Infrastructure development tops EAC leaders’ priorities

KIGALI - Five leaders from the East African Community member countries have vowed to address challenges facing infrastructure and energy sectors as a bloc to boost investment. Presidents Paul Kagame of Rwanda, Pierre Nkurunziza of Burundi, Jakaya Kikwete of Tanzania, Mwai Kibaki of Kenya and Yoweri Museveni of Uganda were all present at the high profile meeting held at Serena Hotel. Kenyan President Kibaki emphasized that the EAC needed to address the challenge of poor infrastructure as a way of attracting investors. He added that since the organisation set up the Customs Union, trade within the EAC had grown from US$1.3 billion in 2003 to US$2.2 billion in 2006. He was speaking at the EAC’s first investment conference held to showcase opportunities to regional and international investors. “I wish to take this opportunity to assure investors that we in the East African Community are continually improving the policy and business environment,” Kibaki said. He also noted that poor infrastructure has remained a major constraint to investors. President Kibaki observed that the current size and potential of the regional economic bloc had tremendously improved the attractiveness of the EAC region for business and investment. “Moreover, the admission of Rwanda and Burundi to the Community has further enlarged our regional economic bloc, creating a market of about 120 million people and a combined Gross Domestic Product of nearly US$47 billion,” he added. Uganda’s President Yoweri Museveni said that the EAC needs to promote the private sector, give more emphasis to business and less to politicians and bureaucrats as a way of boosting investments. He outlined Uganda’s infrastructure development plan, particularly big investments in energy, saying that his government has set up an energy fund, which currently has $215 million, to develop hydroelectric power projects, and had also budgeted US$666 million in its 2008/09 spending plan to build and repair roads. Museveni told the participants that his country’s trade with partner states had increased tremendously due to deepened commitment to the integration process. President Pierre Nkurunziza of Burundi said that as a mark of commitment to the integration process, his Government was in the process of conducting a national assessment as to the level of awareness among the citizens of Burundi about the East African Community. Ends