EAC Secretary General Roots for Private Sector Development to Spur Economic Growth

By Staff Writer

ARUSHA— The Secretary General of the East African Community, Amb. Dr. Richard Sezibera on Monday emphasized the EAC’s commitment to achieve a strengthened regional market, create wealth within the region, and enhance international competitiveness.

Speaking at a ceremony where Trade Mark East Africa (TMEA) and the East African Business Council (EABC) signed a Grant and Memorandum of Understanding (MoU), the Secretary General observed that there is consensus that increased regional trade cooperation through the removal of intra-regional trade restrictions, such as tariffs, quotas and non-tariff barriers, is a critical in addressing the challenges posed by small domestic markets, limited economies of scale and increasing marginalization of developing economies in world trade.

Amb. Sezibera acknowledged that although the EAC has a population of over 130 million, a combined GDP of about $78 billion and posts a 5 per cent average growth rate, more needed to be done to improve the bloc’s economic standing and bring growth up to between 8 per cent and 10 per cent if the region is to reduce its high poverty levels.

Quoting Article 7(a) of the EAC Treaty which emphasizes “a people-centred and market-driven” Community, Amb. Sezibera noted that the vibrancy of the region’s business community requires a business climate conducive to enhancing opportunity for attractive returns to investment.

He added that such can only be made possible through a range of private sector friendly development policies and institutions; infrastructure, access to services, and supporting laws and regulations.