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
Providers to pay PPDA fees online
COMPANIES that register with PPDA are all listed in the RoP. Hitherto, providers were paying fees exclusively through commercial banks...
MTN, Centenary Bank partner on mobile money ATM cash out service
MTN Uganda the leading Mobile Money network has partnered with Centenary Bank Uganda to advance their ATM Cash out footprint by allowing customers to cash out at all Centenary bank ATMs across the country....
IMF chief charged with
IMF chief Christine Lagarde, one of the world''s most powerful women, announced Wednesday she had been charged with "negligence" over a multi-million-euro graft case...
Opposition want national bank for agric
THE opposition has recommended establishment of National Bank for Agricultural Transformation as the epicentre for agricultural finance delivery...
NFA needs sh21b to mark forest boundaries
The National Forestry Authority (NFA) needs sh21 billion to embark on a countrywide exercise to mark boundaries of all the central forest reserves....
Mbabazi advises youth to create jobs using ICT
The Prime Minister Amama Mbabazi has challenged the youth to exploit the existing ICT opportunities to create jobs and develop applications that benefit their communities socially, economically and politically....
Do you think the National Census positively contributes to improved Livelihood in Uganda?
Yes
No
Can't Say
follow us
subscribe to our news letter