Deputy Secretary General in charge of productive and social sectors, Christophe Bazivamo expressed the regional commitment when speaking at the EAC-German Business and Investment Expert Dialogue co-organised by the East African Business Council (EABC) and the German-African Business Association was held in Arusha on Tuesday.
He said the draft EAC investment policy which is currently under consideration by the Council of Ministers, envisages a transformed upper middle-income EAC that is a competitive common investment area with a more liberal, predictable and transparent investment environment.
Bazivamo told the participants that the investment policy lays ground for Partner States to cooperate in investment promotion, facilitation, liberalization and protection of cross border investment.
"Partner states are to streamline and simplify administrative procedures related to investments, promote and maintain dialogue with the private sector and exchange business information," he added.
He disclosed that at the regional level, through the Consultative Dialogue Framework, EAC has developed an open channel where the private sector, civil society and other interest groups interface with the Secretary General.
“I take this opportunity to thank our partners Afrika Verein and EABC for continued good working relationship and request for further collaboration in supporting the private sector to achieve the business goals and promote the region as an ideal place to invest and do business," said Bazivamo.
For his part, the Executive Director of the East African Business Council, Peter Mathuki said it is with no doubt that if all Non-Tariff Barriers (NTBs) hindering trade within the EAC Common Market are removed, the domestic demand and market of over 150 million people from the six EAC partner states will attract investments from Germany and all over the world as it will be more economically viable for all Investors to invest in the EAC.
In his remarks read by EABC manager policy and standards, Lamech Wesonga, Mathuki said EABC will continue to ensure that the agenda of the Private Sector is well articulated and received by the policymakers in order to promote a business environment conducive to business formation, growth, expansion.
The Chief Executive Officer of the German-African Business Association, Christoph Kannengiesser, said the dialogue provides an opportunity for networking and supports information exchange as well as better mutual understanding.
He urged the EAC to prioritize collaborative approaches that will see supply chains strengthened across borders and Governments laying the groundwork for the ease of movement of goods and people in the region.
The one-day dialogue brought together policy-makers, experts, private sector representatives from East Africa and Germany.