Regional business leaders and the East African Community (EAC) Secretary General, Veronica Nduva, have emphasized the need for a renewed approach to boost intra-EAC trade and investment.
The call to action was made during the EABC CEOs-EAC Secretary General Round Table, organized by the East African Business Council (EABC) in collaboration with the EAC.
In her keynote address, Nduva highlighted the progress made in streamlining customs processes within the region, including the implementation of the Single Customs Territory (SCT).
This initiative has facilitated real-time exchange of customs and trade data, improving clearance times for compliant traders.
Additionally, she pointed out the success of One-Stop Border Posts (OSBPs), which have significantly reduced border crossing times by 70%, saving the region over USD 63 million annually.
However, Nduva stressed that more needs to be done to fully capitalize on the opportunities within the EAC.
She urged the private sector to embrace the “Buy East African, Build East Africa” ethos to drive intra-EAC trade and economic growth.
She called for enhanced collaboration between the private sector and the EAC to improve access to affordable financing for SMEs, including exploring climate finance opportunities under the East African Sustainable Growth (EASG) framework.
EABC Vice Chairperson, Mr. Dennis Karera, echoed these sentiments, urging governments to turn policies into action by fully implementing EAC commitments.
He identified key areas such as liberalization of air transport services, mutual recognition of professionals, and the abolition of work permits as critical to unlocking the potential of the EAC Customs Union and Common Market, which serves over 300 million people.
The Round Table also featured discussions on the importance of integrating financial services to reduce cross-border transaction costs and promoting digital financial solutions to enhance access to finance for women and gender equality.
The event concluded with the symbolic ribbon-cutting of the ISUZU FVR Tipper Truck by Nduva, marking progress in the trade of locally assembled vehicles within the EAC.
As the region continues to strive for economic integration, the leaders underscored the need for stronger public-private partnerships to ensure the successful implementation of policies that will drive intra-EAC trade and investment to new heights.
