How intra-EAC exports thrived despite Covid-19

Arusha. In the face of the Covid-19 pandemic, exports within the East African Community (EAC) bloc showcased remarkable resilience, surging from $3 billion in 2019 to $5.2 billion last year.

The growth of exports within the region led to an increase in intra-EAC export share, reaching 24 percent of the total exports in 2022, up from 22 percent in 2019.

This encouraging development was announced in Kampala during the official launch of the East African Business and Investment Summit and Expo, scheduled to take place from August 31.

The preliminary activities for the two-day summit were unveiled by Uganda’s First Deputy Prime Minister and EAC Affairs Minister, Rebecca Kadaga.

The East African Business Council (EABC), holding observer status in the EAC, and the Private Sector Foundation of Uganda (PSFU) have joined forces to organize this significant event.

The partnership also includes Afreximbank, the German Development Cooperation Agency (GIZ), RSM Eastern Africa, and Standard Chartered Bank. Ms Kadaga emphasised that the summit would be a pivotal EAC economic forum, “where East Africans will chart out a common agenda to take trade to higher heights of increased prosperity.”

With the theme “Private Sector-Driven Regional Integration for Increased Intra-African Trade, Investment,” the summit is set to be a critical facilitator of trade and business promotion.

The summit will gather stakeholders to discuss successes, challenges, and opportunities in trade and investments not only within the EAC but also in the African Continental Free Trade Area (AfCFTA).

Uganda’s First Deputy PM expressed optimism about the meeting, particularly in light of the record-breaking intra-EAC exports of $5.2 billion, even amidst the adverse impacts of the Covid-19 pandemic.

John Bosco Kalisa, the Executive Director of EABC, highlighted the continuous growth of intra-EAC exports despite the pandemic’s effects on the region, in line with global trends.

These exports surged from $3 billion in 2019, when the pandemic was first reported in China, to an impressive $5.2 billion in the last year.

The upcoming East African Business and Investment Summit 2023 will delve into continental and global economic trends, discussing strategies to position the EAC, a bloc consisting of seven member countries, as the prime investment destination in Africa.

The event will showcase various investment opportunities and viable projects ready for regional, continental, and international investors.

With over 500 delegates expected to attend from Africa and beyond, including ministers, senior government officials, industry leaders, potential investors, and financial institutions, the summit will feature high-level panel discussions focusing on Trade and Investment Climate, AfCFTA, Sustainable Industrialization, and Value Chains in Africa.

Furthermore, side sessions will delve into pertinent topics such as the Digital Economy in East Africa, Tax Regime Harmonization, Climate Change & Agriculture, Services Trade in AfCFTA, and Women, Youth, and SMEs in the EAC.

The event will offer an exhibition, B2B Networking, pitching sessions for innovators, testimonials on exporting under AfCFTA, and visits to potential investment sites. The East African Business and Investment Summit and Expo promises to be a pivotal event, fostering regional and international cooperation.