EAST African Community (EAC) Deputy Secretary General in charge of Productive and Social Sectors, Mr Christophe Bazivamo, has said the EAC draft Investment Policy, currently under consideration by the Council of Ministers, envisages a transformed upper middleincome EAC that is a competitive common investment area.
The EAC official told participants of an EAC –facilitation, liberalisation and protection of cross-border investment. “Partner states are to streamline and simplify administrative procedures related to investments, promote and maintain dialogue with the private sector and exchange business information,” said Mr Bazivamo.
He further disclosed that the EAC had at the regional level, through the Consultative Dialogue Framework, developed an open channel where the private sector, civil society and other interest groups interface with the Secretary General.
Mr Bazivamo reaffirmed the Secretariat’s role in advocating for a better and conducive climate investment in the region.
“I take this opportunity to thank our partners Afrika Verein and EABC for continued good working relationship and request for further collaboration in supporting the private sector, to achieve the business goals and promote the region as an ideal place to invest and do business,” he added.
On his part, East African Business Council (EABC) Executive Director Mr Peter Mathuki was optimistic that if Non-Tariff Barriers (NTBs) which hindered trade within the EAC Common Market are removed, the domestic demand and market of over 150 million people from the six EAC partner states will attract investments from Germany and all over the world as it will be more economically viable for all investors to invest in the regional economic bloc.
According to Trade Mark East Africa, NTBs remained key challenges to East African integration since the establishment of the Customs Union Protocol in 2005.
Elaborating on the one-day dialogue, Chief Executive Officer of the German-African Business Association, Mr Christoph Kannengiesser, said the forum provided an opportunity for networking and supports information exchange as well as better mutual understanding.
He urged the EAC to prioritise collaborative approaches that will see supply chains strengthened across borders and governments laying the groundwork for the ease of movement of goods and people in the region.