BY GRACE MACHA IN ARUSHA
Business leaders in East Africa want intra-regional trade to be increased to at least 40 percent within the next five years.
This, they argued, should be realized through deliberate strategies that would foster cross border businesses such as harmonization of trade procedures.
The East African Business Council (EABC), an apex body of private sector associations in the region which organized the forum,says it is keen to see the region becoming a leading trade and investment destination.
"The region ( through the East African Community bloc) should develop strategies and programmes to foster an increase in intra-EAC trade to 40 percent", it said in a communique.
Other measures proposed include prioritization of trade and investment regulations and policies within the EAC to facilitate promotion of the bloc as a single investment destination.
The regulatory agencies in the seven nation economic union should enhance coordination and cooperation
"for consistent implementation of trade and investment regulations".
Funding should be prioritized for the development of cross border trade infrastructure projects in order to reduce trade barriers and improve regional connectivity.
Illicit trade and corruption should be combated through strengthening cooperation between revenue/customs authorities while promoting intra-regional trade.
In the same vein, the EAC partner states should accelerate public-private partnerships to encourage investments and at the same time develop robust legal frameworks and investor protection mechanisms.
The Kampala kicked off in the Ugandan capital recently with the EAC member countries challenged to increase focus on manufacturing in order to boost growth.
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