🔴REMARKS FOR THE EABC Ag, EXECUTIVE DIRECTOR DURING THE EABC - EAC SECREATRY GENERAL ROUNDTABLE

Summary

The East Africa Business Council (EABC) convened a roundtable to enhance intra-EAC trade and investment, with the Secretary General's presence. They acknowledged sponsors and the German Development Corporation for supporting regional economic integration. EABC, instrumental in fostering public-private partnerships, has shaped East African trade and investment. They aim to double intra-EAC trade by 2028, currently at 15%. The discussion focused on boosting trade, industrializing, and creating employment, emphasizing the private sector's role in economic growth and the need for an annual roundtable to deepen EAC integration.

Takeaways

• 🌟 The East Africa Business Council (EABC) is hosting a roundtable to boost intra-EAC trade and investment, with a focus on unlocking barriers and leveraging opportunities.
• 🙌 The EABC expresses gratitude to the Secretary General and key sponsors for their support in fostering regional economic integration.
• 🤝 The German Development Corporation is acknowledged for enabling the roundtable and supporting the private sector's role in regional integration.
• 📈 Over the past 25 years, EABC has been instrumental in promoting economic growth and advocating for the private sector's interests in East African Community (EAC) integration.
• 🔍 The EABC Technical Working Group, co-chaired by the Deputy Secretary General for Customs, Trade, and Monetary Affairs, is central to addressing policy issues that hinder business opportunities within the EAC.
• 📊 The EABC has outlined a roadmap in its 2024-2025 Regional Policy Priorities to improve the business and investment climate in the region.
• 📈 Intra-EAC trade grew by 14% in 2023, reaching USD 12.2 billion, which is 15% of the total EAC trade, indicating significant potential for growth.
• 🌍 The EAC's trade with the rest of the world is substantial, with imports and exports totaling USD 80.7 billion and USD 26.9 billion respectively in 2023.
• 🚀 The EABC aims to increase the share of intra-EAC trade from the current 15% to 40% by 2028, highlighting the potential for significant regional economic growth.
• 🤔 The roundtable seeks to explore strategies for boosting intra-regional trade, industrializing, and creating employment opportunities for the growing youth population.
• 📅 The EABC proposes making the EABC-EAC Secretary General Round Table an annual event to deepen the EAC integration process, especially in trade, investment, and industrialization.

Q & A

What is the main theme of the roundtable discussion?

The main theme of the roundtable discussion is 'boosting intra-EAC trade and investment, unlocking barriers, and leveraging opportunities'.

Who is the host of the roundtable discussion?

The host of the roundtable discussion is the East Africa Business Council (EABC).

Who is the key guest being welcomed in the roundtable discussion?

The key guest being welcomed is the Secretary General.

What is the role of the German Development Corporation (GIZ) in the event?

The German Development Corporation (GIZ) is acknowledged for making the roundtable possible and for their continued support and cooperation in fostering regional economic integration.

What has been the role of EABC in the East African Community (EAC) over the past 25 years?

Over the past 25 years, EABC has played a pivotal role in propelling economic growth, fostering invaluable partnerships between the public and private sectors in the EAC, and advocating for private sector interests in the integration process.

What is the purpose of the EABC Technical Working Group?

The EABC Technical Working Group was formed with the key objective of strengthening collaboration and partnership between the EAC and EABC, specifically addressing policy issues inhibiting business from fully exploiting opportunities presented by EAC integration.

What is the current share of intra-EAC trade?

The current share of intra-EAC trade is 15%.

What is the projected growth of intra-EAC trade by 2028?

The projected growth of intra-EAC trade by 2028 is to increase from the current 15% to 40%.

What was the growth of intra-EAC trade in 2023?

In 2023, intra-EAC trade grew by 14% to USD 12.2 billion.

What is the current trade balance between EAC and the rest of the world?

In 2023, EAC's trade with the rest of the world was USD 80.7 billion in imports and USD 26.9 billion in exports.

What is the goal of the discussions in the roundtable?

The goal of the discussions is to explore how the region can boost intra-trade, industrialize, and deliver employment opportunities for the growing youth population, and make EAC the best investment destination in Africa.

What is the proposed frequency for future EABC-EAC Secretary General Round Tables?

The proposal is to organize similar discussions annually, making the EABC-EAC Secretary General Round Table an annual event.