Joseph Isangura
The private sector is being urged to rally behind the motto “Buy East African, Build East Africa.” This appeal was made by EAC Secretary General Veronica Nduva during a roundtable event held for chief executive officers of major companies affiliated with the East African Business Council (EABC).
The meeting, aimed at unlocking barriers to trade and investment within the region, was marked by a significant show of commitment from both public and private sectors.
The EABC CEOs-Secretary General Roundtable, organized under the theme of enhancing intra-EAC trade and investment, sought to address the challenges impeding regional commerce. The event, hosted in collaboration with the German development agency GIZ, received sponsorship from leading companies such as Isuzu, Tanzania Cigarette Co. (TTC) plc, Stanbic Bank, Groupe EIS-EKA from Bujumbura, and Tanzania Breweries Ltd (TBL).
Nduva highlighted the necessity of eliminating non-tariff barriers and other obstacles that hinder the free movement of goods, services, and capital across EAC member states. She emphasized that the key to a thriving EAC market lies in the collective effort of businesses and governments to create an environment conducive to trade. “Our region has immense potential, and it is through initiatives like these that we can truly unlock that potential,” she noted.
The meeting also underscored the importance of standardization and quality assurance in promoting regional trade. The EAC has long recognized the need for harmonized standards, and efforts are ongoing to streamline trade information and documentation, making it easier for businesses to operate across borders.
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Moreover, the roundtable discussed the role of competition policy in ensuring a level playing field for all businesses within the region. By discouraging unfair trade practices, the EAC aims to create a more equitable environment that fosters innovation and growth.
In the context of the African Continental Free Trade Area (AfCFTA), which seeks to create a single market for goods and services across Africa, the EAC’s initiatives align well with broader continental goals. By promoting intra-EAC trade, the region not only strengthens its economic resilience but also positions itself as a critical player in Africa’s economic integration.
The roundtable concluded with a call to action for all stakeholders to prioritize regional trade in their business strategies. The success of the “Buy East African, Build East Africa” initiative depends heavily on the willingness of both businesses and consumers to embrace local products and services.
