Tag: east african business council
Often referred to as the 'Giant of Africa', the Democratic Republic of Congo presents a huge trade opportunity. So far, almost half of the trade between the DRC and the East African Community (EAC) is informal and opportunities are hindered by the high cost of doing business due to the prevalence of non-tariff barriers, implying that the potential for trade hasn’t been optimized. Peter Mathuki, The Executive Director and CEO of the East African Business Council spoke with CNBC Africa on the market potential and opportunities for SMEs in the region.
According to EAC Trade and Investment report, intra-EAC trade stood at $5.98 billion in 2018 however, with the unprecedented impact of COVID-19 pandemic on the economy, regional trade is expected to decline by 50 per cent this year. The re-opening of regional air transport services is expected to integrate the regional logistics value chains for increased exports of fresh produce, regional tourism and enable service providers to tap into the larger EAC market. Peter Mithuki, Executive Director and CEO of East African Business Council joins CNBC Africa to discuss what can be done to have a coordinated approach on the resumption of regional air services to spur intra-EAC trade.