East African Business Council (EABC) and Afreximbank have joined hands in a promising alliance to reinforce Intra-African commerce and emphasize regional economic unity, catering especially to SMEs, youths, and women entrepreneurs.
In a recent statement by EABC, it was revealed that this collaboration intends to enlighten small and medium-sized businesses, notably led by the youth and women, about the protocols and benefits of the African Continental Free Trade Area (AfCFTA) to bolster business growth.
During an enlightening workshop for SMEs, EABC's CEO, Mr. John Bosco Kalisa, spoke positively about the ongoing business dynamics within the East African Community (EAC). He pointed out, “The East African bloc has demonstrated commendable economic resilience amidst the challenges posed by Covid-19 and the Russia-Ukraine standoff. This partnership promises to further nurture the thriving business environment.”
Kalisa went on to highlight the significance of these workshops. They serve as platforms to guide businesses on trade facilitation procedures and the right strategies to tap into the vast market offered by AfCFTA. Addressing the EAC Partner States, he advocated for a more conducive business milieu to foster youth innovation, which would be pivotal in ushering integration and prosperity on the continent.
The crux of this partnership lies in championing the implementation of the AfCFTA. Together, EABC and Afreximbank will embark on concrete actions to fortify the private sector's capabilities, advance trade facilitation, and unveil fresh prospects for East African enterprises.
Speaking on the sidelines, Mr. Okot Okeello Richard, Assistant Commissioner, Technological Research and Innovation/MSME, Ministry of Trade Industry and Cooperatives Uganda, underlined the instrumental role of trade between EAC member nations in accelerating socio-economic advancement. He affirmed that Trade has been the engine driving socio-economic growth andWith AfCFTA at the helm, doors will be opened wide for the exchange of goods and services among African nations.
The partnership between EABC and Afreximbank embodies a beacon of hope for regional integration, economic growth, and the promise of a more prosperous Africa. The onus now lies in fine-tuning the existing systems and structures to ensure that this vision turns into a tangible reality.