TZMPAKAAU

Kikwete  :EAC is ready for more Investments 


Member countries of the East African Community(EAC)

• He told infrastructures are improving
• Humanrights,democracy and corruption are adressed

J.K

President Jakaya Kikwete said yesterday that investment and financial support are critical in enabling East African community partner states to become leading economic powerhouses in the continent.
Kikwete made the remarks in Dar es Salaam when addressing hundreds of delegates participating in the 9th Africa Investment Forum which was also attended by the EAC Heads of State.
This year’s theme is ‘Accelerating East African Investment’.
He said the pace of investment in African countries is very low though member states spend a lot to promote it.
Kikwete noted that despite available investment opportunities, developed countries were yet to choose EAC as their investment destination.
“We need to go beyond the common sources of investment. Our share at global trade level is still very low. Our share is currently 3.5 per cent as of 2009,” he said.
Kikwete encouraged the EAC partner states to harmonise their business policies to facilitate investment, and ensure availability of reliable market information.
He said EAC was likely to prosper economically through integration with other regional organisations like the Southern African Development Community (SADC) and Common Market for Eastern and Southern Africa (COMESA).
The President said financial support should be made available to small and medium scale entrepreneurs, calling upon EAC leaders to establish strong financial institutions to support manufacturers.
Kikwete stressed the need for EAC member states to become producers instead of depending on imported goods, assuring investors that East African countries were politically stable since good governance and democracy were highly considered.
“We are dealing perfectly with issues of corruption and we are promoting human rights,” Kikwete told the investors.
“We have investment guarantees because our policies are clear. Political stability, good governance and democracy are also important factors for you to set up businesses in the community,” said Kikwete.
He said infrastructure has been improved, pointing out Dar es Salaam port which is now more efficient, plans to expand the Julius Nyerere International Airport and upgrading of the central railway line.
In his introductory remarks, Burundi President Pierre Nkurunziza, who is also the Chairperson of the EAC summit of Heads of State to be held today in Dar es Salaam, said countries should cooperate in investment especially in the areas of science and technology, services, wildlife, management and agriculture.
He urged member states to reduce trade and investment barriers, which he said would be made possible by committed leaders.
Sources:Nipashe,TZMPAKAAU