| EAC growth hit 5 pc in 2011 | Send to a friend |
| Thursday, 02 February 2012 22:41 |
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The Citizen Correspondent Nairobi. The economies of East African Community member states grew by more than five per cent last year making the region one of the fastest growing in the world.Danish minister for Development Cooperation Christian Friss Bach said “an average growth of more than five per cent is indeed impressive in a world where economic headlines are dominated by words such as crisis, regression, negative growth etc.” “I hope to bring some lessons back to Europe, which as you might have noticed, actually has negative growth,” Mr Bach told an EAC stakeholder forum organised by TradeMark East Africa (TMEA) at Southern Sun Hotel in Nairobi yesterday. EAC secretary general Richard Sezibera said last year’s regional gross domestic growth compared to the world’s average of three per cent.“Our region therefore continues to be one of the fastest growing regions in the world. If, as I believe, this century is Africa’s, East Africa is the trailblazer in it. East Africa’s century must, however, be owned by East Africans. If we do not own it, others will,” Dr Sezibera said. Mr Bach said although the EAC is the youngest of the eight regional economic communities, the signing of the single market protocol last year made it the most advanced in Africa currently. “As a small open economy, Denmark has experienced huge benefits from the single European market for the past 25 years. I believe all countries in East Africa can reap similar benefits if the single market is implemented,” Mr Bach said. The minister said combined EAC market with a population of 133 million reduces transaction costs, eases the distribution of commodities and creates wealth by spurring competition and forcing the private sector to constantly be more innovative and effective. He said regional integration has the potential to improve food security in the region, a thing that would benefit both farmers and poor households where food accounts for a major part of expenditure. Add this page to your favorite Social Bookmarking websites           |
