Kenya hosts 2nd EAC Investment Conference

Following the first East African Investment Conference (EAIC) that was held in Kigali last year, the second version of the meeting is slated for Nairobi, Kenya later this month. This was confirmed in a statement from EAC secretariat. The conference, which is held on a rotational basis annually serves as a forum for the EAC partner states to promote the region as a single market and investment destination. This year’s event will be held under the theme ‘Invest in East Africa, Where Global Challenges are Opportunities.’ It is expected to discuss topical issues like banking, agriculture and agro-processing, ICT, tourism and other hospitality industries. Over 2000 are expected to turn for the conference and will be drawn from over 30 countries worldwide. Between 2004 and 2007, the volume of intra-EAC trade increased by 22 percent while the total EAC trade with the rest of the world rose by 26.8 percent up from 22.8 percent in 2006. According to EAC’s Secretary General, Juma V. Mwapachu this 2nd EAIC comes at a historic time for the EAC when we are closer than ever to our goal of regional economic integration. The success of the Customs Union is a singular pointer to the systematic achievement and progress of the EAC integration process. Mwapachu who spoke recently at a breakfast meeting added that this is a significant milestone in the road to EAC integration and will greatly impact trade, investments and revenues of the partner states. During the 1st East African Investment Conference in Kigali, the EAC Heads of State adopted strategic plans for accelerated implementation of projects under the infrastructure sector. The result was the commencement of construction works on the Arusha-Namanga-Athi River road project; the commencement of the Power Interconnection Project between Kenya and Tanzania at the Namanga border point and many other similar achievements in rail transport, civil aviation, communications, energy and development of the Lake Victoria Basin. In addition, regarding barriers to trade and investment in the region, the EAC is working with the Partner States to strengthen the capacity building of their governments, improve the transparency of regulation and administration. EAC has actively worked to promote the implementation of the Protocol for the establishment of the EAC Common Market, which will create an economic bloc that will have a combined population of 125 million people and a total GDP of Rwf31.3trillion ($55 billion). Though the world is gathered under the cloud of a global financial and economic crisis whose effects have been felt not only in the Northern hemisphere but also here in the EAC region and other parts of Africa, the Conference will provide an opportunity to showcase the commitment and achievements of the Community as well as the potential it has to nurture and serve as a new hub of regional global trade and investments. The conference is focused on creating a viable and vibrant regional economic bloc, and also addressing Non Tariff Barriers (NTBs) under the rubrics of entrenching a conducive investment climate. Ends

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Kenya hosts 2nd EAC Investment Conference