THE East African Community (EAC) member states are on track with the adoption of the Common Market by 1st January, 2010.

This was said by the Minister in-charge of East African Community Affairs, Monique Mukaruriza while briefing the press on the up-coming 2nd East African Investment Conference due to place in Nairobi from the 29th to 31st of January.

According to Mukaruriza, the negotiations that will end by the end of November, the Heads of state of the five EAC partner countries will put a pen on the agreement so that by 1st January the implementation of Common Market starts.

Mukaruriza also explained that Rwanda is taking the role of organizing the 2nd Investment Conference though Kenya is hosting the event.

"The Rwandan government is the one looking for people to fund the conference because Rwanda is chairing the EAC chairmanship, so it has to make sure the conference is a success,” Mukaruriza explained.

She also said that the member states are negotiating to have one visa to enable the investors travel from one country to another. 

Also at the press briefing, was the Minister of Trade and Industry, Monique Nsanzabaganwa who said that EAC member states are planning a free trade area with other two African economic blocs.

"We are talking of having a ‘free trade area’ with Common Market for East and Southern Africa (COMESA), Southern African Development Community (SADC) and the EAC,” Nsanzabaganwa added.                                          

Nsanzabaganwa also explained that Rwanda will gain more Foreign Direct Investments (FDIs) as a participating state and more business opportunities will be offered.

The conference is an annual event held on rotation basis in the EAC member states. The inaugural conference was held in Kigali, June last year. Over 1,000 business people attended and results from the conference are already being registered by RDB.

According to RDB’s Deputy Chief Executive Officer (CEO) in charge of Business Operations and Services, Claire Akamazi, so far more than 14 leading businesses from Rwanda have registered to attend.

"Since last year’s 1st investment Conference that was held here in Kigali, RDB has so far managed to register eight foreign companies and we are expecting to benefit even more from this coming investment conference,” Akamazi added.

The PSF Director of Trade and Policy Advocacy, Lucas Murenzi urged the private sector to get involved in such conferences in order to compete with counterparts from other member states.

"Fourteen registered businesses from Rwanda is not an impressive number compared to the opportunities out there and how much this conference is of much importance,” Murenzi added.

This year’s event will be held under the theme ‘Invest in East Africa, Where Global Challenges are Opportunities.’

Ends