While officially inaugurating the East African Community Business Investment Summit & Expo on Friday, Rt. Hon. Rebecca Kadaga the Minister of East African Community Affairs decried the persistent low levels of Intra- regional trade and called for the full implementation of African Continental Free Trade Area (AfCFTA) as this will help in boosting the community GDP.
“We still have persistent non-tariff barriers that hinder intra –East African Community trade, the full implementation of AfCFTA in compliance with EAC common market commitments and an increased focus on manufacturing will surely boost the East African Community’s GDP” she highlighted.
Kadaga also emphasized the importance of public and private collaboration in achieving the success of AfCFTA highlighting that this is a vital catalyst for economic growth.
She further pledged the Ugandan government’s support in promoting such dialogues.
“I reaffirm the government’s commitment to promote public – private dialogue as a key driver of economic growth as provided by the EAC treaty” she asserted.
Organized under the theme “Private Sector Driven Regional Integration for Increased Intra-African Trade & Investment” the two-day summit that concluded on Friday drawn over 500 delegates from the EAC member states to discuss strategies for enhancing regional integration and boosting Intra-Africa trade and investment.
In his remarks, John Bosco Kalisa the Executive Director East African Business Council (EABC) addressed the challenges posed by global economic shocks and the ongoing impact of the Covid-19 pandemic on East African economies.
He also outlined the summit’s focus on critical domains such as the trade and investment climate, AfCFTA, Sustainable Industrialization and Value Chains, Tax Regime Harmonization within the EAC, Liberalization of Trade in Services, the Digital Economy, innovation, SMEs, Women and Youth in Business, Climate Change & Agriculture and he underscored the summit’s aim to build upon the achievements of the inaugural event held in 2019, including the ratification of AfCFTA, the finalization of the EAC Common External Tariff, and the inclusion of the Democratic Republic of Congo into the EAC.
In her keynote address that focused on the role of EAC Partner States in Promoting Private Sector-led integration Hon. Amb. Ezéchiel Nibigira, the Chair of the East African Community (EAC) Council of Ministers emphasized the importance of regional cooperation and collaboration in driving economic growth and prosperity and he acknowledged Uganda’s transformative legislation to invigorate trade and business activities, reflecting a conducive environment for trade and investment.
He further highlighted the significance of creating favorable legal frameworks, conducive business environments, and eliminating non-tariff barriers to support intra-EAC exports.
and she expressed her appreciation for the collaborative effort that made the summit possible.
Dennis Karera, EABC Vice Chair, speaking on behalf of EABC Chairperson Angelina Ngalula, highlighted the crucial roles of women, youth, and SMEs in African cross-border trade and economic growth and commended the EAC Council of Ministers for their commitment to creating an enabling business environment for trade and their role in key achievements.
He emphasized the need for practical policy reforms that stimulate cross-border investment within the region, reduce reliance on foreign direct investment (FDI), and promote productive integration based on comparative advantages and specialization.
John Bosco SEBABI, the Deputy CEO of the Pan-African Payment & Settlement System (PAPSS), highlighted the central importance of promoting intra-African trade within the context of Afreximbank’s mandate, and he emphasized the significance of AfCFTA as a catalyst for economic integration.
SEBABI discussed Afrexim bank’s strategic plans to support intra-African trade and investment, including the disbursement of over US$20 billion in support of these objectives and a commitment to disburse US$40 billion by 2026.
SEBABI further acknowledged the significant potential of the East African Community (EAC) in enhancing trade and economic ties and he outlined Afrexim bank’s initiatives and support mechanisms to stimulate trade and investment, including Industrial Parks, Africa Quality Assurance Centres, Business Councils, Investment Promotion, and the AfCFTA Adjustment Fund.
“The inauguration of the African Continental Free Trade Area presents a monumental opportunity for the private sector to expand intra-African trade beyond conventional borders we need to unlock the potential of connecting over 1.3 billion individuals across Africa through AfCFTA, focusing on education, empowerment, simplified trade frameworks, inclusive trade, and fostering investments to harness regional value chains.” He asserted.
The East African Business and Investment Summit was organized in close collaboration with all investment promotion authorities in East Africa who showcased investment opportunities and also presented viable projects ready for investment to East African, African and international investors.