{{Intra-regional trade in the East African Community (EAC) rose to 23 per cent of the total value of exports in 2011.}}
It was the highest increase in African economic blocs. The economic grouping is also rated as one of the fastest growing and reforming economies in the world, according to the Doing Business Report 2012.
“The average annual growth rate of the regional economy remains at over six per cent with each country performing within a band of between four to eleven per cent,” EAC secretary general Richard Sezibera, said at the start of a workshop on competitiveness in East African countries.
The event was organised by EAC Secretariat, the World Economic Forum and the African Commission.
He asserted that several key issues with regard to competitiveness need to be addressed to ensure that the EAC states reap the benefits of what they have to offer on the world economic stage. These include, public-private partnerships, infrastructure development, trade liberalisation and the improvement of financial markets.
On information and communication technology as one of the key drivers of competitiveness, Dr Sezibera said the technology transfer had seen productivity gains made easier and that the ICT sector had facilitated economic growth in the region by at least 40 per cent.
Opening the one-day workshop, Vice President Dr Mohamed Gharib Bilal noted that in the first decade of EAC existence, the community had witnessed a fourfold growth of its gross domestic product from $20 billion to $80 billion.
He urged EAC member states to sustain the growth for the region to attain a middle income status by 2025 and become more competitive on the global scene. “We must think as a region, plan as a region, aspire as a region and implement as a region,” Dr Bilal noted.
He challenged the regional leaders and their respective governments to utilise the abundant natural resources such as minerals, oil and gas for developing the bloc but with special focus on poverty alleviation for the majority of the citizens.
He called for a better examination on the management of natural resources and formulation of agricultural policies to enhance EAC competitiveness at the global scene.
Dr Sezibera applauded the massive penetration of mobile telephone innovation such as mobile commerce.
which simplified financial transactions and made banking more widely available to people in the region.
On infrastructure, he said, for the region to be competitive it needs to embrace strong infrastructure partnerships with neighbouring states. He informed the delegates that a mechanism is in place to ensure a joint contribution to the implementation of regional infrastructure projects.
The workshop was convened to engage business and government leaders, policy makers, the media and civil society in a results-oriented dialogue on policy reforms to meet international standards and to seek ways of integrating the countries’ markets.
{Thecitizen}
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