ITALY became the first team to reach the knockout stage of Euro 2020 as midfielder Manuel Locatelli scored twice in a 3-0 win over Switzerland in Rome on Wednesday, while Wales moved to the brink of joining them by beating Turkey.
ON 1 January this year, trading under the African Continental Free Trade Area (AfCFTA) became operational.
The agreement pushes for a liberalised trade regime that would gradually lead to an integrated continental market with import tariffs phased out on 97% of tariff lines within 10 to 13 years. The Namibian's AfCFTA Focus brings you fresh insight on what is available in other African countries – creating a possible gateway to collaboration and exports/import opportunities. Every week, every Wednesday.
Focus country for the week:
Capital City: Gitega, (Bujumbura is the economic capital)
President: Évariste Ndayishimiye
Population: Est, 11,8 million people
Official language: French, Kirundi, English
Borders with: Rwanda, Tanzania, the Democratic Republic of the Congo
Currency: Burundian franc
Exchange rate: N$1 = 146,35 BIF
Repo rate: 6%
Banks: 16 banks
Economy Overview: A landlocked country in East Africa, Burundi is a low-income economy where 80% of the population is employed in agriculture.
Burundi itself is a landlocked, resource-poor country with an underdeveloped manufacturing sector.
Although there is potential self-sufficiency in food production, the ongoing civil unrest, overpopulation and soil erosion have contributed to the contraction of the subsistence economy by 25% in recent years.
Large numbers of internally displaced persons have been unable to produce their own food and are largely dependent on international humanitarian assistance.
Limited industry exists except for the processing of agricultural exports. Although potential wealth in petroleum, nickel, copper, and other natural resources is being explored, the uncertain security situation has prevented meaningful investor interest.
Industrial development also is hampered by Burundi's distance from the sea and high transport costs. Lake Tanganyika remains an important trading point.
Major exports: Coffee, tea, sugar, cotton, hides
Major imports: Capital goods, petroleum products, foodstuffs
Main export markets: Germany, Pakistan, Kenya, China, Sweden, Belgium, Canada, Rwanda, United States
Main import markets: China, Saudi Arabia, India, United Arab Emirates, Tanzania, Kenya, Zambia, Japan, Uganda, Belgium
GDP: US$3,01 billion
Govt debt/GDP: 69,5% (2020)
GDP growth 2021 estimate: 0,3%
Interesting fact: Goat rearing is also one of the major source of income for rural-dwelling Burundians.
Compiled by: Lazarus Amukeshe
Business Journalist at The Namibian