indian trade.

In the last few years, trade between the EU and India has increased. However, differences between countries, specifically on matters like pharmaceuticals, automobiles, and agriculture, have delayed a free trade pact. Nevertheless, it appears that the two parties took an essential step forward in terms of negotiations.

The EU and India Agreed to Get the Deal Done in 2025

Talks regarding the free-trade pact crumbled back in 2013. Then, they were resumed in 2021. In 2025, the pact will be finalized, and Ursula von der Leyen spoke about the true potential of this agreement.

“A free trade agreement between the EU and India would be the largest deal of this kind anywhere in the world. I am well aware it will not be easy. But I also know that timing and determination counts, and that this partnership comes at the right moment for both of us,” she said. The European Commission President met with Indian Prime Minister Modi to discuss the deal and push to get it done by the end of 2025.

According to von der Leyen, sectors such as artificial intelligence and clean technology would be the main ones benefiting from the pact. Still, many compromises will be necessary on both sides when it comes to medication, alcohol, textiles, and cars. While India wants lower tariffs on textile and pharmaceutical exports, the EU is looking for lower tariffs on whiskey, wine, and cars.

More Trade Agreement Talks

Before the European Commission visited India, Douglas Alexander, the Minister of State for Trade Policy of the UK met Piyush Goyal, the Commerce and Industry Minister of India. The meeting took place on February 24, 2025. The next day, discussions on a free trade agreement between the countries’ officials resumed.

There were also discussions regarding the India-U.S. bilateral trade. The Commerce Minister ended a U.S. tour between March 4 and March 6. One of the main topics of discussion was Mission 500. On top of that, there will be more talks about establishing safeguard duties on steel.

How the GCC Uses Innovation to Boost Its Food Security

ADMIN WBJAC
-
0
How the GCC Uses Innovation to Boost Its Food Security

How the GCC Uses Innovation to Boost Its Food Security

Food security is taken seriously in the GCC. Saudi Arabia, Qatar, Oman, Kuwait, Bahrain, and the United Arab Emirates are all in the top 50 when it comes to food security. Despite this fact, they import up to 85% of their food.

Back in September 2024, GCC countries regarded food security as a critical issue that every nation in the area should prioritize. This is why Mr. Jasem Mohammed Albudaiwi, the Secretary General of the Gulf Cooperation Council, made a statement regarding the nations that face this issue. He also added that this problem will be placed at the top of the priorities through strategic partnerships.

Food Supply Issues

Food supplies are disrupted all across the world. This situation emerged following the COVID-19 pandemic. Millions of people are affected by this problem, with many individuals not getting an adequate level of nourishment. The continued volatility of global supply chains also affects the Gulf, which is why the area must find solutions for food production.

It is also dealing with scarce water, increasing temperatures, and limited arable land. For this reason, GCC countries are looking at these issues from new angles and entering new strategies to turn them into opportunities for food security.

New Food Security Partnerships and Strategies

At the moment, about 85% of the food available in GCC countries is imported. Nearly all consumption consists of rice imports. Meanwhile, 52% of it includes vegetables, 62% is comprised of meat, and 93% features cereals. This is why GCC countries have been trying to find ways to deal with the risks and come up with measures.

GCC governments have launched processes such as:

  • Distribution and packaging support
  • Credits and financial exemptions to agri-businesses and farmers
  • Mobility exceptions for agricultural workers during times of lockdown

These solutions are meant to bring more food security in the short term. At the same time, GCC countries still need to find more ways to restructure their food supply chains and offer protection against possible future risks regarding food imports.

What Can GCC Countries Do to Increase Food Security?

GCC governments can complement their interventions with a series of solutions to boost their food security. For instance, they must do their best to grow their local food supply. Farmers must receive the necessary support to become more productive. Desert agriculture, vertical stack crops, and seawater farming are only a few of the practices that can bring significant improvements.

Moreover, imports must enjoy increased stability. Governments can add new import channels to provide more resources to the agricultural landscape. Custom and border checks can be minimized for agricultural freight, something that allows food to enter the area much faster. Key commodity supplies must also be secured by the government in countries where the food industry doesn’t have a strong private sector.

With more technological progress, financial support, and new policies, the GCC can navigate the current challenges and develop a more reliable food system.

Taiwan Chipmaker Plans on Investing $100 Billion for US Expansion

ADMIN WBJAC
-
0
Taiwan Chipmaker Plans on Investing $100 Billion for US Expansion

Taiwan Chipmaker Plans on Investing $100 Billion for US Expansion

Amidst tariff threats from President Donald Trump, Taiwan Semiconductor Manufacturing Company Limited (TSMC) announced a US expansion. The decision was made public after CEO C.C. Wei had a meeting with Donald Trump at the White House.

After the conference, the President announced a $100 billion investment will be made starting this week.

A Plan for New Facilities

As the most expansive contract chipmaker in the world, TSMC announced that they could build five extra chip facilities in the U.S. This came after the U.S. president threatened to impose a tariff on semiconductor imports, which can go as high as 100% for Taiwan. The new facilities are set to include three fabrication plants, an R&D center, and two packaging facilities.

C.C. Wei claims that the reason for this decision has nothing to do with the tariffs imposed by President Donald Trump. Instead, the reason for the expansion is backed up by high demand. The expansion plan came after Trump criticized Taiwan for taking away the U.S. semiconductor industry, with the president wanting the manufacturing plans back to America.

President Lai Ching-te of Taiwan claimed that they received no pressure from the U.S. The expansion was made for domestic purposes and to accommodate the increasing demand for semiconductors.

Continued Expansion in Taiwan

The decision for the investment brought on concerns that Taiwan would gain little from this investment. This comes after President Donald Trump claimed he is still considering the tariff, despite the $100 billion deal. TSMC claims that the move was necessary to promote future development, especially considering that many of its buyers are from the US.

To that, the TSMC CEO added that expansion will continue throughout Taiwan as well. Aside from the five facilities across the U.S., TSMC plans to build 11 more production lines, spreading them all over Taiwan. While the plans are made for this year, the expansion will likely go over 2026 as well. There are currently more than 10,000 employees working at TSMC facilities in Taiwan, creating 1.0 nm chips that are to be exported this year.

The company claims that there aren’t enough plants to keep up with the demand, especially with the ever-evolving digital industry. TSMC also explains that aside from the U.S., they are planning to expand their reach in Japan and Germany as well.

Impact on US Economy

Before the new agreements, TMSC had already invested a total of $65 billion in the US semiconductor industry. Operations are already underway in Phoenix, Arizona, where manufacturing is handled over a surface of 1,100 acres. This created workplaces for more than 3,000 people, strengthening the semiconductor ecosystem of the U.S.

With the new manufacturing operations being planned, Taiwan’s investment is expected to go up to $165 billion. The five new facilities are expected to create construction opportunities for more than 40,000 people, spanning over the next 4 years. Once the facilities are open, they will bring thousands of high-paying jobs in the chip industry, spread over numerous domains.

Traveling to Africa: How the Tourism Boom Affects Economic Growth

ADMIN WBJAC
-
0
Traveling to Africa: How the Tourism Boom Affects Economic Growth

Travelling to Africa: How the Tourism Boom Affects Economic Growth

Technology and futuristic elements have taken over the world, but many people are still looking to observe the “wilder” side. Since most of Africa’s land is inhabited by pristine wildlife, more and more individuals choose this continent as their travel destination.

As the interest in Africa keeps increasing, governments are taking new steps to set tourism as a cornerstone of economic development. With effective strategic reforms, African nations are looking for ways to make their countries more appealing to international tourists.

Projected Economic Growth

In the past few years, Africa has welcomed so many visitors that the tourism market currently holds around 6% of the economy. With the number of tourists flocking to the area, this sector is expected to grow by 7.45% by 2029, according to recent trends.

With the ongoing tourism boom, Africa should see significant economic growth, as the WTTC estimates revenue of $168 billion over the following 10 years. This could eventually lead to the creation of around 18 million jobs for African people.

What’s Drawing Global Tourists to Africa?

Africa attracts tourists from all over the world mainly due to its uniqueness and diversity. On one hand, you have large, modern cities such as Cairo or Lagos, which are rich in historical elements and vibrant culture. On the other hand, the dense jungles and majestic deserts in countries such as Kenya and Zimbabwe offer the perfect opportunity for a safari. Tourists flock to see the “big five” in their natural habitat (i.e., leopards, lions, buffalos, rhinos, and elephants).

The Bwindi Impenetrable National Park in Uganda also draws more tourists than ever, going from a mere 1,300 visitors in the 90s to about 20,000 in current times. Combined with the increased traffic through Murchinson Falls, the influx of visitors in Uganda and beyond contributes to a stable economy, boosting the revenue generated through tourism.

How Africa Plans to Reform Tourism in the Following Years

Several countries in Africa have already put down strategies to attract tourists. For instance, Kenya relaxed the travel requirements for all visitors, allowing visa-free visits for people coming from various countries. There are still some nations that need a visa, but the citizens of these countries can easily apply online for a 30-day pass.

Aside from the attractive visa process, investments have also been made to make a tourist’s stay more comfortable. Hospitality facilities have been improved, which ultimately led to more job openings in the field. Transportation networks have also been enhanced, with specialized personnel made available to guide and transfer tourists wherever they need. This makes key attractions more accessible, inviting visitors to book longer stays.

What’s Next?

At the moment, Africa’s tourism shows great growth potential. With more and more people coming in to see the natural wonders of this beautiful continent, tourism revenue will likely increase, which can lead to more hospitality developments. Within the next 10 years, various African countries will likely see an economic rebirth.

123...14Page 2 of 14

Menu

Links

Stay connected

Newsletter Signup

© World Business Journal | All rights reserved. 2024