Business
American Investors Seek Partnerships Opportunities In East Africa
Hayes, who was accompanied by his senior advisor Katrin Kuhlmann, led the team in a meeting with some 70 East African business leaders. The visiting trade delegation was also due to visit Ethiopia.
Looking For Opportunities
The American businesses were drawn from a wide range of industries, including infrastructure (communications, transport, road and rail), banking, agri-businesss, energy, construction, and maritime construction. The security services and humanitarian sector were also represented.
Under the terms of the agreement between the umbrella private-sector organizations, CCA will collaborate with EABC on mutually-agreed activities; inform their eat African partners on political and economic matters affecting regional integration and US-Africa trade and investment; provide US private-sector position on agreed-upon priority areas; invite them to participate in CCA events and programs.
EABC, on its part, will be expected to avail to their American counterpart information on the region’s integration block process as may be appropriate; provide the position of the region’s private sector’s on agreed priority areas; and participate in CCA activities subject to availability of resources, among other things.
The two organizations also pledged to work together to advocate for beneficial trade and good investment climate in the two regions; to work together at the business-to-business level under the EAC-US Commercial Dialogue component within the Trade and Investment Partnership agreement and to exchange information on business opportunities in both the east Africa and the US.
EABC chairman, Vimal Shah, said that the interaction with the private sector in the US will help East Africa’s business leaders to develop partnerships that will lead to business growth, bigger business ventures and bigger investments. “The region (EAC) has vast investment opportunities in the ICT, tourism, agro-processing, mining, fishing, manufacturing, construction and services as well as roads, railways, ports, telecommunications, and energy among other programs,” Shah told the conference.
Copyright AFK Insider 2014
