THIS WEEK:2nd East African Investment Conference opens in Nairobi

NAIROBI - 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 this week from the 29th to the 31st July. 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. 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). Ends