EABC: Market the bloc as single investment hub

THE East African Business Council (EABC) has urged EAC partner states to market East Africa as a single investment destination by showcasing and reinforcing the bloc’s comparative and competitive advantage.

The EABC Chairperson Angela Ngalula said in Arusha at the council’s headquarters insisting on the opportunities surrounding the bloc which can transform the economic growth of the area.

She said that East African countries are full of unique resources from the Indian Ocean coast of Tanzania and Kenya to the Gorilla Mountains of Rwanda that can attract investments in the tourism sector and generate regional revenue.

She added that the EABC is willing to support regional ideas and solutions to unlock opportunities and lure more investments into the bloc.

Also, improving the quality and competitiveness of products and services is one of the top priorities the chairperson seeks to spearhead in order to reposition the regional business to seize opportunities availed by the African Continental Free Trade Area (AfCTA).

Other priorities are improving the performance of EAC transport corridors and eliminating persistent Non-Tariff Barriers (NTB).

Ms Ngalula also added to the EACB and Equity Bank partnership to steadfast SMEs in manufacturing and agriculture including youth and women to access affordable loans to grow their businesses and improve resilience amid the global dynamics of COVID-19 and the Russia-Ukraine war.

She also hailed Tanzania and Uganda for opening up the trade of sugar and rice.

On the other hand, EACB CEO Mr John Bosco Kalisa asked governments to liberalise EAC airspace to reduce the cost of tickets and cargo freights as well as boost the volume of air cargo exports outside the region.

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