Kigali — President Yoweri Museveni has invited investors to exploit the competitive advantages offered by the East African Community.

"I invite investors to take advantage of the region's population of over 120 million as skilled labour and consumers," he said in a speech read by finance minister Dr. Ezra Suruma.

Suruma was at the opening a four-day East African international business forum 2008 in Kigali.

The forum has drawn 500 business executives from 23 countries including the US and Europe. It will focus on opportunities for investment partnerships between East Africa and the rest of the world.

Museveni said the region is strategically located in the heart of Africa, equidistant between Cape Town and Cairo as well as the Atlantic and Indian oceans where the Great North road intersects with the Trans-Africa Highway.

"The region has proximity to emerging markets in the DR Congo and southern Sudan and is endowed with enormous natural resources."

Museveni mentioned resources like arable land and a fair climate, minerals like gold, uranium, diamonds, nickel, cobalt, copper and natural gas, hydro-power and oil deposits.

He said East Africa cannot be surpassed in tourism because of its geographical features. "However, we should develop our communication and tourist infrastructure to be efficient and reliable to exploit these advantages."

He regreted that with a population of over 940 million, Africa has a gross domestic product of less than one trillion dollars.

"Its share of world trade in goods and services is just over 2%. In contrast, the GDP of the US with 300m people is over eleven trillion dollars. "The USA and the European Union with a population of far less than Africa, command over 30% of world trade.

Rwandan President Paul Kagame, referring to the recent tripartite meeting held in Kampala, said critics had always blamed African leaders for designing policies and projects but not implementing them. "It's our responsibility to set sustainable partnerships to shift from development aid to markets and trade."

Tanzania's Vice-President Dr. Ali Mohamed said despite impressive investment inflows into East Africa totaling $2b in 2006, foreign direct investment declined from 3.1% to 2.7% in the same year. "We need to promote measures for steady inflow of investment."