NAIROBI, Kenya- East Africa is buzzing with potential, and the region’s business leaders have made it clear that it’s time to unlock it.
During a high-profile round table in Arusha, Tanzania, new East African Community (EAC) Secretary General Veronica Nduva laid out a bold vision for boosting intra-EAC trade.
The event, organized by the East African Business Council (EABC), brought together key players under the theme “Boosting Intra-EAC Trade and Investment: Unlocking Barriers and Leveraging Opportunities.”
Nduva, in her keynote address, urged the private sector to adopt a fresh mindset with a rallying cry: “Buy East African, Build East Africa.”
This isn’t just a slogan—it’s a strategy. The EAC has made significant strides in streamlining processes, such as the Single Customs Territory (SCT), which centralizes the exchange of customs and trade data.
This system, Nduva explained, allows for real-time data exchange and prioritizes clearance for compliant traders, making cross-border business smoother than ever.
Additionally, the EAC has slashed border crossing times by 70pc through the implementation of One-Stop Border Posts (OSBPs), saving the region a hefty USD 63 million annually.
Nduva emphasized the importance of collaboration between the EAC and the private sector, particularly in improving access to affordable financing for SMEs.
The EAC is actively exploring climate finance opportunities under the East African Sustainable Growth (EASG) framework, with plans to establish financial instruments like low-interest loans and venture capital targeted at SMEs.
This move, Nduva noted, will require the active engagement of business leaders across the region.
Moreover, the EAC is working to integrate MSMEs into the regional compliant trader program, which has already reduced fraud and delays in trade.
The Secretary General also reaffirmed her commitment to pushing forward with EAC Council directives that impact the private sector, ensuring that legal and trade instruments are adopted promptly.
While policies are essential, implementation is where the rubber meets the road. EABC Vice Chairperson Dennis Karera underscored the importance of governments in the region fully implementing EAC commitments to boost intra-EAC trade and investment.
From liberalizing air transport services to harmonizing domestic taxes, these steps are crucial for businesses to fully tap into the EAC Customs Union and Common Market, which collectively serve over 300 million people.
The EAC economy is on a growth trajectory, projected to expand by 5.1pc in 2024 and 5.7pc in 2025.
Yet, despite these promising figures, intra-EAC trade currently stands at just 15pc of the region’s total trade, a figure that EABC’s Acting Executive Director Adrian Njau believes can and should be higher.
Njau called for a shift in thinking and more robust public-private dialogue to push this number to 40pc by 2028. The EAC, through the Market Access Upgrade Programme Phase 2 (MARKUP II), is already assessing the investment facilitation needs of partner states to support this goal.
