Collaborate more with focus on competitive advantages, AmCham ministerial panel urges Eastern African countries
The AmCham Business Summit, the highest profile U.S. – East Africa forum, concluded on a high with an address from the President of Kenya, H.E William Ruto, where he said Kenya is ready for business – and means business. Ruto further commended the AmCham Summit as a strategic platform for commercial advocacy, which will strengthen bilateral trade between Kenya and the U.S.
TradeMark Africa’s participated in this year’s summit as a knowledge partner. CEO, David Beer, moderated a discussion comprising trade ministries from the region and representation from the East African Community (EAC) Secretariat. The leaders made a call for enhanced collaborations for Eastern African countries to exploit the vast trade opportunities in a highly competitive world.
The panellists also explored the potential for increasing trade, investment, and integration in the region, as a pathway for rapid economic expansion and prosperity. With the integration of dynamic economies such Somalia and the Democratic Republic of Congo (DRC) into the EAC, and growth forecasts reaching 6.3% in 2024, this region stands at the forefront of Africa’s economic take-off. Combined with the economies in the Horn of Africa, the region constitutes about 25% of Africa’s population and $400 billion combined GDP.
During the Panel, Uganda’s State Minister for investment and Privatisation, Anite Evelyn, highlighted the unexploited investment opportunities in agriculture and ICT in her country. On the other hand, Kenya’s Principal Secretary for Trade, Alfred K’Ombudo, noted that Kenya is investing in logistics and developing supply chains targeting sectors such as transport and horticulture to tap into the growing demand for fresh produce in markets such as the European Union.
Presently, the country is in the midst of various trade negotiations with international partners, many of who are keen on entrenching best practices in environmental, labour rights and digital ecosystems safeguards. Mr. K’Ombudo also mentioned about the ratification of Kenya’s trade agreement with the EU by Kenyan legislators earlier in the week, paving the way for deepening of trade relations between the important partners.
