EAC entrepreneurs meet over investment strategy

PETER KEASI Daily News; Wednesday,June 25, 2008 @20:03

Also in the News 'Don't force people to pay in forex' MP faults Vodacom's tax holidays Over 464,000 refugees sent home, says Masha Mkulo: EPA cash isn't ours 'Rogue fishermen cause mayhem at sea' Kikwete leaves for Zimbabwe crisis meet DART project to generate jobs to thousands Appellate dismisses SGS firm's case Kagera faces serious shortage of medics PS warns on climate change impact THE first ever East Africa Investment Conference designed to highlight the region's business and investment potentials is expected to attract over 700 world leading business executives who will meet in a conference in Rwanda's capital, Kigali. Tanzania's firms and government senior officials will join their colleagues from member countries of the enlarged East Africa Community (EAC) to tell the world that the region is the best destination for investment in the continent. Executive Director of Tanzania Investment Centre (TIC), Mr Emmanuel ole Naiko, told the 'Daily News' in Dar es Salaam last weekend that the conference was geared towards attracting both local and foreign investments/businesses into various sectors of economy in the EAC region. "The main theme of the historic event is: Leveraging the East African Market through Trade and Investment as well as highlight the region's potentials as a commercial platform for servicing the continent," he said. He said apart from the participants from public and private sectors from member states of Tanzania, Kenya, Uganda, Rwanda and Burundi, others will come from the USA, Europe, Asia and within the African continent. "This important event will attract all levels of global businesses ranging from private to public sectors, NGOs and multilateral organisations," he said. According to Mr Ole Naiko, the EAIC 2008 will cover in-depth analysis of the investment potentials of the region and look at how the regional trade integration could be improved. Target sectors of economy to be marketed during the conference include; finance, tourism, agri-business, energy and Information and Communications Technology (ICT). "The chief executive officers of each investment promotion agency (IPA) from the member states will make a presentation of either sector mentioned," he said. According to TIC chief, the Director General of Rwanda Investment and Export Promotion Agency (RIEPA), Mr Francis Gatare, will do presentation on Finance. The Managing Director of Uganda Investment Authority, Dr Maggie Kigozi, will give presentation on agri-business, while the Managing Director of Kenya Investment Authority, Ms Susan Kikwai, will make presentation on the energy sector. The Burundian Director General and in-charge of Development and TIC Executive Director will give presentations on ICT and tourism sectors respectively. Mr ole Naiko who is also the Vice-President of the World Association of Investment Promotion (WAIPA), said each presentation will cover for the entire region detailing opportunities available for the sector. "We are now committed to promote and market our regional investment/business opportunities as the best place to invest in Africa," Mr ole Naiko said. All snags frustrating the growth of business and investment ventures in the region would also be discussed and come with solutions during the conference. On Tanzanian entrepreneurs' participation to the conference, Mr ole Naiko said they are expected to market sectors of real estate, tourism, agro-processing, economics, petroleum and ICT. "There is need for EAC member states to develop a common Investment Promotion Strategy which will help promote and attract unique regional investment opportunities," he said. He called on the private sector, which is viewed as "an engine of growth," to take advantage of the event to strengthen itself. Mr Evarist Maembe, an upcoming local entrepreneur said Tanzania's firms/entrepreneurs have to make full use of the conference. "To me such conferences need to be organised regularly so that our businesses and investment opportunities could easily be promoted," he said. The former Chairman of the Tanzania Private Sector Foundation (TPSF) and President of Tanzania Chamber of Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA), Mr Elvis Musiba, commended the event organizers, saying; "It is high time the East Africa Community stood as a bloc to promote investment opportunities as one destination." Mr Musiba said in modern businesses, people or prominent businessmen opt to do business with blocs rather than a single country. He said opportunities never come twice and Tanzanians should utilise them as they come along. "These investment meetings especially those with the regional touch are of paramount importance as we are preparing for East African Common Market," Mr Musiba noted. In August, this year, the Government through Ministry of East African Co-operation in partnership with TPSF will organise a learning business tour of 60 local entrepreneurs to the entire East African countries with aim to get knowledge of best practices from different countries. The tour is also aimed at exposing the entrepreneurs on how to compete in the market and trade. The government has of late admitted that the private sector is an engine of economic growth. The conference is a positive outcome of last year's CHOGM held in Kampala, Uganda. The crucial event has been jointly organised by Rwanda Investment and Export Promotion Agency (RIEPA) in partnership with East African Community (EAC) secretariat and Regional Investment Promotion Agencies.

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