EAC countries told to create space for investments
Proper investments will also be used as a key driver of structural transformation ...
East African Countries have been asked to create space for appropriate investment policy frameworks which are necessary in addressing poverty, unemployment, low levels of technology and skills development.
Proper investments will also be used as a key driver of structural transformation through creating backward and forward linkages between agriculture production, industrialization and growth in services trade.
The call was made by Ambassador Nathan Irumba from SEATIN Uganda, ahead of the regional investment climate meeting that takes place this Thursday and Friday at Lake Victoria hotel in Entebbe.
The meeting is organized by SEATINI Uganda in partnership with Diakonia under the theme "Making investment work for the people of East African Community (EAC)".
It's aimed at kick starting efforts towards "Promoting Investment policies and Agreements that support sustainable development and improved livelihoods within the region".
The multi-stakeholder meeting will involve adoption of a multi-disciplinary approach to enhance stakeholders' awareness and capacity to understand and appreciate the imperative for investment policies and practices that are gender sensitive, protect human rights, promote environment sustainability and address the development needs of the EAC region.
At the meeting, stakeholders will be able to appreciate the need for investment policies and practices that are gender sensitive; protect human rights; promote environment sustainability among others.
Irumba added that investment can facilitate rural economic transformation through increased production and productivity as well as value addition.
The East African Community region is characterized by mostly Foreign Direct Investments (FDIs) due to the fact that deliberate effort has been made by governments to attract FDIs into their countries.
Currently, the region has registered world FDI flows of up to US$ 7 billion in 2014. Besides this, the EAC countries have also become more attractive investment destinations in their own right and have also experienced increased intra-regional investment.
The countries present investment opportunities in sectors such as infrastructure, manufacturing, energy, minerals and extractives, agriculture, water and forest resources.