Kampala — Leading international investors from the US, Germany and France are backing the first East African International Business Forum, which will take place in Kigali, Rwanda from October 29-30.

US-based Corporate Council on Africa (CCA), Germany's Afrika-Verein and the French Council of Investors in Africa (CIAN) have announced their support for the forthcoming forum.

The Forum, which is being hosted by Rwandan President Paul Kagame, also Chair of the East African Community, is being convened by the Commonwealth Business Council (CBC) and the East African Business Council (EABC) with the support of the Rwandan government.

"The presence of US, German and French investors demonstrates the interest of global business and its growing appetite for an integrated East Africa," said Dr Mohan Kaul, CBC Director General in a statement adding, "the three organisations and CBC together represent a huge number of Africa's leading investors - bringing together five of the G8 countries as well as India, Nigeria and South Africa. Their involvement will contribute to increasing investment in East Africa."

The Forum theme of "East Africa: One Market One Destination" will promote international private sector investment in the region as it creates a single market of 100 million citizens.

The Deputy Director General (investment Promotion) Rwanda Investment and Export Promotion Agency (RIEPA) Ms Clare Akamanzi, told Daily Monitor in an interview on September 19 that Rwanda is looking forward to the Commonwealth business forum in October.

"We see it as an opportunity to promote business opportunities in Rwanda and East Africa in general, as well as a platform for our businesses to forge partnerships with other foreign businesses. The Commonwealth business community is a target group in our marketing strategy. We are partnering with the Commonwealth business council to organise it successfully and we look forward to welcoming participants to Rwanda soon," Ms Akamanzi said.

Critical issues of energy, transport, trade and promoting SME development, will feature at the forum. "Now that EAC Heads have agreed economic reforms and priority investment projects required within East Africa, the meeting will focus on practical steps which business and government can take together to drive implementation of reforms.

EAC investment promotion agencies will be showcasing priority investment projects," a statement from CBC said. "An increasing number of US companies continue to demonstrate an interest in the growing number of investment opportunities in Africa," said CCA President and CEO Stephen Hayes. He added that: "Partnering with this esteemed group of organisations allows us to strengthen our support of reforms in the East Africa region, which will create a better investment climate and tackle the obstacles to increasing trade and financial flows."

In addition to Heads of Government, senior ministers and business leaders from the five countries, over 20 leading international business speakers have already confirmed their attendance, and delegates from 30 countries are expected to attend.

The Corporate Council on Africa is a non-profit, membership organisation of more than150 US companies dedicated to strengthening the commercial relationship between the US and Africa. CCA members represent nearly 85 per cent of total US private sector investments in Africa. The organization is dedicated to bringing together potential business partners and to showcase business opportunities on the continent.

Afrika- Verein is the leading German Business Association for German companies and institutions with business interests in African countries. The association boasts of 600 members including major German multinationals as well as many medium sized companies.

Conseil Francais des Investisseurs en Afrique (CIAN) is the French Council of Investors in Africa, a private sector organization, bringing together more than 100 companies, with a presence in 49 African countries. Member companies, 50 per cent of which are SMEs, generate more than 75 per cent of all activity by French firms investing or operating in Africa.