Harmonisation of financial laws in EAC for deliberation at Dar entrepreneurs’ meeting

Arusha. A critical look at harmonization of financial laws and regulations within the East African Community (EAC) bloc will be among key issues that will dominate talks during the EA Entrepreneurship Conference slated for Dar es Salaam early next month.

Integration of financial market infrastructure and the regional bod market which are essential to achieve functioning of a single market in financial services will also feature during the November 14th to 16th regional meeting.

"Access to finance is a common challenge faced by entrepreneurs in East Africa", said Ms Lilian Awinja, the CEO of the East African Business Council (EABC) on the event yesterday in a statement sent to news rooms.

She said although EAC has made key decisions to increase financial integration plans such as the stock exchanges and bonds, nothing tangible has taken place to achieve a single financial market. 

"The service sector in recent years has been contributing to almost half of EAC's Gross Domestic Product (GDP), she added. The combined GDP in the six nation bloc was estimated to be $ 146 billion last year.

The East Africa Business and Entrepreneurship Conference will bring over 400 high level decision makers and business leaders from the region and abroad.

“The session on Banking, Finance and Insurance during the conference will demonstrate the benefits of liberalizing the banking, finance and insurance sector; the potential impact of market liberalization and access to finance in a regional context.” said Ms. Lilian Awinja.

Key finance industry heavy weights such as Joshua Oigara, CEO KCB Bank Group, Rajiv Ranjan, CEO Alliance Insurance Corporation, Tanzania and Mr. Gift Shoko, CEO CBA Bank are invited to lead discussions on Liberalization of the banking and finance sector in the region.

“The session aims to   promote an enabling environment for the private sector to propel regional financial integration and boost investments in the region” said further said.

The conference will also host session highlights on Information Communication Technology, Urbanization, Cotton and Textile, Patents and Copyrights in the Creative Industry, Trade and Gender, Health, agri-business, E-Commerce plus a “Start-up Corner” in bid to boost entrepreneurship and investments in the region. 

In addition, the East African Diaspora will be strongly engaged to amplify investment into the region. The simultaneous exhibition will enable participants to present themselves and serve as points of contact for their organizations and businesses.

The first EA Business and Entrepreneurship Conference and Exhbition was held in Nairobi in October last year under the theme; " Scaling up the Spirit and Bonds of Integration through Entrepreneurship".