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East Africa: Private Sector Urged to Seize Food Crisis Opportunity
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The Monitor (Kampala)
8 May 2008
Posted to the web 8 May 2008
Dorothy Nakaweesi
Arusha
The Private sector in East Africa has been challenged to treat the ongoing global food crisis as an opportunity they can exploit by growing more food.
This will not only boost incomes but also improve their standards of living, something which is geared to reduce poverty.
Mr Arun Devani Chief of the East African Business Council a regional private sector forum while giving his speech at a One-day Business Forum on the sensitisation of its members about the Common Market at Ndurdoto Mountain Lodge in Arusha Tanzania on May 2 said: "Prices of food has gone up.
This is an opportunity we in EA can turn this global problem into an opportunity by supplying food to the rest of the world".
International cereal prices have continued to rise sharply over the past three months, reflecting steady demand and depleted world reserves.
Rice prices increased the most following the imposition of new export restrictions by major exporting countries.
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By the end of March prices of wheat and rice were about double their levels of a year earlier, while those of maize were more than one-third higher, according to the FAO report.
Fuel and food prices have also affected the cost of agricultural production - "farm labour wages have gone up, inputs have become more expensive. Devani said: "Eighteen months ago the price of a single oil barrel has gone up to $100 (Shs170, 000) and I'm worried that next year the price may swell up to $200 (Shs340, 000)".
The forum which attracted close to 200 delegates from the five EAC partner states of Uganda, Rwanda, Burundi, Kenya, and the host Tanzania chaired by the IPP Media Chairman, Reginald Mengi.
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