EAC woos Uganda’s private sector

Sezibera-TNT_29-01-2010_07

Ambassador Richard Sezibera, EAC Secretary General

 

The EAC Secretary General Ambassador Richard Sezibera has told hundreds of business leaders in Uganda that the EAC Secretariat had established a US$20 m initiative, the EAC Private Sector Fund, to spur participation of the private sector in market integration.

“The fund will be used to address various challenges facing the private sector within the EAC,” Amb. Sezibera was quoted as saying at the function hosted by the East African Business Council (EABC) in conjunction with Private Sector Foundation Uganda (PSFU), EAC Secretariat and Trade Mark East Africa.

According to a communiqué, Uganda’s State Minister for EA affairs Shem Bageine called for sustainable investments that can lead to employment and the attendant economic growth.

He said the partner states had created a conducive political and socio-economic environment which the investors can exploit to further their business interests across the five EAC countries.

James Mutende, Uganda’s State Minister for Trade called for the enforcement of regional laws as a means of benefitting stakeholders and the over 150 million citizens of the EAC bloc.

“Non-tariff barriers (NTBs) resulting from poor implementation of administrative procedures and enforcement of laws have caused the business community a lot of losses that could be avoided,” the minister said at the function that was also addressed by the EABC Executive Director Andrew Luzze.

The Minister cited lack of coordination among institutions involved in testing goods, existence of several weighbridges, un-harmonized border management working hours and road user charges, as some of the constraints impeding the sustainability of the NTBs.

The Forum brought together over 150 key business leaders, owners and Chief Executive Officers (CEOs) of private businesses in Uganda.