Five local companies have been selected to participate in the 2016 East African Young Innovators in Agribusiness Competition Trade Fair.
Five local companies have been selected to participate in the 2016 East African Young Innovators in Agribusiness Competition Trade Fair.
They include Agritech Ltd, M-AHWIII Ltd, COOPAGI Ltd, Kizinga farm Ltd and PEBEC Ltd.
The companies emerged among finalists at the young Innovators in Agribusiness Competition held at Ngurdoto Mountain Lodge in Arusha, Tanzania, last month.
The best six companies among the finalists will receive seed capital worth $20,000 (Rwf15 million) at the finals to be held in Nairobi, Kenya.
Josephat Juma, communications officer at Inter Region Economic Network, said the competition is part of the presidential trade Africa initiative launched back in 2013 to boost trade and investment in sub-Saharan Africa. It is expected to attract more than 30 startups and SMES from Kenya, Uganda, Burundi, Tanzania, Rwanda and Ethiopia.
"We have selected 30 contestants including 5 startups from Rwanda to participate in this competition,” Josephat told The New Times.
The competition is focusing on SMEs and Start-up involved in production, value addition, innovation and knowledge transfer along the agricultural value chain in the respective countries.
It also seeks to empower youth in agribusiness with skills and cash prizes which will enable them to improve their businesses.
Lillian Uwintwali, the Chief Executive officer M-AHWIIIl Ltd said, the exercise is an opportunity for local startups to learn and share experience with their counterparts in the region.
Geoffrey Kamanzi, the Head of Trade facilitation and negotiations at private sector (PSF) Rwanda described it as one way of promoting ideas and strategies geared towards enhancing prosperity in Africa through free enterprise and sound public policy.
This year’s competition follows a similar successful all-Africa agribusiness competition in 2014 that attracted over 800 participants from sub-Saharan Africa and the Africa Green Revolution Forum in 2015.
This year’s edition is made possible by the USAID-supported East Africa Trade and Investment Hub; Syngenta; Inter-Region Economic Network and Toyota Kenya Academy.