Business
Private sector too slow at exploiting regional opportunities
Publish Date: Jan 22, 2014
Private sector too slow at exploiting regional opportunities
  • mail
  • img
newvision

By John Odyek

The private sector are shying away from the business opportunities in the East African Community (EAC).


The commissioner for economic affairs in the Ministry for East African Community, Rashid Kibowa, said: “There is lack of enthusiasm by the private sector on EAC opportunities. There are trade negotiations that the private sector should get involved in.”

Kibowa was speaking at a consultative meeting on the Common Market for East and Southern Africa (COMESA)-Southern African Development Community (SADC)-EAC tripartite cooperation at Hotel Africana in Kampala recently. The meeting was organised by the Ministry of East African Community Affairs and attended by the private sector and civil society leaders.

The private sector, however, said they lack resources and capacity to take advantage of the emerging opportunities in the region.

They said the opportunities are being snapped up by better resourced Kenyans and Indian entrepreneurs in places such as South Sudan and Somalia where Ugandan soldiers are fighting for peace and stability.

Walusimbi Mpanga, the chairman of the Uganda Services Exporters Association, said Ugandans are contributing to regional peace, but are not gaining economically.

“The few Ugandans in these places are only doing petty business,” he said.

Shem Bageine, the minister for East African Community Affairs, said the political leadership of EAC, COMESA and SADC agreed to establish a Tripartite Free Trade Area in October 2008.

“The purpose of their effort was to support trade, alleviate poverty and improve the quality of life of the African people in line with the African Union goals.”

Bageine said the heads of states agreed during the second tripartite COMESA–EAC-SADC summit in Johannesburg in June 2012, on various key points to underpin the tripartite co-operation framework.

They include enhancing market integration (Free Trade Area), enhancing industrial development, promoting infrastructure development and promoting the movement of business persons.

A free trade area is a trade bloc whose member countries have signed a free-trade agreement to eliminate or reduce tariffs, import quotas and preferences on most goods and services traded between them.

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
EAC Cooperative Societies Bill seeks to stimulate trade
The level of optimism is high among co-operatives in East Africa, in light of the ongoing East African Community (EAC) Co-operative Societies Bill 2014 being pushed to be enacted into law....
Insurance Institute pushes for public awareness
The Insurance Institute of Uganda (IIU) has kicked off a countrywide public awareness campaign, meeting traders at their places of work, a move meant to demystify insurance....
Real Estate sector players win awards
Leading local real estate online platform Lamudi.co.ug recently rewarded the top real estate dealers, agents and developers in the country who are transacting business online especially through its platform....
Good seed door for good harvest
Just like humans look for the good traits when choosing a partner for procreation, farmers should look for good seeds for better production....
Vision Group set to crown best farmers
The search for Uganda’s leading farmers is over. Winners of the Vision Group’s Best Farmers competition will be revealed today at Kampala Serena Hotel....
World
The planet's poorest nations have failed to cash in on strong economic growth due to a lack of structural reforms, says the United Nations....
Should Govt lease parts of Lake Victoria to private developers?
Its Ok
No Way
Not Sure
follow us
subscribe to our news letter