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| Amb. Dr. Richard Sezibera |
East African Community Secretariat, Arusha
The Secretary General of the East African Community, Amb. Dr. Richard Sezibera has said that with the right resolve and determination, the region can, within five years, realize a real economic upturn.
The Secretary General, who was today addressing the East African Investment Conference at the Serena Hotel in Kigali, Rwanda, said within this period the region can move from the current average 5% GDP growth to 10 or 12% and shift from current per capita income of an average US$300 to at least US$700-$1,000.
He affirmed that the region can be transformed from a largely agriculture and primary produce economy to an industrial based economy and achieve the status of a middle income economy by 2020.
Amb. Sezibera also applauded the support which the leadership in the region has always extended to the promotion of trade and investment saying "Rwanda has been at the forefront in promoting confidence among the local and foreign investors to do business in our region".
"With a practical commitment, Rwanda has championed the need to lower the costs of doing business in our region and, on the whole, establish conducive environment for trade and investments in East Africa," noted Amb. Sezibera.
He cited decisive interventions such as removal or reduction of the numerous roadblocks along East African highways; harmonization of axle load controls on East African roads; and other measures for elimination of Non-Tariff Barriers on which Rwanda has been very positive and supportive.
"In a particularly bold and exemplary move, for instance, Rwanda has unilaterally relaxed work permit requirements for East African nationals," asserted the Secretary General.
Amb. Sezibera informed the delegates that within a relatively short time, since the East African Community was launched in 2000, the regional organization had transformed from a loose co-operation framework into a fast emerging, solid and dynamic regional economic bloc. He said EAC has evolved strong institutions and vigorous programme delivery which are making an impact on the economies of the region.
In real growth terms, the Secretary General disclosed that the region's combined GDP has risen to currently $74.5 billion, up from $20 billion at the time of launching the EAC. The regional programme had also rapidly expanded with over 30 projects and programmes currently and EAC was participating at the forefront of the Tripartite EAC-COMESA-SADC towards establishing a Grand Free Trade Area and subsequently Customs Union comprising of 26 countries with a combined population of 527 million, and a GDP of USD 624 billion. The realization of this Grand Free Trade Area will further boost EAC's market advantage and strength.
Amb. Sezibera affirmed to his audience that regional integration had been proven to be the forward movement and a critical contributing factor to the stability and growth that the economies of the region had demonstrated, especially over the past five years.
He said despite the current inflationary pressures that the region is experiencing, on account of the rising world food and fuel prices and the threat of a global recession, the economies had registered on average 5% annual GDP growth compared to a world average of 3%.
The East African Investment Conference is being held at a time when the EAC is placing new emphasis on the promotion of trade and investments in East Africa through the collaboration of the Private Sector.
EAC has regularly held the annual EAC Investment Conferences since the first one in Kigali in 2008, which conferences have greatly stimulated intra-region as well as international trade and investments activities.
The region was honoured to host the African Investment Forum in Dar es Salaam in collaboration with the Commonwealth Business Council in April 2011. This was preceded by the World Economic Forum on Africa which had been held in Dar es Salaam in 2010.
The net effect of these activities has been to place the region firmly in the spotlight of international trade and development attention.
The Secretary General of the East African Community, Amb. Dr. Richard Sezibera has said that with the right resolve and determination, the region can, within five years, realize a real economic upturn.
The Secretary General, who was today addressing the East African Investment Conference at the Serena Hotel in Kigali, Rwanda, said within this period the region can move from the current average 5% GDP growth to 10 or 12% and shift from current per capita income of an average US$300 to at least US$700-$1,000.
He affirmed that the region can be transformed from a largely agriculture and primary produce economy to an industrial based economy and achieve the status of a middle income economy by 2020.
Amb. Sezibera also applauded the support which the leadership in the region has always extended to the promotion of trade and investment saying "Rwanda has been at the forefront in promoting confidence among the local and foreign investors to do business in our region".
"With a practical commitment, Rwanda has championed the need to lower the costs of doing business in our region and, on the whole, establish conducive environment for trade and investments in East Africa," noted Amb. Sezibera.
He cited decisive interventions such as removal or reduction of the numerous roadblocks along East African highways; harmonization of axle load controls on East African roads; and other measures for elimination of Non-Tariff Barriers on which Rwanda has been very positive and supportive.
"In a particularly bold and exemplary move, for instance, Rwanda has unilaterally relaxed work permit requirements for East African nationals," asserted the Secretary General.
Amb. Sezibera informed the delegates that within a relatively short time, since the East African Community was launched in 2000, the regional organization had transformed from a loose co-operation framework into a fast emerging, solid and dynamic regional economic bloc. He said EAC has evolved strong institutions and vigorous programme delivery which are making an impact on the economies of the region.
In real growth terms, the Secretary General disclosed that the region's combined GDP has risen to currently $74.5 billion, up from $20 billion at the time of launching the EAC. The regional programme had also rapidly expanded with over 30 projects and programmes currently and EAC was participating at the forefront of the Tripartite EAC-COMESA-SADC towards establishing a Grand Free Trade Area and subsequently Customs Union comprising of 26 countries with a combined population of 527 million, and a GDP of USD 624 billion. The realization of this Grand Free Trade Area will further boost EAC's market advantage and strength.
Amb. Sezibera affirmed to his audience that regional integration had been proven to be the forward movement and a critical contributing factor to the stability and growth that the economies of the region had demonstrated, especially over the past five years.
He said despite the current inflationary pressures that the region is experiencing, on account of the rising world food and fuel prices and the threat of a global recession, the economies had registered on average 5% annual GDP growth compared to a world average of 3%.
The East African Investment Conference is being held at a time when the EAC is placing new emphasis on the promotion of trade and investments in East Africa through the collaboration of the Private Sector.
EAC has regularly held the annual EAC Investment Conferences since the first one in Kigali in 2008, which conferences have greatly stimulated intra-region as well as international trade and investments activities.
The region was honoured to host the African Investment Forum in Dar es Salaam in collaboration with the Commonwealth Business Council in April 2011. This was preceded by the World Economic Forum on Africa which had been held in Dar es Salaam in 2010.
The net effect of these activities has been to place the region firmly in the spotlight of international trade and development attention.
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