President Kagame calls for stronger regional integration

President Paul Kagame has called for stronger regional ties and cooperation between African countries to facilitate social economic growth of the continent. The President was yesterday speaking on the sidelines of the World Economic Forum in Davos, Switzerland, at the Africa Regional Business Council breakfast. Kagame said there was unexplored potential in regional cooperation which if pursued would spur the much sought economic growth and attract investments. “Stronger intra-regional cooperation is essential to create bigger and more diversified markets at home and improved access to global capital,” he said. He noted that the fragmented nature of the African market was holding back ambition of growth and investments. “African markets continue to be too fragmented to achieve our ambitions for investment and growth,” said Kagame. The President noted that it was after realising the potential of integration that the East African region had began working to reduce trade barriers, unblocking infrastructure bottlenecks and deepening integration. Countries in the East African region are currently in the process of implementing multiple projects jointly. Among the projects is the Standard Gauge Railway, being implemented by four countries: Kenya, Uganda, South Sudan and Rwanda under the Northern Corridor Integration Initiative. The four countries signed a protocol in 2014 to jointly develop the railway line, agreed on harmonisation of technical standards, policies, capacity building and financing mechanisms. The project is expected to deliver a railway system that is efficient, reliable, safe and affordable for both freight and passengers in order to reduce the cost of doing business and to improve regional trade competitiveness. Other regional projects include a regional pipeline that is set to run from Kenya to Rwanda via Uganda. The President said that going forward, the massive investments required particularly in energy and infrastructure required that countries go beyond financing from ordinary ways such as government and multilaterals or non-consentional loans and grants to private financing such as private public partnerships. Kagame added that the continent’s demographic can be used as an advantage making the most of the youthful population. “In the next twenty years, Africans joining the working age will exceed the rest of the world combined. Africa’s demographic should be seen as an opportunity, not as a challenge,” the President said. At the forum which closes today, Rwanda has participated in multiple sessions showcasing the country as an investment destination and extending invitations for May’s African edition of World Economic Forum to be held in Kigali. Meanwhile, on Thursday evening, President Kagame hosted Rwanda night which showcased the country’s cultural side. At the event, the President hailed friends and partners of Rwanda for cooperation in previous years. editorial@newtimes.co.rw

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President Kagame calls for stronger regional integration