East african investment conference:Finance tops EAC’s investment agenda

NAIROBI - East Africa’s leaders on Wednesday made a high pitch for an integrated regional economy, saying it was the only way to improve the quality of life for the 120 million population in a competitive global environment Speaking the opening of the second regional investment conference in Nairobi, the heads of state said only consistent investment in sectors such as communication, tourism, energy and agriculture would bring to fruition a truly integrated economy that is attractive to both local and foreign investors. But the forum also recognised that ongoing global economic recession has reduced the flow of foreign capital into the region, leaving private sector involvement as the only viable option to execute the investment agenda. “We recognise that donor resources have decreased, hence the need to establish a clear framework of private sector participation in construction and maintenance of infrastructure projects,” said Kenya’s President Kibaki. Apart from realising the desired goal of economic integration, economists said successful execution of the regional investment plan would particularly be useful to future growth of countries like Kenya that are well placed to take advantage of any trade and investment opportunities that will emerge. Because of the comparative advantage they have among their peers in the region, private sector involvement in the regional investment effort should open new opportunities for Kenyan companies to widen the scope of the markets in sectors such as financial services, technology and manufacturing. Ends

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East african investment conference:Finance tops EAC’s investment agenda