East Africa: EABC Urges EAC Partner States to Market Region As a Single Investment Destination

Nairobi — The East African Business Council (EABC) is urging East Africa Partner States to harmonise investment incentives and market East Africa as a single investment destination.

Speaking at the two-day Virtual Conference on Trade & Investment Opportunities in East Africa Beyond COVID-19, Nick Nesbitt, EABC Chair and the Chief Guest said “We all have a responsibility to improve the investment climate in East Africa to attract more investments into the region. Let’s wave the flag of Open Markets and East Africa.”

He also noted that Non-Tariff Barriers (NTBs) continue to hinder cross-border trade due to different measures on COVID-19 in the region and urged for improving regional coordination and harmonization of measures on COVID-19 for economic resilience and growth.

“To ensure growth in the region, there is also a need for simplification of business processes and harmonization of EAC tax regimes,” said EABC CEO Dr. Peter Mutuku Mathuki.

The conference attracted Investment Promotion Authorities, Senior Government Officials, Industry Champions, Development Partners and Investors from the region and beyond.

Dr. Mathuki also noted that EAC has market access to more than 177.2 million people with a combined GDP of about USD200 billion.

“The region offers numerous investment opportunities in all sectors and has abundant resources, strategically located, sufficient human capital to support new and existing businesses. The level of intra-regional trade and cross-border investments is also on an upward trajectory,” said Dr. Peter Mathuki.