Thursday 9 August 2012

Kenya`s NSE inks deal with Somalia exchange as Global Tourism conference opens in Zanzibar

Aug. 8 (Xinhua) -- Kenya's Nairobi Securities Exchange (NSE) on Wednesday signed a Memorandum of Understanding with the Somalia Stock Exchange Investment
Corporation (SSE) to establish trading links between the two bourses.

The agreement which was inked in Nairobi will also establish a securities exchange business involving the trading, settlement, delivery and other stockbrokerage activities. 
"NSE shall have primary responsibility for the technical development of the Somalia Stock Exchange including identifying the most suitable partners and expertise for the
operations of the Somalia Stock Exchange," NSE CEO Peter Mwangi told journalists in Nairobi.Mwangi said the MoU was the first step in the journey that would see the
development and implementation of a self sustaining stock exchange in Somalia.He noted that the NSE is pleased to assist the People of Somalia to develop their capital
markets and particularly to assist in the integration of our markets in Eastern Africa.

Under the agreement, both NSE and SSE will explore the location of the Exchange, development of human capital, the trading mechanism and the development of shariah
products and services. Idd Mohamed, Ambassador Extraordinary and Deputy Permanent Representative of Somalia to the UN, who was the principal signing on behalf of SSE,
said the SSE shall be responsible for the implementation of the Somalia Stock Exchange and its subsequent operation. "We are very pleased that NSE has accepted to be our
technical partners. We are aware that NSE is a founder member of the African Securities Exchanges Association (ASEA) and the East African Securities Exchanges Association
(EASEA)," Mohamed said. The Kenyan bourse has been involved in the development of other markets in the region. Under EASEA, the regulations and standards of the EAC
stock exchanges have progressively been harmonized. The members of EASEA also share the same technology provider and delegates from 16 countries are gathering in Zanzibar, Tanzania to discuss the key roles tourism play in boosting economic growth in developing countries in
Zanzibar, Tanzania's autonomous archipelago and a world famous tourist destination on Wednesday.

The operators and policy makers attending the Second International Conference on Sustainable Tourism in Developing Countries (ICTS-DS) made presentations on approaches
adopted in different countries to boost the tourism sector, the main drive for economic growth and source of foreign currency earning in developing countries.The Minister of
Information, Tourism and Culture of Zanzibar Said Ali Mbarouk said at the opening ceremony that for the past two decades strategic plans are key to building the sector, which
eventually benefit the local residents. He called upon the delegates to use this opportunity to collect views and set the right direction for the sector, which should involve local
communities in building a sustainable industry.

The two-day conference is organized and hosted every two years by the Department of Marketing of University of Dar es Salaam Business School (UDBS).The meeting aims to
deliberate on findings emanating from various researches on matters pertaining to the sector and practical experiences to offer solutions to numerous problems facing the
tourism industry in developing countries. The meeting under the theme "Challenges in Tourism Development and Sustainability" attracted delegates from Uganda, Kenya,
Namibia, America, Germany, South Africa, New Zealand, Nigeria, Israel, Iran, Mexico, Sweden United Kingdom, South Korea, Bostwana and India.Over 45 papers will be
presented during the conference and its deliberations will be disseminated through publications of conference proceedings and journal articles.  (Xinhua)

No comments:

Post a Comment