EA businesses should embrace common market
May 10, 2010
I attended the East African Community (EAC) investment conference at Speke Resort Munyonyo, recently, and was amazed at the potential we have. We must credit the Ministry of East African Community Affairs, the East African Community Secretariat, and the Regional Investment Promotion agencies for arr
Lucy Kalanzi
I attended the East African Community (EAC) investment conference at Speke Resort Munyonyo, recently, and was amazed at the potential we have. We must credit the Ministry of East African Community Affairs, the East African Community Secretariat, and the Regional Investment Promotion agencies for arranging a conference that will result in massive direct investments in the region.
As the presidents of Uganda and Tanzania said at the opening and closing, the establishment of the conference as an annual event stemmed from a recognition of the challenges that the region faces, and the opportunities we offer to the world.
All the participants agreed that the EAC’s greatest asset was the abundant natural resources. East Africa presents the best competitive advantage in fisheries, tourism, hydro-power and agriculture.
As said by the Minister for East African Community Affairs, Eriya Kategaya, the most rewarding achievement of the EAC integration so far is an increase in trade. Statistics indicate that in 2008, Uganda’s volume of trade had increased by 87.9%. In 2008, Tanzania’s volume of trade increased by 65.3% and Kenya’s trade increased by 91.6%.
Yet, as president Jakaya Kikwete said, the EAC region has only 0.9% of foreign direct investments in developing countries. “These numbers paint a gloomy picture of our region but East Africa is not hopeless. We are well endowed with natural resources and people who are capable of doing more and better,†he said.
Kikwete was optimistic that the EAC Common Market Protocol coming into force in July would advance the EAC cooperation, integration agenda and development.
With oil in Uganda, for instance, we should pool our resources so that the EAC grows richer as a whole. In Kenya, political activity should be made more peaceful. In all the East African states, the private sector should be made the engine for pulling the regional economy to the very top. We also need to hurriedly improve on technology for better business.
All in all, East African businesses should embrace the common market and the opportunities it presents; with the customs union, borders have already stopped being barriers.
The writer is a student at the University of Coventry, UK, currently working with Media Analyst Limited
I attended the East African Community (EAC) investment conference at Speke Resort Munyonyo, recently, and was amazed at the potential we have. We must credit the Ministry of East African Community Affairs, the East African Community Secretariat, and the Regional Investment Promotion agencies for arranging a conference that will result in massive direct investments in the region.
As the presidents of Uganda and Tanzania said at the opening and closing, the establishment of the conference as an annual event stemmed from a recognition of the challenges that the region faces, and the opportunities we offer to the world.
All the participants agreed that the EAC’s greatest asset was the abundant natural resources. East Africa presents the best competitive advantage in fisheries, tourism, hydro-power and agriculture.
As said by the Minister for East African Community Affairs, Eriya Kategaya, the most rewarding achievement of the EAC integration so far is an increase in trade. Statistics indicate that in 2008, Uganda’s volume of trade had increased by 87.9%. In 2008, Tanzania’s volume of trade increased by 65.3% and Kenya’s trade increased by 91.6%.
Yet, as president Jakaya Kikwete said, the EAC region has only 0.9% of foreign direct investments in developing countries. “These numbers paint a gloomy picture of our region but East Africa is not hopeless. We are well endowed with natural resources and people who are capable of doing more and better,†he said.
Kikwete was optimistic that the EAC Common Market Protocol coming into force in July would advance the EAC cooperation, integration agenda and development.
With oil in Uganda, for instance, we should pool our resources so that the EAC grows richer as a whole. In Kenya, political activity should be made more peaceful. In all the East African states, the private sector should be made the engine for pulling the regional economy to the very top. We also need to hurriedly improve on technology for better business.
All in all, East African businesses should embrace the common market and the opportunities it presents; with the customs union, borders have already stopped being barriers.
The writer is a student at the University of Coventry, UK, currently working with Media Analyst Limited