EAC braces for economic meltdown

The Secretary General of the East African Community (EAC) Juma Mwapachu has said that in spite of the ongoing bailouts for strong economies, the region is maintaining a strong posture against the economic downturn. In a press briefing held recently on the upcoming 2nd EAC Investment Conference, Mwapachu said East African countries still remain on a rapid growth path in the middle of a strong economic recovery in the past forty years. He expressed optimism that the region’s share of agricultural exports is set to grow in international markets. “With the heightened increase in global food prices, there is increased demand for investment in agricultural development in East Africa,” the EAC boss noted. East Africa’s aim, he said, is to become not only self sufficient in food production in the region but also a supplier to Sub Saharan Africa as well as an international exporter. Stating of EAC’s partnership with emerging markets like India and China, Mwapachu emphasized that a strong and vibrant investments and trade platform is emerging which will turn the region into a more flexible business arena. The 2nd EAC Investment conference under the theme; ‘Invest in East Africa – Where challenges are opportunities’, will be held between 29th – 31st next month in Nairobi, Kenya. It follows the first one that was held in Kigali in June last year. Mwapachu hailed the Kigali conference, saying that as a result, a sizeable number of projects had been registered. Ends