East Africa Business Council calls on member states to deepen cross border investments
East Africa Business Council has called on East Africa Community countries to deepen cross border investments for better and quick businesses development and promotion of integration.
The Chairman the Council, Mr Felix Mosha,Mr Mosha said that focusing on cross borders investments was vital in the EAC common market development as it would help gather sources familiar to the EAC economic. “Tanzania and East Africa should collectively direct their focus towards cross border investments, which have so far made Kenya the third or fourth largest FDI investor in Tanzania,” he said.
Mr Mosha called on Tanzania Private Sector to ensure SMEs are fully informed about conditions for their effective trading opportunities within EAC. Mr Mosha said SMEs are not sufficiently informed about EAC Common market which denies opportunities in EAC. “Trade expansion in the East African integration should not be left to depend on large corporations.
From the experience of EABC, SMEs are not sufficiently informed about conditions for their effective trading opportunities within the EAC,” he said stressing the need for TPSF to put more efforts and ensure SMEs are fully involved. Meanwhile, TPSF commended the government’s effort in the elimination of non-tariff barriers in the EAC market.
TPSF Consultant Mr Salum Awadhi said a research carried out indicate that the government has reduced the Non-Tariff Barriers from 10 to 6. He pointed out one of the areas as delay in borders where the days have been reduced from 38 to six, saying the move was recommendable and constructive to the businesses development across the borders in EAC.
Mr Awadhi pointed some of the challenges in the EAC Common market as lack of awareness where he said the report indicate that only 33 per cent of business community in Tanzania are aware of the protocol. Another challenge is access to market information where 58.8 per cent of business do not receive any kind of information including the SMEs.
