Burundi endorses Common Market

By Dorothy Nakaweesi & Walter Wafula
Posted Monday, May 3 2010 at 00:00

Kampala

Burundi has finally joined the other East African member states after ratifying the Common Market Protocol, which is due July 1. Uganda, Kenya, Rwanda and Tanzania ratified in November last year. “Burundi has approved the EAC Common Market; therefore the protocol can enter its next stage,” Mr Yves Sahinguvu, Burundi’s vice president, said at the conclusion of the third edition of the East African investment conference in Kampala.

The development received overwhelming support from the over 1500 private sector conference participants from member states who had gathered at Speke Resort Munyonyo for a 3-day intensive discussion to attract investments as the region prepares for the Common market.

Cost of business
During the conference, the private sector said EAC governments have to jointly ease the cost of doing business for the region to attract investments. It also wants EAC governments to grant the East African Business Council an active observer status, which it can act as an umbrella organisation for the promotion trade.

Mr Fausta Mbundu, the chairman of the EABC said: “We request the council of ministers to adopt and recognise the business council and create a forum for the private sector to effectively participate in the integration process, within the established framework.”

The Business council also wants governments to look at the reduction of border delays and harmonise custom operations. It was also recommended that cultural values as well as environmental concerns be sorted especially in areas situated around industries.

Manpower improvement
The conference also proposed that lack of local skilled manpower especially in the areas of oil exploitation be addressed through centres of excellence and provision of appropriate training in key priority areas especially in the field of oil and mining.

http://www.monitor.co.ug/Business/Commodities/-/688610/911000/-/hx7jwu/-...